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Legal Vendor Network™

Manage Client Regulatory Compliance with an Efficient, Standards-Based Approach

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Law firms are under constant scrutiny to protect private client data, ensure the security of their IP and private employee information, and meet compliance regulations via an effective third-party risk management program.

With limited resources and budget, how can law firms gain visibility to protect themselves and their clients from third-party risks, while keeping pace with the speed and scale of regulatory change? 

The Legal Industry’s Preferred Third-Party Risk Management Platform

Prevalent’s Legal Vendor Network (LVN) delivers an efficient, scalable third-party risk management platform to satisfy client compliance requirements and reduce risk. Our automated approach leverages standardized content to provide immediate access to vendor survey data and monitoring intelligence, saving time and achieving a faster return on investment. With nearly 50% of the top 100 US law firms as members, this network promotes enhanced vendor security across the legal industry.

Key Benefits

  • Utilizes a standards-based approach to meet the compliance obligations required by clients
  • Offers a range of flexible options to accommodate the required level of vendor oversight
  • Provides immediate access to vendor survey data and monitoring intelligence
  • Automates the process of vendor risk management, zeroing in on risks and control failures for collaborative review and remediation
  • Drives efficiency through a shared model of leveraged vendor risk due-diligence

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Quickly determine which vendors pose the highest risk to your organization using Prevalent’s TPRM Platform.

Key Features

Save Time with a Comprehensive, Easy-to-Use Platform

Leverage a library of pre-submitted assessments to quickly check vendor risk status or augment existing assessments. Typically, more than 40% of a law firm’s vendors are already in the network.

Automate Assessments

Automate the end-to-end process of collecting and analyzing vendor surveys and minimize the time and cost of assessing vendors while ensuring that necessary vendor risks are properly scrutinized.

Standards-Based Approach

Utilize a standardized approach to risk-based assessments that maps cybersecurity, IT, privacy, data security, and business resiliency to industry standards and regulations.

Gain an Accurate View of Vendor Risk

Enable categorization of vendors based on risk tier criticality and assign security assessment requirements aligned to these classifications for an accurate view of the risk vendors pose to your law firm.

Monitor for Cyber and Business Risks

Deliver snapshot and continuous vendor threat intel monitoring – including operational, financial, legal, and brand risk events – for a holistic view of your vendor information security risk.

Prioritize Remediation

Enable dynamic categorization of vendors based on risk levels and criticality to the business. Bi-directional remediation workflow and document management enables discussions on risk registers, completion date, tasks, acceptance, and more.

Demonstrate Compliance with Stakeholder-Specific Reporting

Visualize compliance and risk status across your vendor risk landscape from one central reporting console. Assessors, Risk Managers, and Executives can each see details necessary to make informed business decisions and report on risk status.

Select from Flexible Licensing Options

Regardless of your third-party risk management program maturity, flexible licensing enables you to focus on the risks that matter most to your firm. Preview vendor risk scores; dig deeper with pre-configured risk summary reports on a subset of vendors; or perform deep, controls-based assessments to manage risk.

The Prevalent Third Party Risk Management Platform

The Legal Vendor Network is part of Prevalent’s integrated third party risk management platform, a unified solution that provides a 360-degree view of vendor risks. With the Prevalent platform, organizations simplify compliance, reduce vendor-based risks, and improve efficiency to better scale third party risk management.

Learn More About Our Key Capabilities