Beta.MN/ Byte is a series underwritten by Bust Out Solutions and published in collaboration with Beta.MN for the early-stage founders between idea and execution.
What is the name of the company and/or product?
What distinct problem does this solve for who and how does this create value for them?
Enterprises rely upon third party vendors to provide data and IT solutions which entail handling sensitive data and providing business critical functions. As a result, it is a required task to periodically review the risk associated with these connected entities. Vendor risk assessment processes are unique to each enterprise and current processes rely heavily on spreadsheets, emails and static forms. This is painful for everyone involved, it lacks consistency and requires significant time and resources.
ProcessBolt is a purpose built third party risk assessment platform that simplifies the process for both clients and vendors. It introduces the ability for enterprises to manage risk assessments in a consistent and efficient way, provides insight into high risk vendors and provides prescriptive remediation guidance to vendors to help them manage their risk profile.
What was your motivation for starting?
As a service provider to the Fortune 50, we spent a significant amount of time & resources complying with these third party assessment requests. The whole process was painful and arcane, and we knew there was a significant opportunity for improvement.
What is your big picture plan and vision for the future?
Today’s modern enterprise relies on third party vendors for critical technology related services and is therefore exposed to the risk of these vendors. Modern B2B networks are increasingly connected and proven to introduce new threats and attack vectors to the enterprise.
We are moving enterprise vendor risk management to a real time, automated system. Our goal is to enhance the enterprise’s ability to recognize and manage critical vendor risk and the vendor’s ability to remediate issues before it impacts their business.
What is the full launch/release date planned?
We’re currently developing an MVP and planning beta tests to start Nov 2017. We are planning a GA release Q1, 2018
Who is on the team?
What is the specific technology or combination of technologies is used?
Ruby on Rails
Text Analytics/Machine Learning
Who is the customer and what is your revenue model?
We are targeting large and medium sized enterprises that have third party risk assessment requirements. These enterprises include financial services, healthcare, retail, and technology providers who exchange or expose personally identifiable information, business secrets, or critical solutions with other entities. We are also targeting vendors for these enterprises, especially the ones that have touch points on sensitive data on behalf of these companies. Our revenue model is SAAS annual subscription based with multiple pricing tiers.
What is the size/scope of your market and how will you scale?
As defined by MarketsandMarkets, the Risk analytics market is projected to grow from ~17B to ~36B by 2022; of which, compliance and risk assessments is a $5B subset in 2017 (CBInsights). We want to reduce the overhead currently required on both the enterprise and vendor sides to file and manage these assessments.
We are building our system on modern cloud architecture with scaling as the key aspect.
What is your greatest strength?
The current team has brought several enterprise grade products to market and has significant experience in the information security industry. Our previous products are in use at some of the largest companies in the world (Fortune 10) with tens of thousands of enterprise users. We have a deep understanding of the risk and security challenges these enterprises face today with their reliance upon vendor solutions.
What is your biggest weakness?
Market penetration for a new solution into an existing process can be a challenge and takes time. We need to quickly demonstrate to a large audience how ProcessBolt can radically change the existing, arcane risk assessment process and reduce the time and money currently spent on this process.
Money aside, what is one resource you could use that would take this to the next level?
While we are fortunate to have a number of expert level strategic advisors, we would definitely like to develop a few core relationships/partnerships with risk assessment service providers/consultancies.
Is there anything else you would like to add?
Thank you for taking the time out to talk to us about ProcessBolt. We care deeply about this topic and would love to resolve the pain points associated with it.