I am excited to announce an initiative we have been working on with many of the leading global law firms for some time. About 25 law firms approached Prevalent in an effort to determine the viability of creating a purpose-built network that could help standardize the process of third- party assessment, reduce risk, reduce cost, enhance client relationships, and improve industry cybersecurity maturity. After months of working closely with this team, Prevalent developed a model to help support the initiative specifically for the legal community, with the legal community. The model leverages Prevalent’s leading technologies and enables a standardized model for evidence collection, review, risk management, and continuous monitoring.
The outcome of this effort is the new Legal Vendor Network (LVN), powered by Prevalent, which launched officially this week. The initiative allows member firms to leverage the leading third-party risk assessment and threat intelligence platform, standardize the content for assessment with Shared Assessments, centralize the collection of vendor response in a vendor repository, perform self-assessment, and allow firms to manage the third-party risk process. In addition, the platform allows better relationships with vendors and clients who are looking to ensure that the maturity of controls for downstream vendors.
While we worked with the leading firms in the world in the development of the Legal Vendor Network, the membership is open to law firms of any size. The tiering of membership is based on overall firm revenue and includes a number of vendor assessments as part of the membership. It also includes the ability to pull information from the repository and layer continuous monitoring with our Vendor Threat Monitor (VTM), without any further requirements on the participating law firms.
We were careful to design a solution that allows for standardization of content with Shared Assessments, standardization of risk tiering, standardized assessment automation, standardized risk management, and continuous monitoring. However, one of the requirements was to remain flexible enough to enable the most mature firms in the industry to use the platform to enable more complex risk assessment. This is enabled through the use of Prevalent’s leading assessment technology, Vendor Risk Manager (VRM). It supports all size law firms by design.
This is an exciting initiative that changes the way the legal industry can work together to reduce risk, reduce cost, and enhance client services. It has been an honor to work with the firms involved in the initiative and want to thank them for their support in the development of the Legal Vendor Network.
Firms interested in learning more or becoming members can go HERE.