Vendor Risk Management Solutions for Insurance
Reduce third-party vendor risk and simplify compliance reporting
Insurance companies are top-tier targets for cyber criminals because of their access to protected health information (PHI), personally identifiable information (PII), and financial information. However, recent breaches and ransomware incidents have shown that insurance companies not only need to be concerned with direct attacks, but also must understand the risks facing third-parties with access to their systems or data.
Complicating third-party risk management for insurance companies is meeting the requirements of multiple regulatory mandates and guidelines – such as HIPAA and CCPA – with each requiring controls over third-party access.
Prevalent automates third-party risk assessments, incorporating the latest real-time cyber, data privacy, business and financial insights to equip security and risk teams with the visibility they need to reduce risk and meet compliance requirements.
How Prevalent Helps Financial Services Organizations
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Automates the collection and analysis of third-party due diligence, helping teams to instead focus on risk management
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Simplifies compliance audits, providing pre-built questionnaires and reports to satisfy multiple stakeholders
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Unifies third-party risk management with enterprise risk management and data privacy, helping to simplify compliance
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Transforms third-party risk management from a static, point-in-time project to a continuous program leveraging real-time cyber, reputational and financial insights
We haven’t experienced that level of partnership before. Prevalent’s level of engagement was out of this world.
— Information Security Advisory Services Manager
Trusted by Leading Insurance Providers
Key Features
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Supplier Pre-Screening
Rapidly pre-screen vendors using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.
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Comprehensive Supplier Profile
Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights, beneficial ownership, and maps potentially risky 4th-party relationships.
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Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks and chart the right path for a complete third-party risk assessment.
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Risk Assessment Library
Leverage Prevalent's library of 200+ questionnaire templates, including for HIPAA, CCPS, and more, to determine adherence to policies and flag potential areas of concern.
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Risk Review & Analysis
Review and approve assessment responses to automatically register risks, or reject responses and request additional input.
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Virtual Third-Party Risk Advisor
Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.
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Supplier Reputation Monitoring
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, conflicts of interest and more.
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Financial Governance & Transparency Monitoring
Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds transparency, and more.
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Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.
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Built-in Remediation Guidance
Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.
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Document & Evidence Management
Store and manage policy documents, evidence and more for dialog and attestation.
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Risk Reporting
Identify, alert and communicate exceptions to common behavior with built-in report templates.
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Compliance Reporting
Visualize and address compliance requirements by automatically mapping assessment results to requirements.
Who Wins
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Procurement
Reduce the potential for business disruptions by ensuring that new vendors adhere to sound security and data privacy practices.
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IT Security
Automate the scheduling, collection, analysis, management, and remediation of vendor risks in a central platform available to multiple internal stakeholders.
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Risk Management
Ensure that partners have policies in place to reduce the risk of fines, non-compliance, business disruption and reputational damage.
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Blog PostA HIPAA Compliance Checklist for Third-Party Risk Management
Complying with HIPAA legislation requires gaining complete, internal view of third-party security and privacy controls. Learn...
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Analyst Report
The IDC MarketScape: Worldwide Third-Party Risk Management Software 2022
Objectively evaluate third-party risk management providers
Blog PostHow a Global Insurance Company Increased Supply Chain Risk Assessment...
Discover how one of the world's largest insurance companies increased risk visibility over hundreds of suppliers...
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Ready for a demo?
- Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo