Gartner Critical Capabilities for IT Vendor Risk Management
Manage Client Regulatory Compliance with an Efficient, Standards-Based Approach
Law firms are under constant scrutiny to protect private client data, ensure the security of their IP and private employee information, and meet compliance regulations via an effective third-party risk management program.
With limited resources and budget, how can law firms gain visibility to protect themselves and their clients from third-party risks, while keeping pace with the speed and scale of regulatory change?
Prevalent’s Legal Vendor Network (LVN) delivers an efficient, scalable third-party risk management platform to satisfy client compliance requirements and reduce risk. Our automated approach leverages standardized content to provide immediate access to vendor survey data and monitoring intelligence, saving time and achieving a faster return on investment. With nearly 50% of the top 100 US law firms as members, this network promotes enhanced vendor security across the legal industry.
Leverage a library of pre-submitted assessments to quickly check vendor risk status or augment existing assessments. Typically, more than 40% of a law firm’s vendors are already in the network.
Automate the end-to-end process of collecting and analyzing vendor surveys and minimize the time and cost of assessing vendors while ensuring that necessary vendor risks are properly scrutinized.
Utilize a standardized approach to risk-based assessments that maps cybersecurity, IT, privacy, data security, and business resiliency to industry standards and regulations.
Enable categorization of vendors based on risk tier criticality and assign security assessment requirements aligned to these classifications for an accurate view of the risk vendors pose to your law firm.
Deliver snapshot and continuous vendor threat intel monitoring – including operational, financial, legal, and brand risk events – for a holistic view of your vendor information security risk.
Enable dynamic categorization of vendors based on risk levels and criticality to the business. Bi-directional remediation workflow and document management enables discussions on risk registers, completion date, tasks, acceptance, and more.
Visualize compliance and risk status across your vendor risk landscape from one central reporting console. Assessors, Risk Managers, and Executives can each see details necessary to make informed business decisions and report on risk status.
Regardless of your third-party risk management program maturity, flexible licensing enables you to focus on the risks that matter most to your firm. Preview vendor risk scores; dig deeper with pre-configured risk summary reports on a subset of vendors; or perform deep, controls-based assessments to manage risk.
The Legal Vendor Network is part of Prevalent’s integrated third party risk management platform, a unified solution that provides a 360-degree view of vendor risks. With the Prevalent platform, organizations simplify compliance, reduce vendor-based risks, and improve efficiency to better scale third party risk management.
“This network is a great way for law firms to help build better security maturity and visibility across our industry with the goal to reduce risk, reduce cost, and improve our ability to support our clients.” Director of Global Technology at Skadden Arps
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