I am very excited to announce that the 3.14 release of our Third-Party Risk Management (TPRM) Platform is available today! This release represents a significant milestone as it features integration between the platform and our cyber and business monitoring solution, VTM, delivering promised integration on time and leapfrogging other providers in this space to deliver you a complete 360-degree view of your vendor risks.
Here is what you can expect in this significant release…
Utilizing questionnaire-based assessments provides a deep internal view of vendor security policies, processes, and controls. But many organizations miss out on the value of the other half of the third party risk story – outside-in monitoring and reporting of vendor network cyber risks – as it typically requires multiple tools from multiple providers to analyze data for a single vendor. Unfortunately, this fragmented approach requires manual reconciliation to fully interpret risks. Without a single, integrated view of vendor risks, organizations suffer from gaps in coverage leading to an incomplete picture lacking context.
With the 3.14 release, the Prevalent Third-Party Risk Management Platform has delivered a single repository for assessing vendor security risks – inside-out and outside in – by integrating key data elements of the Prevalent Vendor Threat Monitor solution into the platform to create a Threat Card in the vendor profile. Key data elements included in the Vendor Threat Card include:
Data/Cyber risk attributes:
Business risk attributes:
For a representation of this new integration, please see the screenshot below.
Why is this integration important? It enables you to centralize risk scoring, improve visibility and risk identification, accelerate remediation efforts, and periodically validate assessment data without leaving your preferred platform user interface.
In short, Prevalent has becoming the only true third-party risk management platform to deliver both inside-out assessments and outside-in monitoring in a single interface.
All security and risk organizations utilize what can be a complex ecosystem of solutions to provide visibility into security risks. In fact, most companies have existing legacy systems aggregating data across dozens of areas. Naturally these teams must leverage existing technology investments to ensure their organizations are driving value from their risk reduction efforts. The problem is, though, some tools lack the capability to extract data automatically into other systems resulting in silos of risk data.
With version 3.14, Prevalent has addressed this challenge and created a RESTful API that enables over 65 unique attributes to be queried directly from the Prevalent platform so that customers can report on, query, manage, or assess platform data in other solutions.
For a representation of this new capability – including some of the attributes available through the API – please see the screenshots below.
This enhancement provides customers with the ability to build their own connectors or leverage Prevalent’s connector capability to export data into other environments, helping to knock down silos and accelerate risk identification and remediation efforts.
I think you would agree with me that this release represents a huge step forward for organizations wishing to improve their complete third-party risk management program.
Prevalent Platform v3.24 enhances customer-third party collaboration and introduces technology concentration risk capabilities.