About Prevalent
Prevalent is third-party risk management software that the company markets as Mitratech Prevalent, a unified, AI-powered product for assessing, monitoring and remediating risk across the vendor and supplier lifecycle.
The company describes the problem it addresses as follows: cyber-attacks are increasingly traced back to third parties, privacy concerns are driving new regulations, and disruptions continue to affect global supply chains. Prevalent says that manually collecting, analyzing and reporting on risk data across a growing vendor base is inefficient, error-prone and costly.
Mitratech Prevalent combines automated risk assessments with continuous monitoring and remediation across the full third-party lifecycle, from onboarding to offboarding. The product is backed by vendor intelligence networks that give on-demand access to standardized risk reports on thousands of companies. Expert managed services are offered to help mature TPRM programs.[1]
The product covers the lifecycle in stages. Prevalent centralizes the distribution, comparison and management of RFPs and RFIs in the vendor sourcing process. Prevalent onboards new vendors with a simple intake form available to all internal users and builds a single source of truth for each vendor, centralizing contracts and risk data. Prevalent lets teams establish and track SLAs, KPIs and KRIs.
Prevalent tiers and categorizes vendors by calculating inherent and residual risk scores based on the likelihood and potential impact of security, compliance and operational incidents. Prevalent correlates assessments with continuous monitoring of cyber threats, business risks, financial problems, regulatory findings and reputational concerns. Prevalent offers a library of 800+ assessment templates, uses AI to complete new third-party risk assessments automatically, and provides built-in recommendations to reduce risk.
Prevalent automates contract assessments and offboarding procedures. Prevalent lets users customize reporting and dashboards to visualize risk trends and create executive-ready reports.
Prevalent says automation and standardized workflows speed up vendor onboarding and reduce risk assessment turnaround from weeks to days. Prevalent positions the software for organizations that have outgrown spreadsheets, shared drives and email chains.[1]
Prevalent on the record