ESG and Third-Party Risk Management
The EU Corporate Sustainability Reporting Directive (CSRD) is a law that requires companies to report on environmental, social and governance (ESG) matters, including those that arise from their supply chains, as part of their regular company disclosures. This new reporting was developed to improve consistency in reporting against sustainability goals.
The reporting requirements are called European Sustainability Reporting Standards (ESRS) and generally align with traditional environmental, social and governance (ESG) categories, including:
- Environment: climate change; pollution; water and marine resources; biodiversity and ecosystems; and resource use and the circular economy
- Social: own workforce; workers in the value chain; affected communities; and consumers and end users
- Governance: governance, risk management and internal control; and business conduct
The Prevalent Third-Party Risk Management Platform can help you get ahead of sustainability reporting requirements with capabilities to assess third parties against a number of ESG topics, and validate the findings with continuous external monitoring into vendor practices.
Key Benefits
- Meet CSRD reporting requirements in Point 9 of the Act with automated assessments and templates
- Gain a clear picture of third-party ESG practices – before and after signing supplier contracts
- Minimize business disruptions with continuous visibility into each vendor’s ESG reputation and track record
- Reduce Directive 2006/43/EC third-party audit reporting complexity by centrally managing ESG assessments with all other risk assessments
Key Features
Supplier Pre-Screening
View a vendor’s demographic information, 4th-party technologies, ESG scores, business and reputational insights, data breach history, and financial performance to inform risk-based vendor selection decisions.
Contract Lifecycle Management
Centralize the onboarding, distribution, discussion, retention, and review of vendor contracts, and leverage workflow to automate the contract lifecycle, ensuring enforcement of ESG requirements.
Comprehensive Supplier Profile
Build supplier profiles by tapping into thousands of sources of vendor intelligence, plus a feed reporting on the ESG status of 12,000 companies. Profiles include information from the EPA Environmental Crimes Database.
Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers.
Risk Assessment Library
Leverage 200+ assessment templates, including industry-standard questionnaires, the Prevalent Compliance Framework (PCF), and customizable questionnaires to assess against ESG criteria.
Supplier Reputation & Sanctions Monitoring
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, sanctions, adverse media, OFAC violations, conflicts of interest and more.
Financial Governance & Transparency Monitoring
Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds, and more.
Politically Exposed Persons (PEP) Screening
Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to instantly identify potential leadership risks.
Event Reporting
Enable vendors to submit proactive event assessments related to environmental disclosures, board changes, notifications and other events – and dynamically update their risk scores based on the results.
Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified risk reporting and remediation.
Built-in Remediation Guidance
Take actionable steps to reduce ESG risk with built-in remediation recommendations and guidance.
Document & Evidence Management
Store and distribute energy, pollution, diversity, accounting and conflict of interest policy documents and more for dialog and attestation.
Risk & Compliance Reporting
Identify, alert and communicate exceptions to common behavior with built-in report templates.
Schedule a free, personalized solution demonstration to see if Mitratech Prevalent is a fit for you.
Who Wins
Procurement
Centrally manage vendors and monitor their performance against contractually established SLAs and KPIs using a customizable survey with built-in workflows.
IT Security
Get unparalleled insights into risk trends, status and outliers with the latest machine learning analytics, leveraging from the most risk intelligence sources available.
Risk Management
See which vendors pose the most risks and in what areas, helping to align your overall enterprise risk management strategy.
