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Vendor Risk Management Solutions for Finance

Reduce third-party vendor risk and simplify compliance reporting

Financial institutions are prime targets for cyber criminals aiming for financial information and personally identifiable information (PII). And, as recent breaches and ransomware attacks have shown, it's often through third parties that these cyberattacks begin.

With multiple regulatory mandates and guidelines – such as EBA, FCA, FFIEC, GDPR, KYC, NYDFS, and Interagency Guidance – requiring controls over third-party access, how are your IT security and risk management teams assessing third-party risk?

Prevalent automates third-party risk assessments, incorporating the latest real-time cyber, business and financial insights to enable security and risk teams with the visibility they need into identify and mitigate third-party risks.

How Prevalent Helps Financial Services Organizations

  • Automates the collection and analysis of third-party due diligence, helping teams to instead focus on risk management

  • Simplifies compliance audits, providing pre-built questionnaires and reports to satisfy multiple stakeholders

  • Unifies third-party risk management with enterprise risk management, leveraging a library of pre-built connectors to GRC tools and reporting solutions

  • Transforms third-party risk management from a static, point-in-time project to a continuous program leveraging real-time cyber, reputational and financial insights

 Blog Compliance Nydfs Aug 2019

Prevalent continues to flag new threats, integrate new data based on changing regulations, and flag when vendors are due for reassessment. They are very agile.

— Senior VP, Large Banking Firm

Trusted by Leading Financial Service Providers

Key Features

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    Supplier Pre-Screening

    Rapidly pre-screen vendors using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.

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    Comprehensive Supplier Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights, beneficial ownership, and maps potentially risky 4th-party relationships.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks and chart the right path for a complete third-party risk assessment.

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    Risk Assessment Library

    Leverage Prevalent's library of 200+ questionnaire templates, including for EBA, FCA, FFIEC, GDPR, NYDFS, and Interagency Guidance, to determine adherence to policies and flag potential areas of concern.

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    Risk Review & Analysis

    Review and approve assessment responses to automatically register risks, or reject responses and request additional input.

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    Virtual Third-Party Risk Advisor

    Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.

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    Supplier Reputation Monitoring

    Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, conflicts of interest and more.

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    Financial Governance & Transparency Monitoring

    Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds transparency, and more.

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    Global Sanctions Monitoring

    Simultaneously screen against the world’s most important sanctions lists (including OFAC, EU, UN, BOE, FBI, BIS, etc.), over 1,000 global enforcement lists, and court filings (such as the FDA, US HHS, UK FSA, SEC and more) to proactively identify prohibited business relationships.

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    Corruption Perception Index Scoring

    Corruption Perception Index (CPI) scores of company head office countries add more business context to vendor risk analysis by delivering insights into a vendor’s viability and ethics.

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    Politically Exposed Persons (PEP) Screening

    Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to identify potential leadership risks.

  • Icon relationship mapping gold

    Relationship Mapping

    Identify relationships between your organization and third, fourth and Nth parties to discover dependencies risks in your extended vendor ecosystem.

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    State-Owned Enterprise Screening

    Avoid conflicts of interest by checking companies against a proprietary list of government-owned and government-linked enterprises.

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    Central Risk Register

    Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.

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    Built-in Remediation Guidance

    Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.

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    Document & Evidence Management

    Store and manage policy documents, evidence and more for dialog and attestation.

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    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to requirements.

Who Wins

  • Procurement

    Reduce the potential for business disruptions by ensuring that new vendors adhere to sound security and data privacy practices.

    > More procurement and sourcing benefits

  • IT Security

    Automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform available to multiple internal stakeholders.

    > More IT security benefits

  • Risk Management

    Ensure that partners have policies in place to reduce the risk of fines, non-compliance, business disruption and reputational damage.

    > More risk management benefits

  • Ready for a demo?
  • Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
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