Video: Where Does Mirato Fit in the TPRM Landscape?
There are four main categories of (third party risk management) TPRM solutions:
- Data Sources: These solutions are good as evidence, to validate third-party testimonies. They can also recommend mitigation actions, but they are not contextualized or prioritized, which may cause significant third-party burden.
- Governance, Risk, and Compliance (GRC) Platforms: GRC platforms help manage TPRM processes, including due diligence, internal audit, and regulatory requirements. They are good for keeping records and logs in peak condition for audits, but their primary focus is not visibility into risk.
- Evidence Aggregator Platforms: Evidence aggregators build risk assessment processes that are focused on the probability/frequency aspects of risk but miss the impact. They provide great risk insights but sometimes out of context since the impact is not assessed. They cannot identify concentration risk.
- Service Providers: Service providers and consultants supplement the efforts of a TPRM team by performing inquiries into a domain or a single vendor– but they do not deliver continuous insights into the third party.
Now, a fifth category of solution has emerged: Automation and Orchestration Platforms. Automation and orchestration platforms ingest, digest and correlate data from any of the solutions above and more. This digitizes TPRM processes to ensure effective continuous monitoring; reduce operational costs; improve accuracy and corporate performance; and provide companies with visibility into concentration risk.
To learn more, watch this video detailing the different categories of TPRM solutions, and how Mirato’s artificial intelligence (AI) and natural language processing (NLP)-driven solution automates the process of continuously assessing risk — greatly reducing the burden of manual work on subject matter experts, and freeing them up to perform more valuable tasks.