PHOENIX, Aug. 5, 2020 /PRNewswire/ -- Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), today announced a strong 2020 first half with 33% worldwide new product sales growth and strong expansion in existing customer accounts, setting the stage for an outstanding 2020.
During the first half of 2020, Prevalent focused on delivering products and expertise to help companies navigate business challenges related to COVID-19. The company quickly shifted internal resources, ensuring organizations could easily adopt automated TPRM solutions or mature existing programs to minimize risks and strengthen supply chain resilience.
"We ended 2019 with our strongest quarter to date and we're excited to see what 2020 would bring," stated Kevin Hickey, CEO of Prevalent. "Of course no one could predict what would happen after our first glimpse of COVID-19, however it quickly became clear that the pandemic was going to negatively affect suppliers and vendors. Not only were there supply chain disruptions, but the risks mounted as malicious activity increased. I'm proud of our team for the quick turnaround in providing new offerings to our customers, mitigating these risks. I'm looking forward to exceeding customer expectations and driving innovation for the remainder of this year."
Prevalent's H1 2020 highlights include:
Minimizing Business Resilience Challenges Related to COVID-19
- Introduced a free version of the Prevalent Third-Party Risk Management Platform geared to helping customers assess their and their suppliers' business resilience risks in the face of possible supply chain disruptions resulting from the pandemic.
- Published free templates and questionnaires for companies to use to adapt to their own organizational business continuity requirements.
Delivering Easy to Adopt and Manage TPRM Solutions for Companies of All Sizes
- Introduced TPRM Jump Start, two Prevalent packaged solutions that enable organizations of any maturity level to build a scalable TPRM program and attain results in 30 days or less.
- Introduced new Essentials, Standard and Professional editions of the Prevalent Third-Party Risk Management Platform, empowering organizations to address their TPRM challenges progressively.
- Announced a new partnership with Theorem Legal enabling customers to quickly and cost-effectively search for and gain insight into the security postures of vendors in the marketplace using Prevalent's Legal Vendor Network.
Continuing to Drive Market-Leading Product Innovation
Released product updates to automate, accelerate and bring greater intelligence and insights to TPRM:
- Risk Preview and Review options for the #1 Vendor Risk Due Diligence solution in the Healthcare industry, the Prevalent Healthcare Vendor Network.
- Significantly enhanced Vendor Threat Monitor's cyber risk and business intelligence sources, reporting and alerting across continuous monitoring events.
- Delivered updates to the Prevalent Third-Party Risk Management Platform that featured a new ServiceNow connector, assessment scheduling enhancements, an expanded API, workflow enhancements, inherent risk scoring and risk relationship mappings.
Providing Expert Insights to Help Organizations Grow and Mature TPRM
- Published the results of two industry studies: The Path from Reactive to Proactive TPRM and The 3rd Rail of Security and Compliance. Each study surveyed risk management industry leaders and determined what the top TPRM challenges that were facing organizations and made recommendations to improve practices and maturity over time.
- Published guidance on automating and accelerating the process of addressing the TPRM compliance requirements for six industry regulations and standards including NYDFS, PCI-DSS, NERC-CIP, CMMC, SOC2 and CAIQ.
"We are now able to properly conduct risk assessments, both internal and external, leveraging this fantastic platform," stated Eric Valdes, vice president of technology and security at First Protocol, Inc. "[Prevalent] gives us a level of confidence previously lacking in vendor onboarding and contracting, as well as valuable insights into how are data is being collected, processed and stored at our key providers."
Prevalent takes the pain out of third-party risk management (TPRM). Companies use our software and services to eliminate the security and compliance exposures that come from working with vendors, suppliers and other third parties. Our customers benefit from a flexible, hybrid approach to TPRM, where they not only gain solutions tailored to their needs, but also realize a rapid return on investment. Regardless of where they start, we help our customers stop the pain, make informed decisions, and adapt and mature their TPRM programs over time.
Silver Jacket Communications
SOURCE Prevalent, Inc.