Mirato announced its new mitigation planning feature, designed to build plans to fix and mitigate risk issues that emerge out of the TPRM due-diligence process, including failed controls, cyber-attacks, products with licensing issues, issues resulting from unplanned external events such as adverse weather or geopolitical crisis, human errors, and more.
With the added mitigation planning feature, users of Mirato’s TPRM Intelligence Platform can plan towards the effective mitigation of potential risks in one complete, easy-to-use solution, rather than working simultaneously in a multitude of platforms such as the enterprise management systems and TPRM workflows, along with the plethora of data sources involved in the process.
The Mirato TPRM Intelligence Platform results in substantially less manual labor and can cut assessment costs by up to 60%, while allowing heightened risk visibility. It is revolutionizing third-party risk management for the financial services industry by leveraging artificial intelligence (AI), natural language processing (NLP), and sophisticated data harvesting to elevate existing TPRM programs and tools and streamline an entire operation’s data into one smart platform.
The Mirato TPRM Intelligence Platform continuously collects information from all of an organization’s data sources while analyzing and creating a feedback loop between them. This creates concentration risk visibility (for 4th parties, location, vulnerabilities and more) at the press of a button and enables actionable insights—ultimately allowing subject matter experts (SMEs) to focus on risk mitigation rather than data administration.
The new mitigation planning tool features an intuitive UI and can be used in multiple ways depending on an organization’s specific needs, including data review, which can happen in parallel with multiple SMEs reviewing their specific risk domain, e.g., physical security and cybersecurity. A mitigation plan task will be unlocked following the data review process or can be utilized as a stand-alone option.
“The problem with data is not the lack of it, but the number of resources it takes to collect it, the challenge of getting clear insights fast, and the ability to easily act on those insights,” said Etai Hochman, Mirato co-founder and CTO. “Adding mitigation planning to the Mirato platform answers all three challenges and takes our platform to the next level by providing previously unavailable insights and an intuitive, efficient, and effective method to address them.”
Mirato’s proprietary AI and NLP algorithms analyze the content of the data source and use cross-validation to get the correct information to the right people at the right time so they can make an informed decision. As a result, Mirato enhances every TPRM environment—even firms with sophisticated and mature programs can drastically reduce the time, effort, and cost of the TPRM program while improving the efficiency, accuracy, process integrity, and effectiveness of compliance.