Assess and continuously monitor your supply chain for illegal labor practices
Governments around the world are actively combatting modern slavery, which includes trafficking and forced labor of adults and children. Examples of legislation include the UK Modern Slavery Act of 2015, the Australia Modern Slavery Act, the US Tariff Act, and the California Transparency in Supply Chains Act.
To align with these laws, organizations must ensure transparency into their supply chains’ labor practices or risk fines, legal actions and negative press. The Modern Slavery Act, for example, requires businesses to conduct supply-chain due diligence and file annual reports—or face civil proceedings.
The Prevalent Third-Party Risk Management Platform enables you to address modern slavery risks by automating survey-based assessments of supplier labor controls and validating the results with continuous external monitoring of their real-world practices.
Key Benefits
- Ensure that all suppliers are meeting your ethical standards of business operations
- Gain a transparent picture of supply-chain labor practices – before and after signing supplier contracts
- Reduce complexity by centrally managing modern slavery assessments with all other risk assessments
- Minimize business disruptions with continuous visibility into each supplier’s human rights reputation and track record
- Simplify regulatory reporting with built-in templates that map to modern slavery mandates and guidelines
Key Features
Supplier Pre-Screening
Rapidly pre-screen vendors using a library of continuously updated risk scores based on inherent/residual risk, assessment results and real-time reputational monitoring.
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 human trafficking and modern slavery requirements.
Comprehensive Supplier Profile
Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights and maps 4th-party relationships.
Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers.
Modern Slavery Assessment
Leverage Prevalent’s built-in Modern Slavery assessment to determine adherence to policies. Review and approve assessment responses to automatically register risks or reject responses and request additional input.
Operational Updates
Access qualitative insights from over 550,000 public and private sources of operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.
Adverse Media Screening
View consolidated adverse media and negative news coverage sourced from 30,000 global news sources.
Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified risk reporting and remediation.
Virtual Third-Party Risk Advisor
Leverage a conversational AI trained on billions of events and more than 20 years of experience to deliver expert risk management insights in the context of industry guidelines such as NIST, ISO, SOC 2 and others.
Built-in Remediation Guidance
Take actionable steps to reduce modern slavery exposure with built-in remediation recommendations and guidance.
Document & Evidence Management
Store and distribute Modern Slavery policy documents for dialog and attestation. Leverage built-in automated document analysis based on AWS natural language processing and machine learning analytics to confirm key criteria are addressed.
Compliance Reporting
Visualize and address compliance requirements by automatically mapping assessment results to Modern Slavery requirements.
Relationship Mapping
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and asses your exposure.
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.
