Engaiz Inc
Empower your business with our advanced application for identifying, assessing and mitigating risks, ensuring a secure and resilient future.
Engaiz Inc
Empower your business with our advanced application for identifying, assessing, and mitigating risks, ensuring a secure and resilient future.
Description
Client : Engaiz Inc
Challenge : The client, Canada based startup, was looking to develop a custom solution to effectively managing third-party risks. With a vast network of vendors and partners, they needed a comprehensive solution to assess, monitor and mitigate risks associated with these external relationships.
Solution
Our third-party risk assessment platform provided a holistic solution. The platform integrated automated risk assessment tools, data analytics and real-time monitoring to identify potential vulnerabilities across the client’s vendor ecosystem.
Key Features Implemented
- Data Aggregation: The platform seamlessly aggregated data from various sources, including financial data, compliance records, news sources and cybersecurity ratings.
- Automated Risk Scoring: Advanced algorithms assigned risk scores to each vendor based on a range of factors, including financial stability, regulatory compliance, cybersecurity practices, and reputation.
- Real-time Monitoring: The platform continuously monitored key risk indicators and flagged potential issues, allowing the client to take immediate action.
- Customized Dashboards: Interactive dashboards provided an overview of the client's vendor portfolio, highlighting areas of concern and allowing for easy drill-down to specific details.
Technologies
- Asp.Net MVC
- SQL server
- Javascript
Results
- Proactive Risk Mitigation: The platform enabled the end clients to proactively identify and address potential risks before they escalated, safeguarding their operations and reputation.
- Efficient Decision-making: With streamlined data analysis and visualization, the client could make informed decisions about vendor relationships quickly and confidently.
- Compliance Assurance: By tracking regulatory compliance of vendors in real-time, the client ensured that they adhered to industry standards and regulations.
- Cost Savings: By focusing resources on high-risk vendors, the client optimized resource allocation and reduced unnecessary expenses.
- Enhanced Vendor Relationships: The platform provided a standardized approach to risk assessment, promoting transparent communication and collaboration with vendors.
