Prevalent’s new release adds continuous financial and credit monitoring for more informed decision making across the vendor landscape
Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced the latest versions of its Third-Party Risk Management Platform and Vendor Threat Monitor (VTM), introducing new capabilities to expand risk intelligence to include vendor financial and credit monitoring, integrate with additional cyber monitoring tools, and enrich vendor profiles to simplify vendor lifecycle management.
“Siloed information creates a huge problem within any organization,” stated Alastair Parr, senior vice president of global products for Prevalent, Inc. “This is especially true when companies are managing third-party risk. It is extremely important that organizations have a full picture of potential vendor risk within their company.
By extending and integrating more sources of vendor risk intelligence, customers now have the ability to make better informed risk decisions. We are excited to offer this new version of our platform and will continue to drive innovation, ensuring that Prevalent delivers the most comprehensive, easy to use third-party risk management solution available.”
Prevalent Third-Party Risk Management Platform
The Prevalent Third-Party Risk Management Platform is a SaaS solution that enables customers to automate the critical tasks required to manage, assess and monitor their third parties across the entire vendor lifecycle. New feature highlights include:
Continuous Financial and Credit Monitoring to Enable More Informed Sourcing Decisions
Prevalent Vendor Threat Monitor now delivers financial reporting, enabling the monitoring of credit scores and financial risks alongside the cyber and business risks already available in the solution.
This new capability taps into financial information from a global network of 365 million businesses, and accesses five years of organizational changes and financial performance – including turnover, profit and loss, shareholder funds, and more. With this enhancement, companies can now screen new vendors, monitor their existing vendors beyond typical cyber risks and evaluate vendor health for more informed sourcing decisions.
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Enhanced Entity Profile Simplifies Vendor Lifecycle Management
With the version, Prevalent provides a redesigned entity profile page with a new feed that presents valuable company-specific information – head office location, ownership, revenue, SIC code, fiscal year end, etc. – alongside centralized assessment status, upcoming submissions, risks and tasks and mapping of fourth parties used by the vendor.
This new entity page delivers a complete view of a vendor’s key details, giving organizations the ability gain greater visibility and reduce the time required to manage vendors.
BitSight Integration
In the latest release, Prevalent extends its sources of continuous cyber risk monitoring by introducing the ability to import BitSight summary risk data into the Prevalent Platform.
This integration enables BitSight customers to gain a complete TPRM solution that integrates BitSight data into the Prevalent risk register for a single inside-out and outside-in view of vendor risks.
