The business landscape of today is fraught with complexity, data breaches, and even regulatory scrutiny; this is why managing third-party risk has become a necessity. With this in mind, Vendict, a rising leader in the compliance and risk management space, has unveiled its new AI-enhanced Third-Party Risk Management (TPRM) platform, which promises to reshape how companies handle vendor risk, compliance, and security. More than just a tool for risk assessment, Vendict’s latest platform redefines the process into one that builds trust and long-lasting partnerships between businesses and their vendors.
Because companies are now able to extend their reach globally, partnering with a growing number of third-party vendors has become important. However, with that expansion comes a sharp rise in cybersecurity vulnerabilities. Industry studies reveal that over 60% of data breaches stem from third-party sources, leaving companies exposed to risks beyond their immediate control.
Traditionally, managing these risks has been a cumbersome process, bogged down by mountains of paperwork, manual security assessments, and a lack of efficient tools to ensure vendors maintain compliance. Vendict’s TPRM platform addresses this head-on with an AI-driven solution designed to simplify and accelerate the entire third-party risk management process.
Udi Cohen, Vendict's CEO and Co-Founder, calls this platform “a paradigm shift” for companies that have struggled with the traditional approach to risk management. “Businesses today don’t have time for inefficiencies in compliance and security,” Cohen says. “We wanted to create a platform that does more than mitigate risk—we wanted to build a system that fosters trust.”
Addressing the Growing Pressure of Vendor Risk Management
What’s interesting about Vendict’s new platform is its use of proprietary AI technology, which differentiates it from the myriad of TPRM tools available in the market. This AI-native platform automates much of the vendor assessment process, starting by reviewing existing documentation like SOC 2 reports and previous security assessments. The platform’s AI algorithms then use this information to automatically answer relevant questions, significantly reducing the repetitive back-and-forth that often plagues vendor reviews.
As a result, vendors are only required to address questions that haven't already been answered, allowing them to focus on the areas that matter most. This is inventive for one big reason: it frees up vendors’ time, enabling them to invest more resources in improving their security infrastructure rather than responding to redundant compliance requests.
Furthermore, the platform’s AI is equipped with a GRC Mentor—an artificial intelligence tool specifically designed to assess the quality of vendor responses and provide expert-level guidance. “The GRC Mentor isn’t just a reviewer,” Cohen explains, “it acts as a virtual consultant, ensuring that answers meet the highest security standards. It helps both organizations and vendors achieve faster, more secure outcomes.”
Trust: The Cornerstone of Vendict’s Vision
Vendict’s approach goes beyond automating tedious processes—it reimagines the entire vendor relationship by placing trust at the center. Vendors have originally been seen as potential risks, and their relationships with companies were framed primarily through the lens of compliance and liability. This adversarial dynamic has made security assessments feel like an unnecessary hurdle, leading to delayed projects and frustrated vendors.
However, Vendict envisions a world where third-party relationships are viewed differently—where risk management becomes an opportunity to build strong, trust-based partnerships. The company refers to this concept as “Third Party Relationship Management,” moving away from the traditional “risk-first” mindset that treats vendors as liabilities.
In this day and age, Vendict’s AI-enhanced TPRM platform represents a new way of thinking about vendor relationships. Trust is no longer a byproduct of compliance; it is now the cornerstone.
This trust-based approach is particularly critical in an era where businesses rely on an increasingly interconnected network of third-party vendors. In fact, many companies today outsource key aspects of their operations to third parties, making trust in these relationships essential for their success.
Vendict’s TPRM platform represents a bold step forward for the industry, combining cutting-edge AI technology with a deep understanding of the challenges companies face in today’s business environment. And through its placement of trust and transparency at the center of its solution, Vendict is not only simplifying risk management but also transforming it into an opportunity for growth.