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Prevalent NY DFS Case Studies

Read examples of customers that utilized Prevalent to meet the third-party risk management requirements of NY DFS.

Prevalent Case Study

Medium Enterprise Insurance Company

Introduction

This case study of a medium enterprise insurance company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Prevalent allows us to manage third-party risk in an organized way.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Top drivers for purchasing their Prevalent third-party risk management solution:
- Compliance – reporting against specific regulatory or industry framework requirements
- Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
- Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
Challenges that deploying Prevalent solved for their organization:
- A limited ability to continuously monitor vendors
- An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
- Having no centralization of TPRM functions
Vendors evaluated before choosing Prevalent:
- BitSight
- OneTrust
- RiskRecon

Use Case

Regulations or industry frameworks they must regularly report against:
- GDPR
- NIST 800-53
- NYDFS and CCPA
Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Automated risk and compliance register: differentiated
- Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
How long it took to complete an assessment:
- After deploying Prevalent: 3-4 weeks
Saved several days per assessment on average by utilizing the Prevalent Platform.

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