ThirdNexa Launches AI-driven Vendor Risk Platform for SEC- and FINRA-Regulated Firms

ThirdNexa, a third-party risk management platform for SEC- and FINRA-regulated financial services firms, has launched a new AI-powered vendor risk platform designed to address the needs of small and mid-size firms. The platform aims to fill a gap in the market by offering a solution that is both affordable and user-friendly, unlike traditional vendor risk platforms that are often too expensive and complex for smaller firms.

The new platform, built for compliance officers and operations leaders at SEC- and FINRA-regulated firms, offers several key features. It allows users to upload existing vendor tracking files, which are then automatically converted into vendor records, contracts, and assessments, with no need for manual re-entry. The platform also includes an AI-driven contract extraction tool that can read and verify contract details. Each extracted field is labeled, and reviewers can trust the verified fields when all three readings match. Fields with discrepancies are flagged for review, ensuring that no detail is overlooked.

A unique aspect of the platform is its emphasis on human approval and a full audit trail. Nothing is saved until a person reviews and approves the extracted details. The original file is stored with the vendor's documents and linked to the contract. ThirdNexa records the AI's suggestion alongside what the reviewer actually saved, providing transparency and accountability. The platform also includes an AI accuracy page with a CSV export that documents how the AI performs, further enhancing the platform's reliability.

ThirdNexa's platform covers the full vendor lifecycle, including vendor inventory, risk classification, due diligence, questionnaires, findings, remediation, annual reviews, and exam-ready reporting. This comprehensive approach ensures that firms can manage their vendor relationships efficiently and effectively, maintaining compliance with regulatory requirements.

The platform is designed to be self-service, allowing firms to sign up, import their data, and get started on their own. A built-in AI system, trained on ThirdNexa's knowledge base, can answer questions on the spot, with a human following up when necessary. This feature ensures that firms can operate with minimal intervention, making the platform accessible to a wide range of users.

Pricing for the platform is transparent and affordable, starting at $4,500 per year, or $449 per month. There are no hidden assessment or monitoring fees, making it a cost-effective solution for firms looking to streamline their vendor risk management processes.

ThirdNexa is built for compliance officers and operations leaders at SEC- and FINRA-regulated firms, including registered investment advisers (RIAs), broker-dealers, and other investment firms. The platform is designed to help firms replace spreadsheets with a single, audit-ready system of record for their vendors, ensuring that they can manage their vendor relationships more effectively and maintain compliance with regulatory requirements.