Technology innovation and competition has led to increased dependence on third-party providers for essential services.
The result has been an increase in security risks, data privacy, business resiliency, and reputation. These risks cost organizations millions of dollars every year. And the problem is made worse by trying to manage these risks with disintegrated risk management processes and manual governance.
Founded by Jai Chinnakonda, ENGAIZ is an automated AI-driven platform aimed at tackling these problems.
ENGAIZ’s mission is two-fold. One goal is to help enterprise customers effectively engage and govern third-party vendors. This strengthens relationships, mitigates risks, controls cost, driving performance and innovation.
The second is geared towards helping third-party vendors move from being a mere vendor to a trusted partner. It is a win-win scenario.
ENGAIZ uses machine learning and analytics to provide Integrated Governance and Continuous Risk Monitoring. Their services center on Strategic Vendor Engagement and Strategic Customer Engagement.
Strategic Vendor Engagement provides several benefits to organizations. The platform allows for the ability to schedule, track monthly, quarterly and annual business review meetings with their vendor partners. It also emphasizes a move from a focus on ‘Cost Savings’ to ‘Risk Sharing’ partnerships that fosters a culture of Innovation.
Strategic Customer Engagement provides ample benefits to third party providers. The centralized document repository increases efficiency by allowing the ability to manage and track customer-related documents all in one place. The platform also ensures that providers are compliant with tough regulatory requirements.