Sophisticated Workflow Engine Applies AI and NLP to Identify Concentration Risks and Their Cascading Effects
Mirato, provider of a third-party risk management (TPRM) platform that orchestrates and automates the entire TPRM lifecycle, today announced the availability of its platform for financial services institutions in the U.S., which includes a fully orchestrated operations dashboard and the Mirato Risk Hunter for real-time visibility into concentration risk. The announcement comes on the heels of the company’s recent completion of a $9-million funding round, and the establishment of a U.S. office.
Most financial institutions today manage their TPRM programs in silos, separating risk into operational units without visibility across functions, geographies, and other variables. Many TPRM processes are performed manually by subject matter experts, who spend much of their time on data collection and administration.
Mirato is the first company to orchestrate and automate TPRM programs across all risk domains, from initial assessment to continuous monitoring and mitigation. Mirato uses artificial intelligence (AI), natural language processing (NLP), and sophisticated data harvesting to continuously collect and analyze data from the sources customers choose to monitor and turn that data into insights. Data is extracted from questionnaires, evidence documents, financial stability sources, cyber posture or the deep-web and turned into actionable insights about the bank’s online assets, fourth parties, people, locations, and other vulnerabilities.
The TPRM platform is purpose-built to be easy to implement, scalable across unlimited data sources and seamlessly immersed into existing TPRM programs. The solution reduces operational costs by eliminating much of the manual work that burdens third-party risk management subject matter experts, saving a considerable amount of time while enabling them to focus on higher-value tasks.
“The risk exposure for financial firms is fluid,” said Aki Eldar, co-founder and CEO of Mirato. “Our R&D team has applied advanced technologies to create a more intelligent experience and surface more powerful insights to ensure that banks stay ahead of their risk exposure and on top of compliance.”
Key features of the Mirato TPRM platform include:
Fully Orchestrated Operations Dashboard
The Mirato dashboard funnels all elements from various domains and data sources into one manageable dashboard with clear risk tiering, trends overview, and unified scoring. The automated system will keep assessing for threats continuously and alert users in real time when any important event is happening, to empower impactful, strategic decision-making – ensuring risk visibility on a 24/7/365 basis.
Mirato Risk Hunter
The Mirato Risk Hunter enables risk managers to easily model the potential cascading effects from the manifestation of risk across their supply chain. The feature allows users to view concentration risk from whatever aggregator they choose such as geographic location, or fourth parties, or other vulnerabilities. The introduction of advanced analytics for the insights generated by the platform provides financial institutions with real-time visibility into their concentration risk and the domino effects from a manifestation of an event. Within a single view, risks across the enterprise are categorized by impact and probability, and users can quickly click through to actionable insights. The feature is customizable for specific customer requirements. By surfacing concentration risk more readily, Mirato frees subject matter experts for the higher-value work of managing and mitigating risk.
“Mirato is the first TPRM solution that enables users to fully understand complex risks and how they evolve over time and across the entire TPRM portfolio. Mirato offers visibility into extreme events that impact different elements in an organization, such as COVID-19, data breaches like SolarWinds and the new Microsoft Exchange hacking,” said Etai Hochman, co-founder and chief technology officer. “Our platform offers the intelligence and simplicity that financial institutions need to ensure their TPRM programs are up to the challenge of today’s risk environment, all without asking them to change a thing in their current program.”