Hero modern slavery

Modern Slavery Risk Assessment & Monitoring

Assess and continuously monitor your supply chain for illegal labor practices

Governments around the world are actively combatting modern slavery, which includes trafficking and forced labor of adults and children. Examples of legislation include the UK Modern Slavery Act of 2015, the Australia Modern Slavery Act, the US Tariff Act, and the California Transparency in Supply Chains Act.

To align with these laws, organizations must ensure transparency into their supply chains’ labor practices or risk fines, legal actions and negative press. The Modern Slavery Act, for example, requires businesses to conduct supply-chain due diligence and file annual reports—or face civil proceedings.

The Prevalent Third-Party Risk Management Platform enables you to address modern slavery risks by automating survey-based assessments of supplier labor controls and validating the results with continuous external monitoring of their real-world practices.

Key Benefits

  • Ensure that all suppliers are meeting your ethical standards of business operations

  • Minimize business disruptions with continuous visibility into each supplier’s human rights reputation and track record

  • Gain a transparent picture of supply-chain labor practices – before and after signing supplier contracts

  • Simplify regulatory reporting with built-in templates that map to modern slavery mandates and guidelines

  • Reduce complexity by centrally managing modern slavery assessments with all other risk assessments

 Blog release v3 16 feb 2020

We have risk reporting on time when we need to report to the authorities. Consistent reporting metrics is another key benefit.

— S&P 500 Financial Services Company

Key Features

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    Supplier Pre-Screening

    Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk, assessment results and real-time reputational monitoring.

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    Contract Lifecycle Management

    Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate the contract lifecycle, ensuring enforcement of human trafficking and modern slavery requirements.

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    Comprehensive Supplier Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights, including potentially risky 4th-party relationships.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers.

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    Modern Slavery Assessment

    Leverage Prevalent's built-in Modern Slavery assessment to determine adherence to policies. Review and approve assessment responses to automatically register risks or reject responses and request additional input.

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    Operational Updates

    Access qualitative insights from over 550,000 public and private sources of operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.

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    Adverse Media Screening

    View consolidated adverse media and negative news coverage sourced from 30,000 global news sources.

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    Central Risk Register

    Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified risk reporting and remediation.

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    Virtual Third-Party Risk Advisor

    Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.

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    Built-in Remediation Guidance

    Take actionable steps to reduce modern slavery exposure with built-in remediation recommendations and guidance.

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    Document & Evidence Management

    Store and distribute Modern Slavery policy documents for dialog and attestation. Leverage built-in automated document analysis based on AWS natural language processing and machine learning analytics to confirm key criteria are addressed.

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    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to Modern Slavery requirements.

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    Relationship Mapping

    Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and asses your exposure.

How Does ESG Fit Into Your TPRM Program?

Our 14-page guide shares a best practices framework for incorporating ESG into your third-party risk management program.

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Who Wins

  • Procurement

    Reduce the potential for business disruption by ensuring that new vendors adhere to legal labor practices.

    > More procurement and sourcing benefits

  • IT Security

    Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.

    > More IT security benefits

  • Risk Management

    Add context to cybersecurity assessments and automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform.

    > More risk management benefits

  • Ready for a demo?
  • Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
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