Market Leaders in Third Party Risk Management and Assessment Launch Third Party Network; Deliver Life Cycle Solution for Vendor Risk Management
WARREN, NJ and SANTA FE, NM (October 25, 2017) – Prevalent, Inc., the leader in Third Party Risk Management (TPRM), and Shared Assessments, the trusted source in Third Party Risk Assurance, today announced the launch of a joint Third Party Network pilot program to the UK and Europe.
The Third Party Network combines Prevalent’s award-winning TPRM Platform, the first unified, cross-sector third party risk management platform, and Shared Assessments’ member-driven standardized assessment tools, certification, and thought leadership programs. Leveraging more than two decades of third party risk management expertise, the partnership provides UK and European enterprises with a powerful solution to build, expand, and continuously monitor their vendor risk management programs over their entire life cycle.
Third party breaches and the theft of personal and sensitive data are unfortunately a global reality. According to statistics from the UK’s National Cyber Security Centre, more than 1,000 cyber incidents were reported in the UK during the Centre’s first year alone. With the EU’s General Data Protection Regulation (GDPR) deadline less than a year away, companies must establish best practices for all areas of data protection, including managing the risk associated with an enterprise’s network of literally thousands of third and fourth-party suppliers.
“Prevalent and Shared Assessments have led the industry in developing a more efficient, collaborative and standards-based approach to vendor risk management.,” said Jonathan Dambrot, Prevalent CEO and Co-Founder. “We are excited to bring this proven, highly effective third party risk management program to the UK and European market.”
The Third Party Vendor Network offers a comprehensive solution to manage the life cycle of a company’s vendor risk management program. Highlights include:
- Prevalent Assess & Share: Companies can automate their assessments and easily share vendor assessments through a “Complete Once/Share Many” design approach; includes the flexibility to launch your own assessments, leverage analytics, use standard Shared Assessments questionnaires or develop custom evidence gathering, and adjust risk scores based on your own risk posture.
- Prevalent Continuous Threat Monitoring Software: Network members gain access to Prevalent’s monitoring software that provides a holistic view of potential risks across five key areas: Cyber/Data, Brand, Financial, Operational and Regulatory. It captures events, scores and delivers email notifications to keep you continuously up to date on your vendors.
- Shared Assessments Program Tools: Users have automatic access to the Shared Assessments’ Program Tools, including the widely adopted Standardized Information Gathering (SIG) questionnaire. The SIG allows organizations to quickly build and share vendor evidence internally and with any member of the exchange.
- Full participation in the Shared Assessments member community: Includes access to the industry’s only Certified Third Party Risk Professional (CTPRP) expert certification program, best practice thought leadership programs, peer networking and active participation in working groups to help define and shape future industry needs.
“As a member-driven organization, Shared Assessments has been working since 2005 to define industry standards and best practices for third party risk management,” said Catherine Allen, CEO at Shared Assessments. “We’re pleased to partner with Prevalent, a longtime contributor to these efforts, to extend our collaborative, peer network and assessment tools to the UK and European community.”
Third Party Network Launches October 25 at Executive Forum in London
The Third Party Network previews October 25 in London at the Prevalent and Shared Assessments Executive Roundtable: “The State of Third Party Risk Management.” Panel discussions and working sessions include: the challenge of overcoming risk in the UK and Europe; emerging best practices in third-party risk management; creating efficiencies through collaboration and an overview of the Third Party Network.
Recently named a Leader in the 2017 Gartner Magic Quadrant for IT Vendor Risk Management as well as the Fastest Growing Company Cybersecurity Company by the Cybersecurity Excellence Awards, Prevalent, Inc. is the leader in third-party risk management and cyber threat intelligence, helping global organizations manage and monitor the security threats and risks associated with third and fourth-party vendors. Prevalent introduced the only Unified Platform for Third-Party Risk Management and the first vendor evidence sharing portal with the release of Prevalent Exchange™. For more information regarding Prevalent, visit www.prevalent.net.
About the Shared Assessments Program
As the trusted source in third party risk assurance, the member-driven Shared Assessments Program has been setting the standard in third party risk assessments since 2005. Shared Assessments Program members work together to build and disseminate best practices, building resources that give all third party risk management stakeholders a faster, more rigorous, more efficient means of conducting security, privacy and business resiliency control assessments. For more information on Shared Assessments, please visit http://www.sharedassessments.org
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