Prevalent, a third-party risk management (TPRM) vendor, has introduced a new AI assistant called Alfred, which is designed to assist users with common risk assessment and management tasks. Alfred is a large language model (LLM) AI assistant that functions like a website chatbot, providing guidance and support to users who may have limited expertise in these areas. The goal of Alfred is to reduce decision-making time and improve decision accuracy by leveraging AI technology.
Powered by generative AI technology from Microsoft-backed OpenAI, Alfred utilizes generalized data on risk events and observations to generate accurate information about a customer’s risk profile. The anonymized data is processed by the AI model, providing industry-standard guidance based on frameworks like NIST, ISO, and SOC2. This integration of AI into Prevalent’s existing TPRM solution aims to seamlessly enhance the user experience for current customers.
Prevalent emphasized that accuracy is a top priority, with the AI outputs being continually audited and reviewed. Furthermore, the training data used for Alfred has been validated by over 20 years of industry experience. This ensures that the AI assistant provides reliable and dependable guidance to users.
According to Brad Hibbert, the COO and CSO at Prevalent, their clients have shown interest in the use of AI for risk assessment, albeit with caution. To address this curiosity, Prevalent has adopted a “use case-driven approach” in developing Alfred. The company has already included AI-related capabilities, such as ML analytics and NLP document analysis, in their platform. However, Alfred represents their first conversational/generative AI capability.
Hibbert also mentioned that Prevalent incorporated user feedback into the design of Alfred’s user interface and workflow. This customer-centric approach ensures that the AI assistant is intuitive and user-friendly. Looking ahead, Prevalent plans to introduce additional generative AI features, including enhanced security artifact review and automated assessment population. These features would streamline the completion of complex security forms and further enhance the platform’s capabilities.
The introduction of Alfred demonstrates Prevalent’s commitment to harnessing AI technology to enhance their TPRM solution. By leveraging generative AI, Prevalent aims to provide users with accurate and reliable guidance in risk assessment and management. The integration of industry standards and continual auditing ensures that the AI assistant delivers high-quality results. With plans for further generative AI features, Prevalent continues to expand and improve their platform to meet the evolving needs of their clients.