Prevalent Announces AI-Powered Enhancements for Third-Party Risk Management Platform

Prevalent Announces AI-Powered Enhancements for Third-Party Risk Management Platform

By Stefania Viscusi

Prevalent, a provider of third-party risk management, announced several new AI-powered timesaving and threat-sensing enhancements to its Third-Party Risk Management (TPRM) Platform.

The platform, which is used by hundreds of organizations worldwide, is a SaaS solution that helps manage, monitor, and remediate risks associated with vendors and suppliers.

Among the new features is an AI-enabled Auto Assessment Population which eliminates the need for users to manually restructure their existing files since traditional third-party risk management tools often face difficulties when users upload previously completed assessments that do not match the new questionnaire formats. Prevalent’s AI technology addresses this by analyzing key columns from any uploaded Excel spreadsheet and automatically populating new assessments, regardless of formatting differences.

The company also upgraded Alfred, its virtual third-party risk advisor, first introduced in October 2023. It now uses natural language commands so users can ask for help with risk registers, contracts, survey submissions, vendors, and more, directly within the platform. A new chatbot-style interface simplifies vendor management and comparison, making the platform more intuitive and user-friendly.

Another key enhancement is in the Vendor Threat Monitor (VTM), which now provides deeper insights into suppliers' reputational risks. As global supply chains expand, the associated risks increase. Traditional third-party management tools often provide only superficial reputational risk information through disjointed data feeds. Prevalent’s VTM incorporates reputational screening insights at both the vendor and individual levels. Using data from hundreds of thousands of news sites, company blogs, and millions of government records it allows companies to perform more thorough pre-contract due diligence and monitor existing vendor relationships more effectively.

Also, the latest version of Prevalent Contract Essentials now integrates with DocuSign, adding convenience and security for users. This integration supports closed-loop tracking and management, enhancing Prevalent's comprehensive approach to third-party risk management.

"In May, when we published our 2024 Third-Party Risk Management Study, a couple of findings stood out to us," said Alastair Parr, Prevalent's SVP of Global Products and Services. "First, half of the companies we surveyed are still relying on spreadsheets to assess their vendors; and second, 61% are actively investigating use cases for AI in the automation of their TPRM programs. The changes we're announcing today directly correlate to those findings."

"With Alfred's updates, Prevalent not only helps customers leverage the power of AI to make sense of large volumes of data and automate risk assessment processes but also simplifies the user experience to ease vendor management and address risk faster," said Parr.

Edited by Greg Tavarez
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