Gieom, a global leader in operational resilience solutions, is excited to announce the launch of its Gen AI-powered Third-Party Risk Management (TPRM) Solution. This innovative platform is designed to help financial institutions build an iterative, continuous monitoring and management process for their third to nth-party relationships, ensuring compliance with global regulatory standards and enhancing overall operational resilience.

Gieom’s purpose-built TPRM solution is tailored to meet global regulatory standards and frameworks, including:

• Basel Committee on Banking Supervision (BCBS) Guidelines: Emphasizing the management of operational risk, including risks from third-party relationships.

• EU Digital Operational Resilience Act (DORA): Including unprecedented operational resilience mandates for financial entities and their ICT service providers. DORA focuses on managing and evidencing supply chain risk associated with third parties, fourth parties, and beyond.

• UK Prudential Regulation Authority (PRA) Regime: Emphasizes operational resilience, risk management, and supply chain management, with special focus on supervisory expectations for critical third-party service providers (CTP) compliance.

• Australia APRA CPS 230: Requiring regulated entities to manage operational risks and maintain resilience, with a specific focus on third-party risk.
• NIST2, ITIL and ISO: Incorporate third-party risk management through vendor assessments, continuous monitoring, contractual security requirements, compliance verification, incident response, and regular audits to ensure resilience.

Key Features of Gieom’s TPRM Solution:

• Vendor Evaluation: Assess potential third parties before onboarding by evaluating their financial stability, compliance status, security practices, and overall risk profile.

• Vendor Categorization: Classify third parties by risk type and impact, enabling targeted risk management strategies on a continuous basis.

• Register of Information (ROI): Create a comprehensive ROI using multiple templates and over 100 attributes. Populate 15 distinct information sets, interconnected by complex dependencies defined by cryptic codes, which is challenging to manage using spreadsheets.

• Vendor Controversies & ESG Monitoring: Assess and track the Environmental, Social, and Governance (ESG) impact of vendors, aligning third-party relationships with sustainability goals and corporate responsibility.

• Security Threat Detection: Monitor and manage security threats in real-time through integration with Wazuh APIs, ensuring proactive risk mitigation.

• Vendor Diagnosis: Conduct comprehensive assessments of vendor performance, reliability, and compliance utilizing all collected data, allowing for informed decision-making and maintenance of industry standards compliance.

• Vendor Risk Assessment: Perform risk control self-assessments at required intervals based on third-party impact to critical operations and implement necessary mitigations.

• Reports and Dashboards: Leverage intuitive dashboards and customizable workflows to integrate compliance into daily operations seamlessly.

• Real-Time Notifications and Alerts: Stay informed with instant alerts on critical activities across the platform, facilitating prompt responses to potential issues.

Gieom’s TPRM solution can be deployed on premise, as a SaaS solution or as a managed service for rapid implementation.

“Our Gen AI-powered TPRM solution is an industry first that significantly advances how financial institutions manage third-party risks,” said John Santhosh, CEO at Gieom. “By integrating advanced AI capabilities, we have created a platform that not only streamlines compliance but also enhances the ability to proactively identify and mitigate risks associated with third-party relationships.”

About Gieom (www.gieom.com & www.dora360.ai)
Gieom is a leading provider of Generative AI-powered RegTech solutions, focused on enhancing operational resilience for financial institutions. Our solutions streamline the management of policies, simplify digital identity verification, mitigate risks, and implement operational resilience frameworks.

Gieom has built custom templates to ensure compliance with regulations and frameworks such as the UK’s Operational Resilience Act, the European Union’s Digital Operational Resilience Act (DORA), Australia’s CPS 230, and NIST2.

With operations across Europe, the Middle East, and Asia Pacific, Gieom serves over 100 customers globally and is certified for ISO 27001 and ISO 9001.