Prevalent has announced updates to its third-party risk management platform. The new updates include AI functionalities to simplify risk evaluation and threat monitoring associated with vendors and suppliers.

The platform's new functions include an AI-enabled Auto Assessment Population that helps reduce the time taken to complete risk analyses. Additionally, it has updated its virtual risk advisor, Alfred. Enhancements are also made in the Vendor Threat Monitor, giving customers a more in-depth analysis of the reputational risks posed by their suppliers.

Prevalent claims that these updates not only provide powerful AI insights and automation in risk assessment processes but also streamline the user experience. These improvements aim to simplify vendor management, addressing risk at greater speed. Consequently, such features better equip customers for pre-contractual due diligence and efficient monitoring of existing vendor relationships.

Analyst QuickTake: In October 2023, the company introduced Alfred, an AI-powered virtual third-party risk advisor. The conversational AI tool was designed to help users navigate complex third-party risk landscapes.