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Compliance and Third-Party Risk

Compliance Solutions for Third-Party Risk Management

According to a recent Ponemon study, 61% of U.S. companies said they experienced a data breach caused by vendor or third party. In light of growing threats, many regulations and frameworks now require organizations to assess and monitor suppliers and service providers for potential risks.

With Prevalent, you gain a 360-degree view of third-party risk that enables you to meet compliance mandates and regulatory guidelines with unmatched automation, efficiency and scale.

Meet Vendor & Supplier Risk Management Mandates

As businesses continue to diversify and globalize, organizations looking to focus squarely on core business functions are turning to third parties to fulfill specialized services, such as web hosting, payments processing and cloud services.

In the face of growing cyber threats in this extended ecosystem, many organizations are now required to develop effective third-party risk management programs to meet regulatory compliance and deepen IT security controls.

Only Prevalent enables you to meet compliance mandates for both assessing and monitoring the risk of your organization's vendors, suppliers and other third parties using a single, unified platform.

Key Capabilities for Third-Party Risk Compliance

  • Design a new TPRM program, or optimize your existing program, with Prevalent Professional Services and Risk Operations Center experts.
  • Leverage a library of 50+ standard assessments, or build your own custom surveys, backed by fully automated workflow management.
  • Conduct continuous cyber and business monitoring to reveal potential vendor risks and inform prioritization and risk awareness.
  • Tune analysis and scoring to your organization's specific risk tolerances and other unique business requirements.
  • Map answers to control frameworks to measure compliance, project future risks, predict business outcomes, and gain remediation recommendations.
  • Communicate compliance and risk status across the vendor landscape with reports tailored to assessors, executives and other stakeholders.

Satisfy Assessment AND Monitoring Requirements

All regulations, guidelines and industry standards listed below require the use of internal, control-based third-party risk assessments. While outside-in risk scoring or ranking can deliver risk insights, it does not meet compliance requirements when used as the only mechanism to evaluate vendor risk.

Regulation & Guideline / Industry Standard & Framework Assessment Required Monitoring Required
OCC Bulletin 2013-29
OCC Bulletin 2017-21
FCA FG 16/5
EBA Guidelines on Outsourcing Arrangements
HHS HIPAA Security Rule
FFIEC BCP Booklet: Appendix J
FFIEC Information Security Booklet
Industry Standards
ISO 27001:2013
ISO 27002:2013
ISO 27018:2019(E)
NIST SP 800-53R4

The Path to TPRM Compliance

Prevalent delivers a comprehensive third-party risk management platform that enables your organization to effectively adapt to the ever-changing regulatory landscape. With Prevalent, you can build a closed-loop TPRM program that's based on accepted best practices.