Mitratech, a provider of compliance technology solutions, has introduced a range of AI-powered features and enhancements to its third-party risk management (TPRM) platform, Prevalent. The updates aim to help organisations more efficiently manage risks associated with third-party vendors, improve insights into vendor networks, and reinforce compliance with environmental, social, and governance (ESG) standards.
The platform’s AI-powered enhancements include automated questionnaire completion, which extracts relevant data from PDF documents to streamline risk assessment processes, minimising manual input and saving time for risk teams. Additionally, AI-generated summaries convert complex third-party risk events, such as data breaches, into concise, actionable reports, allowing teams to quickly focus on critical incidents.
“With these enhancements, we’re continuing to lead the market in helping organisations manage third-party risks more efficiently and effectively. ESG monitoring enhancements, AI-powered questionnaire completion, and enhanced technology tagging demonstrate our commitment to providing organisations with cutting-edge capabilities to stay ahead of emerging threats and regulatory changes,” said Alastair Parr, Executive Director, GRC Solutions at Mitratech.
As ESG compliance becomes a priority, Mitratech’s platform now supports standardised ESG reporting across supply chains, backed by globally sourced data. This update offers comprehensive sustainability ratings for suppliers, covering Scope 1, 2, and 3 emissions, enabling companies to track and benchmark ESG performance against industry standards. Additional monitoring tools include analyst-curated emissions scores and real-time alerts for reputational risks, providing organisations with a framework to manage ESG risks more effectively.
Responding to growing concerns around software supply chain vulnerabilities, Mitratech has also introduced Technology Tags within its TPRM platform, offering increased visibility into the technologies used by vendors. Following incidents such as the July 2024 CrowdStrike outage, these tags enable risk management teams to automate responses, such as generating incident surveys or issuing alerts, for faster identification and remediation of supply chain issues.
By integrating these AI and ESG-focused updates, Mitratech positions Prevalent as a comprehensive tool for navigating complex third-party risks and evolving regulatory requirements, supporting organisations in staying proactive in the face of emerging threats and compliance challenges.
