Panorays Introduces New Smart Match AI Capability, Reducing Questionnaire Response Time and Accelerating Vendor Evaluations

New feature complements company’s groundbreaking AI-powered Third-Party Security Risk Platform

NEW YORK, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Panorays, a leading provider of third-party security risk solutions, today unveiled its Smart Match capability, designed to accelerate responses and simplify risk analysis for users. Smart Match easily complements Panorays’ AI-Powered Third-Party Security Risk Platform building more groundbreaking innovation into its cutting-edge portfolio.

Currently, the average organization works with hundreds of third parties, extending their attack surface and elevating third-party risk management (TPRM) concerns. The need for rigorous monitoring and control of third-party risks has become critical. Yet, existing manual processes are time-consuming, intricate, and devoid of standardization, resulting in frustration for third parties and evaluators alike.

As part of Panorays’ commitment to enhancing TPRM efficiency, the company’s Smart Match functionality will be a game changer. This cutting-edge feature empowers third parties to swiftly address new questionnaires by leveraging a library of matching responses, guided by similarity scores.

“The AI-powered Smart Match functionality enables users to access potential responses for new matching questions by analyzing pre-existing answers from third parties,” said Matan Or-El, CEO and Co-Founder of Panorays. “Leveraging similarity scores, the system ranks these responses and includes contextual information such as the source and responder of the original questionnaire. This ensures the selection of the most appropriate response, thus streamlining and enhancing the accuracy of third-party risk management.”

The new user-friendly Smart Match feature comes as Panorays unveils its AI-Powered Third Party Security Risk Platform designed to transform TPRM efforts, enabling organizations to focus on high-value tasks. Integrated with robust AI capabilities, including the implementation of natural language processing (NLP) Transformer models, users are empowered with an accurate, comprehensive, and fast view of third-party security risk, creating more efficiency in the entire TPRM process.

“Smart Match ensures consistency in responses across different questionnaires, maintaining a high level of detail and accuracy for each evaluation,” added Demi Ben-Ari, CTO of Panorays. “This feature reduces the need for internal consultations when answering questionnaires, enabling those responsible to complete them promptly.”

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About Panorays:
Panorays is a leading provider of innovative third-party security risk management solutions, helping organizations worldwide manage their vendor risk effectively and efficiently. Through its AI-powered platform, Panorays transforms the TPRM process, providing a comprehensive and secure solution for both vendors and evaluators. The company's commitment to innovation and excellence makes it the trusted choice for TPRM needs across various industries.

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Adam Brett