Privva Vendor Risk Management

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Additional Info

Company (that provides the nominated product / solution / service)Privva, Inc.
Company size (employees)10 to 49
Type of solutionCloud/SaaS

In 3 bullets, summarize why this product or service is different from the competition and deserves recognition:

- The most flexible solution to manage vendor assessment process
Privva platform offers enterprises great flexibility in managing the vendor risk assessment process from from authoring to automatic recurring delivery. Risk is contextual; it must be measured through the lens of each organizations’ risk tolerance and policies. Inherent application of policies and risk threshold to assessment methodologies is critical to client success. Privva clients assign individual ratings based on customized scoring methodologies approval is done on a client-by-client basis.

- Privva manages security assessment upstream and downstream
Vendor security assessments are a two-way street and Privva’s platform manages the process from end-to-end. Utilizing artificial intelligence Privva automates the process of responding to the security assessments firms receive from their clients. AutoAssess learns from each and every assessment, so the Security Assessment responses generated are increasingly more accurate and consistent with fewer revisions over time.

Privva can turn this time consuming endeavor into an easy process saving you hours per client to focus on other critical areas of data protection. The Privva AutoAssess solution has reduced the time spent from 4-5 hours per client to under 30 minutes.

- Increasing transparency through controlled distribution
Privva platform allows vendors to distribute risk profiles with supporting artifacts through controlled distribution in a secure environment. Increasing transparency throughout the vendor risk management process will streamline decision making and ongoing evaluation of vendor risk.

Brief Overview

Privva is a flexible, scalable cloud-based platform that streamlines the assessment process throughout the value chain – enabling enterprises to easily implement a vendor risk assessment process. Our Vendor Security Assessment offering centralizes questionnaires, risk ratings, and scoring of responses for third-parties. Annual recertification (health checkups) can be automated from within the platform.

The Privva cloud-based risk management platform facilitates:
Streamlined assessment management from authoring to automatic recurring delivery.
Risk tracking identified through remediation.
Tailored solutions for successful deployments across varying vendor sizes and complexity.
Privva partners with strong and well established legal, financial, and cybersecurity firms to deliver exceptional offerings and services to our customers. Through the use of Privva’s workflow and templates, the time it takes to assess a vendor is reduced by 75%, and annual recertification can be automated.

Privva’s five-step process creates a streamlined solution for our clients, continuously ensuring that best practices are met.

1. Create tailored assessments in line with your organization’s policies
2. Inventory vendors and catalog key demographics
3. Distribute assessments to vendors using a scalable approach
4. Analyze responses with advanced reporting and dashboards
5. Remediate risks and manage communication throughout the process

Centralizing risk metrics on the Privva platform creates a more efficient and accessible data set to ensure compliance and identify best practices.

– Ask vendors the right questions based on their criticality to your business
– Request vendors to upload supporting documentation to validate responses
– Score the results using advanced reporting and dashboards to easily identify areas of high risk
– Automate reassessment of vendors to ensure ongoing compliance

Privva makes the process easier, faster and more transparent for its clients while making the process simple for the vendors as well.