Best Practices for Reducing Third Party Risk
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:
“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.
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 their website.
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