Prevalent Introduces Alfred, the World's First AI-Powered Virtual Third-Party Risk Advisor
Third-party risk management leader equips customers with unmatched guidance for managing third-party risk
PHOENIX, Oct. 17, 2023 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today introduced Alfred™, the world's first virtual third-party risk advisor. Alfred is available in the Prevalent TPRM Platform and is the latest capability delivered as part of Prevalent's broader strategy to securely and responsibly harness the power of AI to address today's most complex real-world TPRM challenges, while ensuring governance and security over AI usage.
Alfred is a conversational AI backed by a large language model (LLM) trained on billions of events and more than 20 years of Prevalent's risk management experience. Similar to a banking or travel website chatbot, Alfred offers a guided user experience that provides contextual information to reduce the time typically required to analyze risk and make decisions, improving the quality of decision-making.
"Early on we recognized the power of AI and how it can revolutionize third-party risk management," stated Kevin Hickey, CEO of Prevalent, Inc. "For several years we've been making significant investments in this area. We're very excited to introduce Alfred - the latest of our series of AI enhancements - and we are committed to building additional AI capabilities that solve actual problems for our customers."
Alfred uses anonymized data, such as a third-party risk or event observation, to provide an informative, intuitive and guided user experience. It then leverages a curated LLM to deliver expert risk management insights in the context of industry guidelines including NIST, ISO, and SOC2 among others. Alfred is seamlessly embedded into the Prevalent TPRM solution, empowering users to benefit from its guidance without leaving the platform or disrupting existing workflows. With Alfred, third-party risk teams gain an analytics superpower trained on real, anonymized data with outputs aligned with existing security and risk management frameworks. This enables significantly faster risk analysis, risk response and audit reporting.
"Whether due to lack of resources, time or skill sets, many organizations struggle to sift meaningful information from mountains of third-party risks and events," stated Michael Rasmussen, Principal Analyst, GRC 20/20 Research. "This is only amplified by adding new vendors and suppliers. And without the ability to scale, TPRM programs will never grow from a 'check the box' exercise to successfully reducing and remediating risk. With Alfred, the Prevalent Platform dramatically accelerates risk identification, rapidly delivers contextual clarity and enables customers to significantly scale third-party risk management programs, ensuring customers can quickly combat third-party threats. Alfred enables third-party risk management professionals to be more efficient, effective, resilient, and agile in their TPRM programs."
Prevalent is committed to responsible AI innovation, prioritizing the safety and security of customer data. The company has employed a series of controls to ensure high-quality, secure and socially responsible results. Prevalent addresses AI's inherent risks including:
- Bias: The LLM incorporated into the Prevalent Platform is trained on real, anonymized third-party risk data and events validated by over 20 years of industry experience.
- Data security: The model was trained on anonymized risk and event data, with no other context provided that could link the data back to a specific company.
- Governance and oversight: The Prevalent team continually audits and reviews outputs to validate the accuracy of findings.
For more information on securely adopting AI to empower greater TPRM decision-making and automation, please download the white paper, How to Harness the Power of AI in Third Party Risk Management, read the latest blog or request a demo today.
About Prevalent
Prevalent takes the pain out of third-party risk management (TPRM). Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors and suppliers throughout the third-party risk management lifecycle. Our customers benefit from a flexible, hybrid approach to TPRM, where they not only gain solutions tailored to their needs, but also realize a rapid return on investment. Regardless of where they start, we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time.
Media Contact
Angelique Faul, Silver Jacket Communications, 513-633-0897, [email protected]
SOURCE Prevalent, Inc.
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