Over the years, many different traits have tried to define human beings, but honestly speaking, none have done a better job than our trait of pursuing growth under every situation. This progressive approach, in particular, has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right now. The same has grown to become a lot more evident in recent times, and assuming one new GRC-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
Prevalent, the company that takes the pain out of third-party risk management (TPRM), has officially announced the launch of world’s first ever virtual third-party risk advisor named Alfred. According to certain reports, Alfred is a conversational AI which is supported through a large language model (LLM) trained on billions of events, alongside more than 20 years of Prevalent’s own risk management experience. On an actionable level, the brand-new risk advisor uses anonymized data, such as a third-party risk or event observation, to help users access the most guided experience possible. Once the relevant data is in through the door, it’s time for Alfred to leverage a curated LLM to deliver expert risk management insights in the context of industry guidelines including NIST, ISO, and SOC2 among others. Another detail we cannot go without mentioning would be the fact that the new AI assistant is embedded into Prevalent’s proprietary third-party risk management platform, a feature which basically hands users a chance to avail its value without ever leaving the platform and interrupt their original workflow. However, those are not only factors making the headline, considering Prevalent has also made a point to employ a series of controls that ensure its assistant brings high-quality, secure, and socially responsible results.
But how does that work? Well, we referred to Alfred using anonymized third-party data before generating the required insights; this simple maneuver makes it possible for the assistant to conceive unbiased results. Next up, it promises to every user an optimal amount of data security, something which talks to the way it is provided the necessary input. You see, the given model is trained only on specific event-based data, meaning it bears no other context that could link the information back to any particular organization. In case the fully encrypted mechanism wasn’t enough to convince you about the solution’s prospects, then it might be worth our while to mention how Alfred also comes decked up with support from Prevalent’s in-house team that continuously audits and reviews outputs so to validate the accuracy of findings.
“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 at 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.
Founded in 2004, Prevalent’s rise up the ranks stems from an industry-leading ability to eliminate the security and compliance exposures that come from working with vendors and suppliers throughout the third-party risk management lifecycle. That being said, the company’s personalized approach not only lets the user achieve a higher grade of operational outcomes, but it also plays a very important part in giving them a quick return on their investment.
“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.”