The risk management company Prevalent Inc. announced it had launched Alfred, a virtual third-party risk advisor, on October 17. Prevalent said that the tool will offer faster risk analysis, risk response and audit reporting.

The AI-powered program uses anonymized data to provide users with risk management insights based on various industry guidelines.

"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," said Michael Rasmussen, the principal analyst for 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. Alfred enables third-party risk management professionals to be more efficient, effective, resilient, and agile in their TPRM programs."

The Alfred program can be accessed on the Prevalent TPRM Platform.