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AI-Powered Third-Party Risk Management

Leverage AI to automate processes, reveal insights, and improve third-party risk outcomes

AI has the power to revolutionize third-party risk management, from increasing clarity in risk data for better decision-making to enabling greater speed and scale through automation. But AI must also be responsibly governed to prevent security vulnerabilities, bias, and hallucinations.

The Prevalent Third-Party Risk Management Platform includes innovative AI capabilities built to address the most complex third-party risk management use cases – from automating assessments and entity management to analyzing evidence and risk data – while ensuring high-quality, secure and socially responsible results.

AI-Enabled TPRM Explained

Prevalent intelligently automates your third-party risk program with AI-enabled capabilities built into our industry-leading platform. By tapping into powerful large language models and proprietary datasets, Prevalent reviews, analyzes and helps you make sense of huge volumes of risk assessment and externally monitored data.

Key Benefits

  • Reduce the time required to complete assessments and review evidence, enabling greater scale in your TPRM program

  • Simplify the management of third parties using natural language commands

  • Accelerate risk review, analysis and response with always-on, standards-based risk advice

  • Enhance decision making by quickly analyzing large volumes of data to find trends and exceptions

  • Improve consistency and accuracy of third-party risk management findings

Platform AI Capabilities

  • Auto Assessment Population

    Auto assessment population

    Use AI to transfer data from any completed assessment in an Excel spreadsheet to a new assessment, regardless of formatting. After populating the new assessment, the Platform analyzes which questions were completed by AI, highlights any unanswered questions, and allows for a manual review to accept or reject the AI-generated answers.

  • Alfred: Your 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. Quickly navigate to risk registers, contracts, or survey submissions; change a vendor's status; or inquire about the services of a specific third party.

    Risk Advisory

    Engage Alfred directly in the Platform as you would any other chatbot-style interface. Ask about risk, and Alfred will deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2, and others. Third-party risk teams accelerate risk analysis, response, and audit reporting with Alfred.

    Platform Navigation

    Simply engage Alfred and ask for help navigating risk registers, contracts, survey submissions, and vendors or changing an entity’s status using Alfred’s natural language processing. This capability simplifies the user experience to ease vendor management and address risks faster.

    Entity Management

    Ask Alfred about the services of an entity that you have in the Platform. Using natural language commands, such as “Describe what MyCo does,” Alfred will briefly describe the entity and its services, enabling your team to quickly gain insights into a vendor and speed decision-making.

  • Automated Document Analysis

    The Prevalent Platform leverages AI to confirm if a document contains the necessary attributes to support a question – without manual validation and review.

    Built-in natural-language processing and machine learning technology checks and analyzes each document for keyword criteria, relevance, and author timeframes. Results are presented to the reviewer in the form of a pass/fail or match summary and can enable targeted remediation of missing evidence. This includes automatically creating risks along with tasks for reviewers to action.

    This ensures a comprehensive review of supporting evidence without manual intervention, saving time and improving the consistency and accuracy of third-party risk management assessments and reviews.

  • Machine Learning Analytics & Reporting

    Prevalent Machine Learning


    Reveal risk trends, status, and exceptions to common behavior for individual vendors or groups with embedded machine learning insights. Quickly identify outliers across assessments, tasks, risks, etc., that could warrant further investigation.

How Will AI Impact Your TPRM Program?

Read our 16-page report to discover how AI can lower third-party risk management costs, add scale, and enable faster decision making.

Read Now
Featured resource ai paper 1023

Who Wins

  • Procurement

    Gain new insights into – and simplify the management of – third-party vendors and suppliers throughout the third-party lifecycle by using simple, natural language queries.

    > More procurement and sourcing benefits

  • IT Security

    Accelerate the vendor assessment process and ensure that submitted evidence matches questionnaire responses – without manual intervention.

    > More IT security benefits

  • Risk Management

    Quickly analyze vendor risks and compliance in the context of existing risk management frameworks.

    > More risk management benefits

Featured Resources
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