Announcing The New Questionnaire Killer© Solution from Mirato
The New Questionnaire Killer© Solution from Mirato Dramatically Accelerates the Completion and Validation of Third-Party Questionnaires
Tel Aviv, Israel — January 9, 2023 — Mirato, provider of a revolutionary third-party risk management (TPRM) intelligence platform, today 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.
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.”
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.
While traditional TPRM solutions automate workflow, Mirato automates the actual manual work. Using natural language processing (NLP) and advanced artificial intelligence (AI), Mirato contextualizes the information in your TPRM evidence and data sources and completes your assessments for you, validating and documenting the controls in the process and automating the audit trail. It streamlines your entire operation’s data into one smart platform.
The overall result is a significant reduction in money and time spent on the manual effort, workflow, and monitoring (cuts up to 60% of assessment costs). It also ensures improved accuracy, process integrity, and TPRM effectiveness. Mirato’s award-winning TPRM Intelligence allows you to assess new risks instantly and provide true continuous monitoring and true concentration risk. As Mirato is configured to your program, using your current platforms, data sources, and partners, it allows you to maximize the value of your existing technology, subscription, and service provider investments.
Winner of the 2022 Merit Technology Award (Fintech), Mirato was named a “Vendor to Watch” by IDC, and a “Vendor Driving Innovation” by Gartner.
For more information, visit https://www.mirato.com.
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For more information, contact:
SVM Public Relations