Pre-answers Up to 93% of TPRM Questionnaires to Significantly Streamline the Assessment Process for Faster, Easier Due Diligence of Third Parties
Mirato, provider of a revolutionary third-party risk management (TPRM) intelligence platform, announced the launch of a new product, the Mirato Questionnaire Killer (MQK). Specifically designed for the financial services industry, the Questionnaire Killer pre-answers up to 93% of TPRM questionnaires using advanced artificial intelligence and natural language processing. This significantly reduces the cost and manual effort of the traditional questionnaire process while providing more time for valuable resources to focus on strategic risk management.
Instead of answering questions, third parties simply upload their documents to the Questionnaire Killer, which analyzes them to automatically answer most of the questions while validating the responses and automating the audit trail. The third party then receives these pre-answered questions to verify and complete any remaining questions. This dramatically reduces the number of questions and responses required, making the entire process faster, easier, and more economical for everyone involved.
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The MQK is offered as a standalone solution or integrated with any existing TPRM platform and works with any TPRM questionnaire, including onboarding/due diligence, periodic reassessments, and ad-hoc reassessments (IT control, compliance, privacy, etc.).
“Questionnaires have been a constant source of pain and friction for organizations and their third-party partners,” said Aki Eldar, Mirato’s CEO & co-founder. “The revolutionary new MQK alleviates this by automating much of the tedious manual work previously involved in the process, enabling third parties to be onboarded much faster for quicker time to service, value, and revenue while increasing program scale, quality, and depth.”
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The MQK is powered by the award-winning correlation engine developed for Mirato’s TPRM Intelligence Platform. This breakthrough technology is designed, built, and optimized to understand and correlate all the information associated with financial institutions’ TPRM exercise, including both structured and unstructured data. 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.
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