Mitratech Unveils Added AI and ESG Capabilities for Industry-Leading Third-Party Risk Management Platform

New Enhancements Empower Organizations to Streamline Risk Assessments, Further Strengthen ESG Compliance, and Accelerate Supply Chain Incident Response

AUSTIN, Texas, Nov. 7, 2024 /PRNewswire/ -- Mitratech, a global compliance technology leader for legal, risk and HR teams, today announced the release of additional AI-powered features and enhancements in its recently acquired third-party risk management (TPRM) platform, Prevalent. The latest updates are designed to further streamline identifying, assessing, continuously monitoring, managing, and remediating risks associated with third-party vendors, suppliers, and partners. The new features enhance operational efficiency, provide deeper insights into vendor ecosystems, and improve compliance across key risk domains, including environmental, social, and governance (ESG) throughout the entire third-party lifecycle.

"With these enhancements, we're 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. "ESG monitoring enhancements, AI-powered questionnaire completion, and enhanced technology tagging demonstrate our commitment to providing organizations with cutting-edge capabilities to stay ahead of emerging threats and regulatory changes."

AI-Powered Automatic Questionnaire Completion and Risk Analysis
Building on previously announced AI innovations, the platform now supports AI-powered questionnaire completion using PDF documents. This enhancement significantly reduces the time and effort required to assess third-party risk by automatically extracting and completing risk assessment fields from uploaded documents.

New AI-generated event summaries also simplify the analysis of third-party risk events, such as data breaches or operational disruptions, by transforming raw event data into plain language that can be easily actioned. This enhancement ensures critical incidents are not overlooked, enabling teams to focus on the most impactful events and speed up response times.

ESG and Sustainability Monitoring
As ESG criteria become increasingly critical for companies, investors, and government regulators, Mitratech's new ESG and Sustainability Monitoring feature standardizes and simplifies global compliance reporting across a supply chain. The new release offers:

• Globally sourced, standards-based data provided by a trusted leader in ESG and sustainability reporting.
• Advanced sustainability ratings and scores for each supplier, including Scope 1, 2, and 3 emissions, enabling businesses to compare performance over time and against industry averages.
• Analyst-curated emissions scores and real-time alerts on negative news and reputational risks.

Combined with existing built-in ESG questionnaires and a central register for managing ESG risks, the new monitoring insights will help organizations mitigate reputational risks and improve operational efficiency by managing sustainability performance across the supply chain.

Technology Tags for Enhanced Supply Chain Incident Response
To address the increasing complexity of software supply chain incidents, such as the July 2024 CrowdStrike outage, Mitratech's TPRM solution introduces Technology Tags, which provide visibility into the technologies used by vendors across the ecosystem. This enhancement enables third-party risk teams to automate actions triggered by Technology Tags, such as issuing incident response surveys or generating risk items, enabling faster identification and remediation of supply chain vulnerabilities.

For more on this release, please read the blog.

About Mitratech

Mitratech is a proven global technology partner for corporate legal, risk, compliance, and HR professionals seeking to maximize productivity, control expense, and mitigate risk by deepening organizational alignment, increasing visibility, and spurring collaboration across an enterprise. Mitratech serves over 20,000 organizations worldwide, spanning more than 160 countries.
For more information, visit: www.mitratech.com.

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SOURCE Mitratech