Lema is an advanced Third-Party Risk Management platform designed to help organizations proactively manage and mitigate risks associated with their vendors, service providers, contractors, and partners. By continuously monitoring third-party interactions with critical business units and assets, Lema collects intelligence feeds on their activities and automatically detects gaps in their attestations. This enables automated vendor assessments, real-time risk mitigation, and minimizes the business impact of third-party incidents.
Key Features and Functionality:
- Continuous Third-Party Monitoring: Lema bridges the gap between Governance, Risk, and Compliance processes and operational activities by continuously monitoring discrepancies between agreed-upon terms and actual third-party interactions with critical assets and business units.
- Automated Risk Assessments: The platform's Proactive TPRM module automatically detects changes in third-party risk by monitoring engagements and external intelligence feeds, alerting users to new risks and suggesting mitigating actions.
- Real-Time Risk Mitigation: Lema enables organizations to proactively take risk-mitigating actions based on the actual context of third-party interactions, minimizing the business impact of potential incidents.
- Always Up-to-Date Third-Party Inventory: The platform instantly creates and maintains an up-to-date third-party inventory, eliminating manual spreadsheet management and ensuring organizations are always aware of their vendor engagements.
- Automatic Third-Party Artifact Gap Analysis: Lema's fine-tuned LLM module analyzes third-party artifacts, extracting critical risk information and detecting gaps based on compliance controls and risk appetite.
- Integration of Intelligence Feeds: The platform continuously gathers real-time data from third-party websites, news, threat intelligence feeds, trust centers, and other public databases to build accurate third-party profiles and identify potential risks before they escalate.
Primary Value and Problem Solved:
Lema addresses the challenges organizations face in managing third-party risks by transforming traditional, static risk assessments into dynamic, real-time evaluations. By automating vendor assessments and continuously monitoring third-party interactions, Lema empowers organizations to proactively identify and mitigate risks, ensuring business continuity and resilience. This proactive approach minimizes the business impact of third-party incidents and enhances overall risk management efficiency.
