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Njordium's New VMS Cuts Third-Party Risk Chaos for Banks and Insurers

Fed up with 37-hour workweeks lost to repetitive risk tasks? Njordium's AI-driven platform slashes inefficiencies—and bridges the gap between AML and vendor intelligence teams.

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2 min read
The image shows a diagram of the core mission area of a business, with different types of security...
The image shows a diagram of the core mission area of a business, with different types of security management and records management written on it. The diagram is composed of several blocks of different colors, each representing a different type of security system. The blocks are labeled with words such as "Security Management," "Records Management," and "Business Services." The colors of the blocks range from light blue to dark blue, indicating the different levels of security systems.

Njordium's New VMS Cuts Third-Party Risk Chaos for Banks and Insurers

Njordium Cyber Group has launched a new Vendor Management System (VMS) to tackle inefficiencies in third-party risk assessments. The tool aims to cut down on duplicate checks that banks, insurers, and payment firms currently face under European rules. According to the company, the system also addresses a broken architecture in how businesses handle vendor risks today. European organisations have struggled with third-party vulnerabilities in recent years. Research shows 70% experienced a data breach over the past three years, with 77% of those incidents linked to vendors. At the same time, risk teams spend more than 37 hours each week on repetitive administrative tasks.

The new Njordium VMS simplifies this process by performing a single vendor assessment that meets the demands of multiple regulations. These include NIS2, DORA, the Cyber Resilience Act, GDPR, and ISO 27001. The system also offers tiered controls—30, 80, or 114 checks—depending on how critical a vendor is, along with full mapping of extended supply chains.

Data security remains a priority, as all information stays on the client’s own servers or private cloud. The platform includes modules for screening ultimate beneficial owners, monitoring politically exposed persons, and reporting suspicious activity. Senior Advisor Kim Haverblad highlighted that the system bridges gaps between anti-money laundering teams and vendor intelligence units before regulators step in.

CEO Mads Becker Jørgensen described the current third-party risk management setup as flawed. He argued that Njordium VMS removes unnecessary complexity by replacing fragmented evidence trails with a unified approach. The launch of Njordium VMS comes as businesses face growing pressure to secure their supply chains. By reducing duplicate work and centralising compliance checks, the system aims to save time and improve risk oversight. Financial firms and other regulated industries will now have a single tool to meet multiple regulatory demands.

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