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, NYDFS, and OCC – 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.
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
We have risk reporting on time when we need to report to the authorities. Consistent reporting metrics is another key benefit.
— S&P Financial Services Organization
Rapidly pre-screen vendors using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.
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.
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.
Leverage Prevalent's library of 125+ questionnaire templates, including for EBA, FCA, FFIEC, GDPR, NYDFS, and OCC, to determine adherence to policies and flag potential areas of concern.
Review and approve assessment responses to automatically register risks, or reject responses and request additional input.
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.
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.
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.
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.
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.
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies risks in your extended vendor ecosystem.
Avoid conflicts of interest by checking companies against a proprietary list of government-owned and government-linked enterprises.
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Store and manage policy documents, evidence and more for dialog and attestation.
Visualize and address compliance requirements by automatically mapping assessment results to requirements.
Reduce the potential for business disruptions by ensuring that new vendors adhere to sound security and data privacy practices.
Automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform available to multiple internal stakeholders.
Ensure that partners have policies in place to reduce the risk of fines, non-compliance, business disruption and reputational damage.