Mitratech, a global leader in compliance technology for legal, risk, and HR teams, has unveiled new AI-powered features and enhancements in its recently acquired third-party risk management (TPRM) platform, Prevalent. These updates are aimed at streamlining the process of identifying, assessing, monitoring, and managing risks associated with third-party vendors, suppliers, and partners. The new features not only enhance operational efficiency but also provide deeper insights into vendor ecosystems and improve compliance with emerging regulations in key risk areas, including environmental, social, and governance (ESG).
Key Features of the Enhanced Prevalent TPRM Platform
- AI-Powered Automatic Questionnaire Completion
- The latest release introduces AI-powered automatic questionnaire completion by extracting and populating risk assessment fields from uploaded PDF documents. This feature significantly reduces manual work and speeds up the risk assessment process.
- AI-Generated Event Summaries for Faster Risk Analysis
- Prevalent now includes AI-generated event summaries, transforming raw risk event data, such as data breaches or operational disruptions, into easy-to-understand summaries. This enhancement allows teams to focus on the most critical incidents and take swift action.
- Advanced ESG and Sustainability Monitoring
- With growing emphasis on ESG criteria, Mitratech has integrated enhanced ESG and sustainability monitoring tools. These tools offer globally sourced data, sustainability scores, emissions tracking (Scope 1, 2, and 3), and real-time alerts on reputational risks. These features help businesses maintain compliance and improve supply chain sustainability performance.
- Technology Tags for Enhanced Incident Response
- To better manage software supply chain incidents, Mitratech introduces Technology Tags. This feature enables third-party risk teams to track and manage technologies used by vendors and automatically trigger actions based on these tags, accelerating the response to vulnerabilities within the supply chain.
Alastair Parr’s Statement
“We are continuing to lead the market in helping organizations manage third-party risks more efficiently and effectively,” said Alastair Parr, Executive Director, GRC Solutions at Mitratech. “The introduction of AI-powered questionnaire completion, ESG monitoring, and enhanced technology tagging demonstrates our commitment to providing organizations with cutting-edge capabilities to stay ahead of emerging threats and regulatory changes.”
With these powerful new features, Mitratech’s Prevalent platform is set to redefine how organizations manage third-party risks. By incorporating AI, sustainability monitoring, and advanced incident response capabilities, Mitratech helps businesses stay ahead of compliance requirements, mitigate risks, and enhance overall operational efficiency.
