Prevalent Expands Industry-Leading Third-Party Risk Management Platform; Delivering First Solution that Addresses Compliance, Security and Supply Chain Risks
New Release Expands on ESG Assessment and Monitoring Capabilities and Enhances AI-Based Evidence Review
Prevalent Inc., the company that takes the pain out of third-party risk management (TPRM), announced the latest release of its Third-Party Risk Management Platform. The newest version, v3.29, delivers a dedicated environmental, social and governance (ESG) assessment, plus enhanced AI-based documentation and evidence review, adding value to the most comprehensive TPRM solution in the industry today.
“Findings from our 2023 Third-Party Risk Management Study clearly illustrate that 2022 was a turbulent year for third-party risk management professionals and, although there is improvement from 2021, there is still more work to be done,” stated Alastair Parr, senior vice president of global products and services for Prevalent, Inc. “With our latest release, companies can better understand and combat today’s ever growing third-party risks, while simplifying supply chain compliance and reducing manual review efforts.”
The Prevalent Third-Party Risk Management Platform is a SaaS solution that enables companies to automate the critical tasks required to onboard, assess, manage, continuously monitor and remediate third-party security, privacy, compliance, operational and procurement-related risks across every stage of the vendor lifecycle.
Read More: SalesTechStar Interview with Greg Arnold, Vice President of Engineering for LinkedIn Sales Solutions
New release highlights include:
New ESG Assessment Simplifies Supply Chain Compliance and Reporting
The newest release introduces a new dedicated and comprehensive ESG assessment to help organizations better understand ESG impacts in their supply chains. The Prevalent ESG assessment includes customizable questions addressing ESG domain areas such as community, CSR strategy, human rights, product responsibility, shareholders, workforce, and others.
To simplify compliance reporting, the Prevalent ESG assessment automatically maps responses and risks to common ESG frameworks, including:
- EU Corporate Sustainability Reporting Directive (CSRD)
- German Corporate Supply Chain Due Diligence Act (LkSG)
- Global Reporting initiative (GRI)
- ISO 26000
- Sustainability Accounting Standards Board (SASB)
- Task Force on Climate-Related Financial Disclosure (TCFD)
- United Nations Global Compact (UNGC)
In addition to introducing the new dedicated ESG assessment, Prevalent Vendor Threat Monitor (VTM) now includes continuous monitoring of ESG-related business and operational news updates. This complements the ESG scores that are already built into the platform’s comprehensive vendor profiles.
With the new platform release, procurement, sourcing, supply chain management and risk management teams now have a comprehensive, one-stop solution to assess supply chain ESG risks alongside IT security, data privacy and other operational risks for a comprehensive view of vendors.
Read More: Data Essentials in a Down Economy
Enhanced AI Document Analysis Accelerates Evidence Review
Today’s release expands on existing AI-based document analysis capabilities with new enhancements to provide custom queries; a weighting system in document analysis; term definition; and pre-defined templates. These new capabilities enable organizations to significantly reduce manual review efforts, add flexibility in document analysis, reduce false positives, and accelerate documentation reviews.
