Mirato named a “Vendor to Watch” in IDC’s MarketScape Report

IDC recently issued a new study that assesses third-party risk management (TPRM) platforms through its MarketScape model. Mirato is named as a Vendor to Watch in the comprehensive industry report.

| By The Mirato Team

The report’s author, Amy Cravens, research manager, Governance, Risk, and Compliance, IDC stated: “As risks presented by third-party providers expand to include areas of cybersecurity, operational resiliency, and ethics management, organizations are seeking robust third-party risk management solutions to help automate and improve upon vendor risk management program. With this in mind, TPRM vendors continue to evolve their approach to the market, providing increasingly robust solutions that combine onboarding efficiency capabilities with tools to improve the efficacy of their ongoing vendor monitoring.”

Mirato’s approach is unique as it elevates existing TPRM programs. While traditional TPRM solutions automate workflows, Mirato automates the actual manual work.

Its TPRM intelligence platform leverages Artificial Intelligence (AI) and Natural Learning Processes (NLP) to collect, analyze and correlate the data from questionnaires, evidence documents, and external sources. It validates controls, enabling an organization to achieve:

  • Up to 60% reduction in assessment costs and time.
  • Real-time, 24/7 monitoring across all structured and unstructured sources and risk domains.
  • Concentration risk visibility at the press of a button.

Mirato understands and correlates structured and unstructured data using a highly innovative approach based on methodologies used by intelligence agencies.

The Mirato engine reads and interprets the meaning within questionnaires, documents and data feeds to cross-validate and augment every data point and generate contextual insights.

This uniquely enables risk managers to unearth issues that otherwise would remain hidden— enabling users to truly leverage the value of multiple data sources and identify risk within their third-parties, ranging from insufficient controls to fourth parties, locations, online asset information, and more.

The complete report is available now: IDC MarketScape: Worldwide Third-Party Risk Management Software 2022 Vendor Assessment.  

To learn more about Mirato, explore our platform’s featuresrequest a demo, or join our “AI for TPRM – what you need to know to stay ahead” webinar on Oct. 18th at 11:00 AM ET (register here).