Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced crucial enhancements to its Platform Essentials solution enabling organizations to be more proactive in assessing third-party risks.
These enhancements will enable organizations to achieve two important goals – immediately determining if a ransomware vulnerability affects their supply chain, and performing ESG assessments for their entire vendor population. This extended visibility on ransomware and ESG can help build a more comprehensive vendor risk profile that can be used to drive vendor profiling and tiering exercises.
“Third-party risk management professionals don’t have to look far to read about two of the most prominent risks facing their organizations today – ransomware and environmental, social and governance (ESG),” stated Alastair Parr, senior vice president of global products and risk for Prevalent, Inc.
“Although different, each risk can result in significant business disruption or reputational damage if not properly managed. Once it became evident that these threats could affect organizations of all sizes, we quickly dedicated resources to enhance Platform Essentials, ensuring our customers could proactively protect against these risks while informing tiering decisions.”
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Prevalent Platform Essentials is a SaaS solution for centralized onboarding, profiling, tiering and scoring of inherent risks across all third parties, and features these important capabilities:
- Flexible vendor onboarding: Spreadsheet upload or API with supporting enterprise intake process
- Inherent risk scoring: Out-of-the-box profiling and tiering assessment, including cyber and non-cyber content
- Comprehensive profile: Includes industry and business insights, beneficial ownership, ESG scores from 12,000+ publicly-listed entities, and mapping of 4th-party relationships
- Topical assessments: Determine ransomware risk and ESG policy adherence with standardized assessment templates
- Risk register: Centrally visualize and manage risks from assessment responses
- Document management: Collate evidence supporting profiling and tiering, ESG and ransomware assessment answers
- Workflow and task management: Easily identify risks and assign tasks, and track them to completion
- Risk reporting: Clear reporting showing inherent and residual risk, ESG risk, ransomware risk
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