PHOENIX, AZ - August 4, 2022 –Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced the latest release of its Third-Party Risk Management Platform. Version 3.28 introduces automated document analysis and custom dashboards to speed and simplify evidence review and vendor management through the third-party lifecycle.
“According to our 2022 Third-Party Risk Management Study, over 45 percent of organizations have experienced a third-party incident in the last year,” stated Alastair Parr, senior vice president of global products and services for Prevalent, Inc. “As companies continue to rely on manual methods to assess their vendors and suppliers, it’s nearly impossible for them to gain control over third-party risks. With our latest platform release, we are continuing to automate manual processes and providing organizations with the required visibility to combat today’s threats throughout the entire third-party lifecycle.”
The Prevalent Third-Party Risk Management Platform is a SaaS solution that enables companies to automate the critical tasks required to onboard, assess, manage, continuously monitor and remediate third-party security, privacy, compliance, operational, and procurement-related risks across every stage of the vendor lifecycle. New release highlights include:
Documents and other artifacts are often uploaded as evidence when answering assessment questions, resulting in third-party risk assessors spending significant time manually reviewing documents to confirm suitability. These manual processes considerably increase the risk of missing important evidence, and affect visible audit trails of review processes.
Prevalent’s new release introduces automated document analysis, a natural language processing (NLP) and machine learning (ML)-based method for confirming if a document contains the necessary materials and references to support a question without manual validation and review. The automated document analysis capability includes select pre-built profiles to support evidence scanning in the Prevalent Compliance Framework (PCF) questionnaire, common security policy document sets, SOC2 artifact reviews, plus the ability to create custom document profiles.
Every stakeholder has their own unique tasks to perform in a TPRM solution. Unlike most of today’s rigid one-size-fits-all tools where stakeholders have only a single vendor view, Prevalent delivers custom dashboards enabling users to define a unique launchpad utilizing customizable widgets for calendars, scheduling, tasks, and requirements. The My Dashboard enhancement enables users to adapt the landing page of the Prevalent Platform to a unique view that meets their personal needs and improves their productivity.
Prevalent takes the pain out of third-party risk management (TPRM). Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors and suppliers and throughout the third-party risk management lifecycle. Our customers benefit from a flexible, hybrid approach to TPRM, where they not only gain solutions tailored to their needs, but also realize a rapid return on investment. Regardless of where they start, we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time.