Simplify auditing and reporting for third-party risk management regulatory compliance
Several government regulations and industry frameworks require organizations to demonstrate controls related to third-party access to systems and data. Yet, most Chief Compliance Officers (CCOs), compliance auditors and risk managers struggle to identify risks, map them to regulatory requirements, and enforce remediations. This is often a result of manual, spreadsheet-based approaches to third-party risk management.
Prevalent automates third-party risk management compliance auditing using a single platform to collect vendor risk information, quantify risks, recommend remediations and provide reporting templates for over 20 government regulations and industry frameworks. With Prevalent, auditors can establish a program to efficiently achieve and demonstrate compliance.
Simplify and speed the process of demonstrating compliance using built-in reporting templates
Efficiently manage all third parties in a single system of record
Unify all third-party risk management activities with single solution for faster, easier assessments with clear reporting
Get up-to-the-minute insights regarding regulatory changes with automatically updated questionnaires and guidance
Evaluate the health of your third-party program and identify opportunities for improvement by benchmarking it against best practices for comprehensive third-party risk management. Get clear scores for each TPRM objective with supporting milestones.
Ensure a consistent, programmatic approach to TPRM with an operations manual that is customized to reflect your organization’s internal roles, resources, responsibilities and processes.
Use a simple assessment with clear scoring to capture, track and quantify inherent risks for all third parties.
Automatically tier suppliers according to their inherent risk scores, set appropriate levels of diligence, and determine the scope and frequency of ongoing assessments.
Categorize vendors with rule-based logic based on a range of data interaction, financial, regulatory and reputational considerations.
Leverage 60+ pre-defined assessment templates including GDPR, FCA, PCI-DSS, ISO 27001, CMMC, NIST and Modern Slavery. Use the Prevalent Compliance Framework (PCF) to map results to any compliance regulation or build custom questionnaires with risk and control elements relevant to your business.
Automatically generate a risk register for each vendor upon survey completion. View centralized risk profiles in a real-time reporting dashboard and download or export reports to support compliance efforts.
Access a database containing 10+ years of data breach history for thousands of companies around the world. Includes types and quantities of stolen data; compliance and regulatory issues; and real-time vendor data breach notifications.
Automatically map information gathered from control-based assessments to ISO 27001, NIST, CMMC, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, SOX, NYDFS, and other regulatory frameworks to quickly visualize and address important compliance requirements.
Built-in discussion tools facilitate communication with suppliers on remediating risk register issues. Capture and audit conversations, records and estimated completion dates; assign tasks based on risks, documents, or entities; and match documentation or evidence against risks.
Collaborate on supporting evidence, documents and certifications, such as NDAs, SLAs, SOWs and contracts, with built-in version control, task assignment and auto-review cadences. Manage all documents throughout the vendor lifecycle in centralized vendor profiles.
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
Identify relationships between your organization and third parties to discover dependencies and visualize information paths.
Automate the identification, analysis and remediation of vendor security risks with a centralized solution.
Outsource risk assessment, analysis and remediation to our managed services team.
Access a vast library of completed and standardized vendor risk assessments.
Join Maria T. Vullo, former superintendent of financial services of the state for New York, for...
This white paper reviews the key third-party risk management requirements noted in common regulatory and security...