Vendict, a leader in compliance and risk management solutions, has unveiled its new AI-driven Third-Party Relationship Management (TPRM) platform, a cutting-edge solution aimed at redefining the way businesses approach vendor risk management. The rapid evolution of the business environment has called for the importance of vendor relationships—which are both important and burdensome. With this trend, Vendict’s latest innovation streamlines the process, transforming it from a task weighed down by inefficiency into a strategic opportunity for building long-term trust.
Vendor risk management has become a central concern for companies across industries, especially as businesses increasingly rely on third-party vendors to handle critical operations. Yet, as Udi Cohen, CEO and Co-Founder of Vendict, points out, “Most data breaches stem from third-party vulnerabilities.” This makes managing these risks a top priority. However, traditional approaches to vendor risk management have often been clunky, relying on time-consuming security reviews and generic questionnaires that can overwhelm both security teams and vendors alike.
Vendict’s TPRM platform is designed to change this narrative. Instead of perceiving vendors primarily as sources of risk, Vendict’s solution promotes a “trust but verify” model that emphasizes simplifying the process for vendors, helping them focus more on securing their own operations. Through automation, artificial intelligence, and strategic insights, the platform aims to foster stronger, trust-driven vendor relationships.
Revolutionizing Risk Management Through Automation
Vendict’s AI-native platform addresses the most common pain points that plague organizations in their dealings with vendors. Security reviews have traditionally been a cumbersome process involving extensive back-and-forths, countless generic questions, and a lack of actionable insights. Vendict’s platform takes a different approach.
Leveraging AI, Vendict automates these security reviews, tapping into existing documentation such as SOC 2 reports and completed questionnaires. Through reducing redundant questions and only forwarding unanswered, relevant inquiries to vendors, the platform saves time and effort on both sides; a strategy that ensures that vendors aren’t bogged down by unnecessary paperwork and can instead focus on areas critical to maintaining security and compliance.
One of the most interesting features of Vendict’s platform is its GRC AI Mentor, an AI-powered tool that reviews the quality of answers and provides guidance throughout the process. This mentor helps organizations and vendors alike ensure that security reviews are thorough, accurate, and aligned with best practices.
A Focus on Building Trust
While automation is a key component of Vendict’s platform, the real game-changer is how it shifts the focus toward building and sustaining trust in vendor relationships. Traditional vendor risk management often feels adversarial, with vendors feeling as though they are constantly under scrutiny and treated as liabilities rather than partners. Vendict’s platform, however, aims to reverse this dynamic.
The platform’s emphasis on automation and AI, however, not only relieves some of the burden from vendors but also promotes transparency and collaboration. With fewer manual tasks to deal with, vendors and businesses alike can focus on creating a more secure, trusting relationship from day one. Its AI-driven solution empowers businesses to evaluate vendors not just for compliance but for trustworthiness.
The Future of Vendor Risk Management
As businesses become more interconnected and reliant on third-party vendors, the importance of managing these relationships effectively cannot be overstated. Vendict’s TPRM platform offers a glimpse into the future of vendor risk management, where automation, AI, and trust-building are at the forefront of business strategy.
“Security and compliance should not be seen as roadblocks to business growth,” Cohen concludes. “With Vendict’s platform, we’re enabling companies to move faster, make smarter decisions, and build stronger partnerships with their vendors—all while ensuring that they are fully protected from risk.”
Because of the increasing importance of streamlining vendor risk management, it’s likely that Vendict’s AI-native platform will become an essential tool for companies looking to transform how they manage and build trust with their vendors. With its launch, Vendict is setting a new standard for TPRM, helping businesses not only manage risk but build long-term, strategic partnerships that drive success in the modern business landscape.
