PHOENIX – May 18, 2023 – 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. The newest version delivers a dedicated and comprehensive environmental, social and governance (ESG) assessment, as well as enhances AI-based documentation and evidence review, providing users the most comprehensive TPRM solution in the industry today.
“Findings from our 2023 Third-Party Risk Management Study clearly illustrate that 2022 was a turbulent year for third-party risk management professionals and, although there is improvement from 2021, there is still more work to be done,” stated Alastair Parr, senior vice president of global products and services for Prevalent, Inc. “With our latest release, companies can better understand and combat today’s ever growing third-party risks, while simplifying supply chain compliance and reducing manual review efforts.”
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:
The newest release introduces a new dedicated and comprehensive ESG assessment to help organizations better understand ESG impacts in their supply chains. The Prevalent ESG assessment includes customizable questions addressing ESG domain areas such as community, CSR strategy, human rights, product responsibility, shareholders, workforce, and others.
To simplify compliance reporting, the Prevalent ESG assessment automatically maps responses and risks to common ESG frameworks, including:
In addition to introducing the new dedicated ESG assessment, Prevalent Vendor Threat Monitor (VTM) now includes continuous monitoring of ESG-related business and operational news updates. This complements the ESG scores that are already built into the platform’s comprehensive vendor profiles.
With the new platform release, procurement, sourcing, supply chain management and risk management teams now have a comprehensive, one-stop solution to assess supply chain ESG risks alongside IT security, data privacy and other operational risks for a comprehensive view of vendors.
Today’s release expands on existing AI-based document analysis capabilities with new enhancements to provide custom queries; a weighting system in document analysis; term definition; and pre-defined templates. These new capabilities enable organizations to significantly reduce manual review efforts, add flexibility in document analysis, reduce false positives, and accelerate documentation reviews.
For more information, please read Alastair Parr’s blog or request a demo to discover how Prevalent can help speed and simplify third-party risk review, while building automated ESG analysis into third-party risk assessments.
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 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.