The Prevalent Third-Party Risk Management Platform is a single solution that combines automated vendor assessments, continuous threat monitoring, and a network of standard shared assessments to augment GRC.
- Comprehensive Risk Profile: Automatically map risks from controls-based assessments to regulatory frameworks, with external data feeds augmenting data gathering. Visualize all vendors by tier, risk score, category and importance to the business for better visibility.
- Internal & External Risk Assessment: Leverage a library of industry standard controls-based assessments that map to whatever controls framework is employed.
- Incident Management: Continuously monitor cyber and business-related events of third-parties to inform immediate insights and additional assessments, assigning tasks to any one of a number of internal parties to facilitate further investigation.
- Risk Mitigation & Action Planning: Bi-directional remediation workflow enables interactive discussions on risk registers.
- Risk Monitoring & Information Sharing: Automatically populate risk registers from assessments with full audit trail and ownership of remediation. Snapshot and continuous monitoring of vendor cyber and business risks, including feeds from outside sources, inform intelligent risk prioritization.
- Quantified Risk Scoring: Calculates risk scores from a central risk matrix based on likelihood of occurrence and impact to the business. Delivers predictive modeling of risk scores over time as recommended remediations are applied.
Prevalent helps enterprises manage risk in third-party business relationships, offering the industry’s only purpose-built, unified platform that integrates a powerful combination of automated assessments, continuous monitoring, evidence sharing for collaboration between enterprises and vendors. Along with an open platform for integrating with existing GRC solutions and the ability to outsource vendor evidence collection and analysis to Prevalent, no other product on the market combines all components natively, providing the best solution for a highly functioning, effective third-party risk program. At the heart of the solution is Prevalent’s proven six-step process for helping organizations grow and mature their program over time. To learn more, please visit www.prevalent.net.
Best Practices Guide: Six Steps to Complete Third-Party Risk Management: https://www.prevalent.net/content-library/best-practices-guide-six-steps-to-complete-third-party-risk-management/?utm_source=oceg&utm_medium=partnerlink
This complementary guide distills 6 key best practices for third-party risk management from our 15+ years of experience working with hundreds of customers. You’ll discover how to:
- Identify where your organization is in the maturity cycle
- Design questionnaires to effectively survey third-party controls
- Conduct due diligence and determine residual risk levels
- Analyze and score vendors according to what matters
- Remediate to reduce risks to an acceptable level
- Report to auditors and prove compliance
You’ll also walk away with tips on key capabilities to seek and pitfalls to avoid, while gaining practical advice from risk management leaders who have successfully navigated the path to TPRM program maturity.