In the age of digitalization, enterprises have increasingly begun relying on third-party vendors to handle their operational needs. While third-party vendors can help businesses achieve operational efficiency, they also bring about significant risks such as data breaches and cybersecurity issues. Mitigating third-party vendor risks requires a new mind-set and technology-set change. Enter ENGAIZ, a Toronto-based startup that aims to transform third-party vendor risk management.
OPEN3PRX™ Risk Framework
ENGAIZ’s OPEN Third-Party Risk Exchange (OPEN3PRX™) is a new risk framework designed to enhance the risk posture of both enterprises and third-party vendors. The company aims to bridge the gap in traditional risk evaluation systems and create a more inclusive platform for small to mid-sized businesses.
OPEN3PRX™ Risk Intelligence Report
ENGAIZ’s flagship product is the OPEN3PRX™ Risk Intelligence Report, an AI-driven and human-led solution backed by the leading credit bureau in the world. The report provides reliable and trustworthy third-party risk insights for both enterprises and third-party vendors. Startups and third-party vendors can leverage the report to improve their risk posture and get connected to large enterprise customers. Meanwhile, enterprises can quickly complete due-diligence on their third-parties and get smart risk insights on startups and vendors globally.
OPEN3PRX™ Risk Assessments and Audits
ENGAIZ also offers an intelligent automation and cost-effective risk assessment and audit management solution for organizations of all sizes. This solution is designed to help startups and third-party vendors comply with industry regulations or standards and fast track their journey to attaining SOC 2 or ISO 27001 certification. On the other hand, enterprises can easily access risk assessments or initiate their own assessments leveraging easily customizable risk assessment frameworks, saving time and cost.
OPEN3PRX™ ESG and Sustainability
Finally, ENGAIZ’s OPEN3PRX™ ESG and Sustainability solution is designed to help organizations achieve their net-zero goals by engaging their third-party vendors. The company believes that sustainability initiatives cannot be achieved without third-party involvement and aims to provide enterprises with the tools they need to ensure their third-party vendors are also contributing towards a sustainable future.
ENGAIZ’s OPEN3PRX™ framework has already helped many enterprises and third-party vendors improve their risk posture and connect with larger enterprise customers. With its innovative approach towards third-party vendor risk management and sustainability, ENGAIZ is poised to become a major player in the risk management space.