Summary:
If you're short on time, here’s a snapshot of how Vendict's latest solution transforms Third-Party Risk Management and enhances compliance with these key benefits:
✔ Automated vendor risk assessments for faster, more accurate decisions.
✔ Leverages GenAI to transform the third-party risk management landscape.
✔ Provides real-time insights, helping you focus on critical security needs.
✔ Autofills questionnaires, eliminating repetitive tasks and reducing manual follow-ups.
✔ Delivers a custom risk score based on your specific vendor analysis.
Announcing Vendict's New Third-Party Risk Management (TPRM) Solution
Third-party risk management has long been a difficult and time-consuming process. With third parties being a primary source of data breaches, businesses face the dual pressure of ensuring vendor security while also meeting deadlines for vendor approval. GRC and Security Teams are more stretched than ever, managing security and compliance while grappling with limited resources and tighter budgets as companies scale aggressively. Juggling these demands, teams are overwhelmed and shouldn't have to waste time chasing vendors for answers, validating documents, or sifting through endless data. Traditional tools that just manage workflows or offer limited ratings simply don’t cut it anymore.
Suggestion Vendict’s new TPRM solution uses cutting-edge GenAI technology to automate Third-Party Risk Assessments, including the often tedious task of managing security questionnaires. By automating security questionnaires as a management process, your team can streamline workflows, reduce manual follow-ups, and focus on high-priority security concerns, enabling faster and more confident vendor management.
By streamlining the entire TPRM process, Vendict ensures that businesses can reduce the risk of vendor-related breaches, stay compliant with industry regulations, and improve operational efficiency. With real-time insights and automated workflows, teams can focus on strategic decisions rather than getting bogged down in tedious manual tasks, ultimately saving time, reducing risk, and strengthening vendor relationships.
How Vendict Automates Third-Party Risk Management
Vendict streamlines Third-Party Risk Management by automating the most tedious tasks, ensuring faster, more accurate assessments. With GenAI at its core, it helps to respond to critical risks while reducing manual follow-ups.
- GRC Mentor: Expert Assistant The GRC Mentor is designed to guide you through vendor document analysis. It flags potential issues, such as incomplete answers to questionnaires or deviations in reports like SOC 2. With expert insights at every step, risk assessments can now be both thorough and efficient.
- Fact-Based Third-Party Risk Score Vendict delivers a risk score tailored specifically to the vendor documentation and criteria that matter to each individual business. This score reflects real findings based on unique data provided, ensuring accuracy and relevance.
- Speed Up Security Reviews Autofill custom questionnaires with responses pulled directly from vendor documents, allowing vendors to focus only on incomplete or problematic areas. From the moment vendor documents are uploaded, Vendict generates a custom score, helping teams instantly identify where further attention is needed. Additionally, AI assistance improves responses, reducing the need for follow-ups.
How Vendict’s TPRM Solution Sets You Apart
Vendict’s TPRM solution goes beyond managing workflows—it provides expert insights and automation that elevate the risk management process. With real-time answers and tailored risk scoring, stay ahead of potential threats without the usual vendor chase.
- No Need to Read Vendor Documents
Vendict does the heavy lifting. Simply upload vendor documents, and Vendict’s AI will provide clear, direct answers to any question, with references to the exact source material. - End the Vendor Chase Once and For AllAutofill custom questionnaires with data from vendor documents, such as SOC2 reports and standard questionnaires. No more back-and-forth with vendors—just accurate answers delivered fast.
- Never Miss a Red Flag Vendict’s GRC Mentor identifies and flags any issues in vendor audit reports. Whether it’s a bad answer or a deviation in a SOC report, know exactly where to follow up, with clear justifications provided.
Key Features at a Glance
Vendict’s TPRM solution is packed with powerful features designed to simplify your risk management process. From instant insights to automated responses, here’s a quick look at the key tools that set it apart.
- Ask Anything: Search any question and receive a clear, justified answer from Vendict’s Generative AI technology.
- SOC Audit Report Analysis: Vendict analyzes SOC 1 or SOC2 audit reports, surfacing only the most relevant findings like deviations, scope, and opinions.
- Autofill Questionnaires: Automatically fill out custom questionnaires with vendor-provided documents, focusing on areas that need attention.
- Custom Vendor Risk Score: Receive a risk score based on the aspects that are most important, updated in real-time as new data comes in.
See How It Works! Want to experience Vendict’s TPRM solution in action?
Book a demo with our team today!
