Best Practices for Reducing Third Party Risk
WARREN, NJ (May 10, 2018) – Prevalent, Inc., the leader in Third-Party Risk Management solutions, today announced it has introduced new capabilities to its award-winning platform that enable organizations to assess their vendors’ readiness for GDPR. Prevalent’s unified platform has been expanded to include requirements under GDPR which relate to data privacy identification, mapping, and privacy operational risk controls. This straightforward approach to determining vendor readiness for GDPR allows organizations to:
“Our solution already addresses the IT security controls and continuous monitoring necessary for GDPR,” said Brad Keller, Senior Director of Third Party Strategy, Prevalent. “We have expanded our capabilities to provide our customers the means to obtain and analyze their vendors’ ability to satisfy GDPR’s additional requirements for managing data privacy. As regulatory requirements change, we will continue to provide customers the ability to manage vendor risk in a unified platform which addresses the entire vendor lifecycle.”
The first step for all companies is to determine their exposure to GDPR. Prevalent has developed an Organizational Readiness survey designed to ensure that the company has identified all the vendors in scope for GDPR and has completed all the new information needed to assess their vendors.
Vendor preparedness for GDPR is determined using Prevalent’s new GDPR Vendor Readiness survey. Prevalent gathers information and documentation on all of the data management and privacy operational processes a vendor needs to have in place for GDPR based on the type of EU data they access. All company and vendor requirements can then be analyzed within the Prevalent platform to determine a vendor’s level of readiness for GDPR, identify any necessary action items, and track vendor remediation efforts. By providing all of this within Prevalent’s platform, companies can easily document all of their efforts to determine vendor alignment with GDPR requirements.
About Prevalent Inc
Named a Leader in the 2017 Gartner Magic Quadrant for IT Vendor Risk Management, Prevalent is 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 that enables collaboration between both enterprises and vendors. Prevalent won gold in the IT World Awards Vendor Risk Management product category and was named the Fastest Growing Cybersecurity Company in the 2017 Cybersecurity Excellence Awards. For more information regarding Prevalent, visit www.prevalent.net.
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