An AI-Powered Virtual Third-Party Risk Advisor is Here

Editor's Note: This article was originally published on www.sdcexec.com.

Prevalent, Inc. introduces Alfred™, the world’s first virtual third-party risk advisor. Alfred is available in the Prevalent TPRM Platform and is the latest capability delivered as part of Prevalent’s broader strategy to securely and responsibly harness the power of AI to address today’s most complex real-world TPRM challenges, while ensuring governance and security over AI usage.

“Early on we recognized the power of AI and how it can revolutionize third-party risk management,” says Kevin Hickey, CEO of Prevalent, Inc. “For several years we’ve been making significant investments in this area. We’re very excited to introduce Alfred - the latest of our series of AI enhancements - and we are committed to building additional AI capabilities that solve actual problems for our customers.”

Key Takeaways:

• Alfred is a conversational AI backed by a large language model (LLM) trained on billions of events and more than 20 years of Prevalent’s risk management experience. Similar to a banking or travel website chatbot, Alfred offers a guided user experience that provides contextual information to reduce the time typically required to analyze risk and make decisions, improving the quality of decision-making.
• Alfred uses anonymized data, such as a third-party risk or event observation, to provide an informative, intuitive and guided user experience. It then leverages a curated LLM to deliver expert risk management insights in the context of industry guidelines including NIST, ISO and SOC2 among others.
• Alfred is seamlessly embedded into the Prevalent TPRM solution, empowering users to benefit from its guidance without leaving the platform or disrupting existing workflows.
• Third-party risk teams gain an analytics superpower trained on real, anonymized data with outputs aligned with existing security and risk management frameworks. This enables significantly faster risk analysis, risk response and audit reporting.