Prevalent TPRM Platform
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Prevalent TPRM Platform
|Company (that provides the nominated product / solution / service)||Prevalent, Inc.|
|Company size (employees)||100 to 499|
|Type of solution||Software|
In 3 bullets, summarize why this product or service is different from the competition and deserves recognition:
• Prevalent’s TPRM Platform is the industry’s first purpose-built, unified platform and exchange for vendor risk management that reduces both risk and cost in a shared assessment model, leveraging standardized content, automation and threat intelligence to help both customers and vendors establish a more rigorous, highly effective vendor risk management program.
• Designed for smarter, more cost-effective third-party risk management, Prevalent’s TPRM Platform integrates Prevalent’s second generation, automated vendor risk assessment software to reduce data collection times and enable customers to do more with the same, or fewer, resources: one Prevalent user quadrupled their vendor assessment output after losing one third of their staff.
• Based on Prevalent’s revolutionary vertical vendor networks, Prevalent’s TPRM Platform offers companies a powerful way to reduce third party risk using a scalable, automated process that 1) yields a 360% ROI over 3 years, according to a Forrester Research customer study and 2) will save millions of dollars in the first year alone, according to a Fortune 100 managed health care customer.
Summary of Achievements
Companies increasingly depend on a vast third and fourth-party vendor ecosystem to achieve their business goals, yet performing risk assessments on hundreds, often thousands, of vendors is hard. Prevalent’s TPRM Platform, the industry’s first unified vendor risk management system, helps companies economically and efficiently assess third-party risk using a scalable, automated process that one Fortune 100 health care customer estimates will save millions of dollars in the first year alone.
Reduce Complexity –Quickly and Easily Share Standardized Vendor Assessments: Based on Prevalent’s revolutionary vendor networks for healthcare, financial, legal and higher education, Prevalent’s TPRM Platform allows enterprises and vendors to share both standard and custom questionnaires and collaborate to assess risk. Vendors complete an assessment once and share it throughout the entire system. Companies have the flexibility to launch assessments, leverage analytics, build custom questionnaires, and adjust risk scores based on their own risk postures.
Reduce Cost — Automated, Scalable Vendor Risk Assessment for Large and Small Vendors: Prevalent’s TPRM Platform automates the collection of third-party information in a secure and scalable manner. The TPRM Platform dramatically reduces data collection timeframes and helps organizations gain instant, shared visibility into the risk of doing business with everyone in their vendor ecosystem, even small vendors without an IT department.
Reduce Risk — Continuous Threat Monitoring: Prevalent’s TPRM Platform offers the industry’s only continuous monitoring software to fill in the gap between assessments, providing a holistic view of potential risks across five key areas: Data, Brand, Financial, Operational and Regulatory. Events such as lawsuits, phishing attacks and credit risk score declines are continuously captured, scored and delivered to users via email notifications. Prevalent uses a self-service agent to remotely inspect a vendor’s ability to detect and isolate cyber attackers behind the firewall.