Solution delivers a 10x increase in the precision of risk screening and 2x faster onboarding of third parties
GAN Integrity, a leading provider of integrated compliance, ethics, and risk management solutions, today announced the release of its new third-party risk discovery and monitoring solution Integrity Identify. Using advanced large language models (LLMs), the solution identifies and summarizes risk information on business relationships and continually monitors for changes in risk profiles.
This approach gives customers a new level of scale and precision in screening, assessing, and monitoring third parties across key compliance and risk areas such as bribery, corruption, human rights, military end use, and environmental, social, and governance (ESG).
By delivering clear, summarized risk information that’s ten times more precise than traditional methods, and reducing false positives by at least 77%, Integrity Identify™ significantly reduces manual work and helps compliance teams to make faster, more informed decisions.
Offered as part of GAN Integrity’s Third-Party Risk Management application, Integrity Identify™ helps customers continuously identify, mitigate, and monitor risks throughout the relationship lifecycle. By streamlining the risk assessment process, it reduces onboarding time by up to 50%, enabling businesses to get third parties and suppliers operational faster, supporting strategic goals and revenue growth.
“With Integrity Identify™, we’ve given compliance teams a better way to stay ahead of risk,” said Nick Manolis, CEO of GAN Integrity. “With increasing regulatory scrutiny and evolving global standards, businesses need to respond quickly and effectively to potential risks. Our AI-enabled solution drastically cuts the time spent on manual processes, allowing teams to focus on what truly matters – maintaining business integrity and trust in their extended enterprise of third parties and suppliers.”
Michael Rasmussen, GRC 20/20 market analyst, emphasized the significance of AI-enabled solutions like Integrity Identify™ in addressing growing regulatory pressures: “In a world where businesses are managing thousands of third-party relationships, speed and accuracy are critical. Integrity Identify™ delivers both, allowing companies to respond to emerging risks in real time while ensuring compliance with an ever-evolving regulatory landscape.”
Read More: Going Green: It’s Time to Fix Financial Services’ Carbon Footprint
With Integrity Identify™, compliance teams can now:
See everything.
- Expand screening to the long tail of third parties to uncover hidden risks using a scalable, time and cost-effective solution.
- Expand risk coverage across multiple critical categories, enhancing visibility into various risk domains for a more comprehensive and proactive approach to risk management.
Adapt to anything.
- Continuously monitor third parties and adapt to real-time changes in their risk profile.
- Adjust risk assessment workflows to comply with emerging laws and regulations such as the CSDDD, and the German Supply Chain Act (LkSG).
Get all the help they need.
- Accelerate initial risk identification and adjudication with AI, freeing up teams to focus on more strategic third-party risk management initiatives.
- Leverage GAN Integrity support as part of their annual investment, tapping into compliance and risk expertise to scale and mature third-party risk management programs.
[To share your insights with us, please write to psen@itechseries.com ]
