PHOENIX, July 21, 2020 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced the latest version of its Third-Party Risk Management Platform that delivers the industry’s first truly unified assessment and monitoring solution to enable centralized vendor risk visibility. This release features several significant enhancements including adding 567,000 Vendor Threat Monitor (VTM) business risk intelligence sources to help identify and accelerate risk identification, plus a unified risk register that maps findings between assessments and monitoring so organizations can determine if a threat is real and take the appropriate action.
“As today’s supply chains are under tremendous pressure, it’s more important than ever to get the visibility and insights necessary for quick decision-making,” stated Alastair Parr, senior vice president of global products for Prevalent, Inc. “We are continuing to drive innovation to deliver the most comprehensive and easy-to-use third-party risk management solutions available today. We understand that organizations need a real-time solution to minimize today’s ever-changing threats and with today’s announcement, we’re providing just that.”
The Prevalent Third-Party Risk Management Platform is a SaaS solution that enables customers to automate the critical tasks required to manage, assess and monitor their third parties across the entire vendor life cycle. New feature highlights include:
Unlike competitive offerings, Prevalent provides business risk intelligence as part of its continuous monitoring solution, Prevalent Vendor Threat Monitor (VTM). In the latest version of VTM, Prevalent is enhancing business monitoring to collate information from over 567,000 new sources, including data breach sites, corporate sites, regulatory portals, review websites, job boards, trade publications, industry sites, news feed, and social media, among others.
Today’s current TPRM tools lack integration between cyber and business scoring and assessment results, which inhibits correlation or action to be taken on findings. The Prevalent Third-Party Risk Management Platform solves this problem by providing an automation library with intelligent rules that transform incoming cyber and business events into risks within the unified risk register. Customers can execute a range of actions on monitoring feeds to ensure potential risks can be identified, prioritized and remediated in real-time.
Many organizations struggle with spreadsheet-driven processes for assessing vendor risks, often requiring dozens of manual steps to analyze and take action on vendor responses. Prevalent addresses this problem by introducing a library of ActiveRules to enable in-depth “If This, Then That” (ITTT) actions, automating a broad range of tasks normally performed as part of the onboarding, assessment and review processes. Multidimensional analysis provided by ActiveRules has the potential to have far reaching benefits, for example:
ActiveRules enable granular automation and run perpetually to update the environment dynamically as results emerge.
The new Prevalent Platform release introduces significant new enhancements to enterprise reporting that includes machine learning analytics to identify exceptions in common behavior (i.e. outliers across assessments, tasks, risks, etc.) that could require further investigation. With it, customers can leverage a range of pre-built reporting templates providing insights into areas such as threat and business monitoring, SLAs and user behavior tracking and risk remediation over time.
The latest version of the Prevalent Third-Party Risk Platform is available now. For more information please visit the blog post covering this release.
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, suppliers and other third parties. 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.
Angelique Faul, 513-633-0897, firstname.lastname@example.org