The digital landscape is rapidly evolving and data breaches and cybersecurity threats loom large. This is why the need for robust Governance, Risk, and Compliance (GRC) practices has never been more critical. Against this backdrop, Vendict emerges as a beacon of innovation, leveraging advanced AI technology to revolutionize security compliance.
In this exclusive interview, Udi Cohen, the visionary behind Vendict, shares insights into the challenges facing today’s compliance teams, the transformative potential of AI in addressing these challenges, and Vendict’s role in shaping the future of security compliance. Cohen’s expertise provides an invaluable perspective on the shifting dynamics of the GRC landscape and the pivotal role of technology in safeguarding organizations against emerging threats.
What inspired you to establish Vendict, and how does it differentiate itself in the market?
Vendict, established in 2021, harnesses cutting-edge GenAI and LLM technology to revolutionize the GRC and TPRM sector.
Our journey began by observing dedicated compliance teams grappling with the complexities of their roles. Recognizing this challenge, we envisioned an AI-powered solution that could streamline security compliance processes, allowing teams to focus on their core objectives with confidence.
Comprised of experts in AI, cyber, and GRC, our team brings a wealth of knowledge to the table. What sets us apart is our AI-first approach. Unlike other tools that retrofit AI into their solutions, Vendict was conceived and built with AI at its core. This not only ensures we can harness innovative features and ensure superior accuracy but also makes our solution more intuitive and user-friendly.
How does Vendict’s AI NLP technology specifically address the challenges within Governance, Risk, and Compliance (GRC) tasks?
Vendict’s AI NLP technology is specifically designed to revolutionize GRC tasks by specializing in security-specific semantic language. Unlike traditional methods reliant on manual processes or the wrong tools for the job, such as Excel sheets, Vendict’s solution ensures rapid and accurate responses to security questionnaires, saving valuable time and resources for CISOs and their teams.
It’s imperative to assess the security and risk levels of all third-party companies in the vendor ecosystem, and today this is done through the protracted due diligence process of the security questionnaire, ensuring the proper exchange of critical information. Vendict’s AI-driven approach streamlines this process by swiftly analyzing complex questionnaires and providing precise responses, facilitating informed decision-making and fostering a robust vendor ecosystem.
Can you share some success stories or notable achievements of Vendict’s customers in terms of responsiveness and professionalism?
One notable success story comes from our amazing client Aidoc, a leading firm in medical imaging. Their team was struggling under the weight of security questionnaires and compliance tasks, bringing their sales cycle to a halt. With Vendict’s solution, what used to take months now takes a matter of days, accelerating their sales cycle significantly. For instance, the average time to complete a questionnaire dropped from over 100 days to just six days, enhancing responsiveness and professionalism while streamlining operations.
After four months of deploying Vendict, Aidoc’s sales cycle has accelerated by 92%, marking a significant achievement in responsiveness and efficiency. This remarkable improvement underscores the transformative impact of our solution on streamlining operations and enhancing professionalism for our valued customers like Aidoc.
How does Vendict adapt to the evolving landscape of security questionnaires and compliance requirements?
Vendict stays ahead in the dynamic landscape of security questionnaires and compliance requirements by embracing adaptability as a core principle. Understanding the rapid pace of innovation and the ever-changing nature of security, compliance, and risk management, we continuously listen to our customers to understand their evolving needs and preferences. By incorporating their feedback and insights, we ensure that our solutions remain aligned with industry trends and best practices, enabling us to innovate effectively and stay at the forefront of the industry.
How do you envision Vendict evolving in the next few years, both in terms of technology advancements and market expansion?
In the fast-paced world of AI and security compliance, even six months can feel like an eternity with the constant industry development. Looking ahead two years, I envision Vendict continuing to ride the wave of positive innovation in AI, driven by breakthroughs and increased adoption of platforms like Open AI across various industries.
Additionally, I think that the prolonged compliance processes will become a thing of the past, and I fully expect TPRM processes to be entirely AI-based, taking teams less than a day from start to finish. This transformation will revolutionize operational capabilities, foster seamless business connections, and enable companies to operate with unprecedented speed and scalability.
However, I anticipate heightened competition from smarter AI platforms aiming to challenge us. To stay ahead of the game, we’ll need to remain vigilant and keep innovating. Ultimately, our focus will remain on nurturing strong client relationships, knowing that if we take care of them, they’ll take care of us.
