Introducing Prevalent Alfred: The World’s First AI-Powered Virtual Third-Party Risk Advisor

Although artificial intelligence isn’t a new concept, the recent mainstream introduction of generative AI technologies is enabling organizations to solve business problems at an unprecedented scale.

It’s clear that AI has the power to revolutionize third-party risk management, from automating tedious tasks to gleaning insights from troves of data – and Prevalent has been making significant investments this area. That’s why I’m excited to announce the latest AI-enabled capabilities in the Prevalent Third-Party Risk Management Platform.

Meet Prevalent Alfred™: Your Virtual Third-Party Risk Advisor

Prevalent Alfred is a conversational AI trained on billions of events and more than 20 years of Prevalent’s third-party risk management (TPRM) experience.

Prevalent Alfred uses anonymized data, such as a third-party risk or event observation, to provide an informative, intuitive and guided user experience. It leverages a curated large language model (LLM) to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others. Alfred is seamlessly embedded into the Prevalent solution, so users can benefit from its guidance without leaving the Platform or disrupting their existing workflows.

Here’s an example of how it works:

With Prevalent Alfred at your service, your third-party risk team gains an analytic 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.

The Benefits of a Third-Party Risk Advisor

Whether due to a lack of resources, time or skillsets, your organization may struggle to sift meaningful information from mountains of third-party risks and events. This problem is only exacerbated as you add new vendors and suppliers. Without the ability to scale to meet business demands, your TPRM program might never be more than a “check-the-box” exercise.

To address this challenge, Prevalent Alfred enables you to:

• Accelerate risk review and analysis with 24×7 instant guidance
• Inform decision-making with built-in risk guidance standardized on industry frameworks
• Streamline user experience with step-by-step guidance for risk and event resolution

With Alfred, the Prevalent Platform accelerates risk identification, delivers contextual clarity, and enables our customers to vastly scale their third-party risk management programs.

Prevalent’s Commitment to Responsible AI Innovation

AI isn’t just a fun new technology to experiment with. It can radically enhance existing enterprise solutions when implemented as part of a well-thought-out strategy. At the same time, providers of AI-enabled solutions must apply good governance to ensure high-quality, secure and socially responsible results. Here is how Prevalent is addressing some of AI’s inherent risks:

• Bias and hallucination: The LLM incorporated into our Platform is trained on real, anonymized third-party risk data and events validated by our 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.

In all areas, Prevalent prioritizes the safety and security of customer data.

The Latest in a Series of AI-Powered Enhancements

Alfred is just the latest in a series of AI-enabled enhancements that we’re planning for the Prevalent Platform. Our strategy is 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.

• The Prevalent TPRM Platform has long offered machine learning capabilities that reveal third-party risk trends, report on risk status, and flag exceptions to common vendor behavior. Customers use this analytic capability to quickly identify outliers in assessments, tasks or risks that could warrant further investigation.
• This release also includes improvements to our current document AI technology by incorporating improved and optimized natural language processing (NLP) to automate security artifact reviews.
• Forthcoming AI-enabled capabilities include automated assessment population to streamline vendor response times and improve the accuracy and richness of assessment results.

Our approach to leveraging AI is different from that of our competitors. Prevalent AI models are trained on 20+ years of third-party risk management experience; real data and events; and unmatched Risk Operations Center expertise. Few, if any, other TPRM providers can match this level of experience.

We are also undertaking a purposeful, use-case-driven development approach, which ensures that only well-tested and proven AI capabilities are incorporated into the Prevalent Platform. Our goal isn’t to become “The AI TPRM Platform!,” but rather to thoughtfully leverage AI where it makes the most sense and drives the most value for our customers.

Next Steps: How to Maximize the Benefits of AI in Third-Party Risk Management

AI has the capacity to evolve third-party risk management in ways that were previously unimaginable – and potentially disruptive. Given this, rest assured that Prevalent will continue to take a pragmatic, well-governed approach to building AI-powered TPRM solutions that solve real-world problems.

For more on how Prevalent can help your organization securely adopt AI to empower greater TPRM decision-making and automation, download our white paper, How to Harness the Power of AI in Third-Party Risk Management, or request a demo today.