Prevalent, Inc., a company that specializes in third-party risk management, has introduced Alfred, the first virtual adviser in the field of third-party risk. The new service is an AI tool aimed at helping users navigate complex third-party risk challenges.
Touted as a conversational AI embedded within the Prevalent's Third-Party Risk Management Platform, Alfred's notable features include a guided user experience and a massive language model trained on real-world risk data. The AI uses anonymized risk details to offer direction and expert insights that align with various industry standards like NIST, ISO, and SOC2.
Prevalent asserts that using Alfred will lead to substantial improvements in risk analysis and response time. The tool aims to speed up the audit reporting process and helps users quickly comprehend and react to third-party threats, thereby scaling their risk management programs effectively. It also ensures data security and fair results by employing various controls over AI's inherent risks.
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