The startup offers a third-party risk management platform that utilizes AI to enhance human decision-making by validating controls and providing a detailed audit trail. This platform replaces traditional continuous monitoring with ongoing assessments, significantly reducing the time and cost associated with TPRM evaluations for financial institutions.
Funding
$15M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face significant challenges in managing third-party risk, including time-consuming manual processes, difficulty in assessing non-traditional third parties, and the need for continuous monitoring of evolving risks. Traditional methods often lack the capacity to effectively manage risk across all third-party relationships, leading to potential backlogs and increased operational costs.
Solution
Mirato offers an AI-powered Third-Party Risk Management (TPRM) Intelligence Platform that automates the collection, analysis, and correlation of data from questionnaires, documents, and external sources to validate controls. The platform uses Natural Language Processing (NLP) to understand and interpret data, providing insights into third-party risks, including hidden fourth parties and concentration risks. Mirato's solution enables organizations to reduce assessment costs and time, gain real-time monitoring across structured and unstructured data sources, and improve risk visibility. The platform integrates with existing TPRM programs, enhancing their capabilities without requiring additional resources.
Target Audience
The primary target audience includes financial institutions and other organizations that require a robust and efficient solution for managing third-party risk, including risk experts, compliance teams, and senior risk executives.
Features
- AI-driven insights that correlate structured and unstructured data using methodologies used by intelligence agencies
- Risk Board providing an overview of third-party risk, enabling users to view trends across time, risk domains, or business units
- Concentration Risk Hunter that automatically creates a map displaying how a single point of failure impacts the organization
- Questionnaire Killer that pre-answers up to 93% of TPRM questionnaires using an advanced NLP engine
- Continuous assessment of unstructured data, documents, and data feeds for real-time alerts and risk score updates
- Ability to identify hidden 4th parties, vulnerabilities, and cascading risks
- Support for various use cases, including onboarding, due diligence, and periodic reassessment