PHOENIX, AZ – November 10, 2020 – Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced the latest versions of its Vendor Intelligence Network and Third-Party Risk Management Platform. With the introduction of cyber, business and financial scoring, the Vendor Intelligence Network transforms static vendor profiles into dynamic vendor risk intelligence, empowering companies with real-time vendor risk visibility. The latest TPRM platform delivers new performance and SLA tracking capabilities, providing significant value for procurement and business management teams.
“Prevalent’s goal is to provide a complete third-party risk management platform to not only help companies eliminate third-party risk, but to ensure businesses stay resilient,” stated Alastair Parr, senior vice president of global products and delivery operations for Prevalent, Inc. “With today’s release, we have pushed this goal one step further. Adding new sources to our Vendor Intelligence Network gives procurement teams additional real-time threat intelligence to bring greater risk visibility into sourcing decisions. Our platform release enables organizations to stay ahead of performance and SLA management to ensure vendors are meeting their obligations which is critically important during times of wide-spread supply chain disruptions.”
The Prevalent Vendor Intelligence Network enables security, procurement and risk management teams to focus on remediation and compliance concerns with a repository of completed, standardized vendor questionnaires backed by continuous monitoring insights.
In the new release, Prevalent introduces cyber, business and financial scorecards as part of the Preview option for the Prevalent Exchange Network, Legal Vendor Network (LVN), and Healthcare Vendor Network (HVN). Sources of this intelligence include thousands of dark web forums, threat feeds, paste sites for leaked credentials, public and private sources of reputational information, and a network of thousands of businesses containing years of organizational changes, financial performance and credit history.
This enhancement provides procurement, security and risk management teams with continuous risk visibility into all vendors in the libraries that have completed standardized assessments. Procurement teams will especially benefit with pre-contract risk insights to help accelerate new vendor due diligence.
The Prevalent Third-Party Risk Management Platform is a SaaS solution enabling companies to automate and centralize the critical tasks required to assess, manage and continuously monitor third-party operational, security and compliance risks across every stage of the vendor lifecycle.
In the platform, Prevalent is introducing a new concept called requirements. Requirements can be anything an organization needs to track and manage throughout the vendor lifecycle – from typical cybersecurity assessments, SLA and performance monitoring, to responsible sourcing management. A requirement can be a recurring task such as a satisfaction review with a pass/fail measure, supplier performance management metrics, or internal governance checks. All requirements map back to each assessed vendor’s central risk register for unified reporting. Requirements expand the scope and applicability of third-party risk management to additional enterprise teams, ensuring that the organization benefits from a single source of the truth and can centrally track the most important vendor performance metrics.
The latest versions of the Prevalent Third-Party Risk Platform and Vendor Network Intelligence are available now. For more information, please visit the latest blog post.
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.