Prevalent expands third-party risk management platform

Third-party risk management (TPRM) specialist  Prevalent has released the latest edition of its Third-Party Risk Management Platform. The enhanced platform introduces a new Connector Marketplace to unify third-party risk solution ecosystems, critical content updates to reflect changes in the regulatory, security and risk landscape, and environmental, social and governance (ESG) insights.

"Enterprises struggle to manage risk across their organisations because crucial information exists across various applications that don't 'talk' to each other," said Alastair Parr (pictured), senior vice president of global products and risk for  Prevalent, Inc. "With this new release, we address this issue through our Connector Marketplace, which gives companies a unified view of the risk in their organisation for the first time. Additionally we've added more ESG data to ensure companies have the most comprehensive vendor profile available today."

The  Prevalent Third-Party Risk Management Platform is a SaaS solution that enables companies to automate the critical tasks required to onboard, assess, manage, continuously monitor and remediate third-party security, privacy, compliance and procurement-related risks across every stage of the vendor lifecycle.

Organisations use different enterprise applications for everything from risk management, reporting and analytics, to compliance, infosec, business, procurement, and supply chain management, making it extremely time-consuming, complex and expensive to simply share and report on risk data. The latest  Prevalent Platform release addresses this issue, eliminating gaps present in a siloed approach to risk management with its new Connector Marketplace. The Connector Marketplace unifies an organisation's third-party risk solution ecosystem by leveraging a library containing dozens of pre-built connectors that easily integrate with the  Prevalent Platform using a low-code approach.

The  Prevalent Platform improves its existing ESG capabilities by including a new feed of ESG scores on more than 12,000 companies around the world available automatically in the comprehensive vendor profile.

Additionally,  Prevalent's reputation monitoring service, available with  Prevalent Vendor Threat Monitor, now includes historical reports and adverse filings from the US Environmental Protection Agency (EPA) Environmental Crimes Database.

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