Founders Everywhere: Daniel Faddoul
Founders Everywhere: Daniel Faddoul
Daniel Faddoul is the founder and CEO of Auditive, a Third-Party Risk Management (TPRM) platform with continuous monitoring, empowering buyers and sellers to confidently engage with each other.
Welcome to Founders Everywhere, where we highlight the incredible people behind the companies we’ve backed at Everywhere Ventures, a global pre-seed fund supported by a community of 500 founders and operators.
Assessing risk is an essential part of life because it helps us make informed decisions that can protect our well-being, financial security, and overall success. In business this is Third-Party Risk Management (TPRM), which involves the process of identifying and assessing the risks that come from working with other companies or individuals. If your business relies on another company to provide a service or product, it’s important to understand the potential risks that could arise from that relationship, such as financial issues, security breaches, or problems with the quality of the service. Auditive is fundamentally redesigning how third-party risk management is done by providing the only two-sided marketplace that serves both buyers and sellers equally. They can support any framework or security standard globally. Their unique network approach eliminates 80% of the risk review work for businesses and their vendors.
Daniel Faddoul, the founder and CEO, has a diverse background that spans product management, sales, investing and machine learning. He’s spent his career in regulated industries including finance, insurance, real estate, and social media. As a product manager, he was often on the receiving end of security reviews, which were painful and suboptimal. He saw an opportunity to improve the process by offering a platform to assess and manage third-party risks. With Auditive, he’s focused on providing continuous monitoring solutions that empower both buyers and sellers to engage securely and confidently.
What’s Auditive’s North Star?
We are creating the most seamless connection between buyers and sellers as it pertains to risk management. Our goal is to simplify the process by helping users get through security and risk reviews quickly and build a strong, long-term network that benefits both buyers and sellers.
How does Auditive inspire “customer love”?
Our focus has always been on building a product that people genuinely love and we’re fundamentally redesigning how TPRM is done by providing a two sided marketplace. We're privileged because, when we started our journey, we worked closely with a handful of design partners to understand their pain points and build our product to truly solve their problems. Ensuring access to our platform is a top priority, so we offer a free version and encourage businesses to take full advantage of it. To date, we have had zero churn, and customers have been expanding their contracts and incorporating more of our product's features. We think that speaks volumes about how much customers love our product.
What has been one of the biggest challenges founding Auditive?
I think the sales landscape has really changed in the past couple of years. Many companies, particularly B2B SaaS, have relied on cold outreach and cold outbound in the past, but I don’t think that approach is as effective anymore unless you have the brand recognition. A large number of our prospecting calls convert because businesses see the value of our product, so our focus is building awareness, as we’re confident that our product can serve a lot of people. We are rising to this challenge and since launching, we've seen our pipeline grow tenfold in just three months.
Where do you see Auditive expanding its efforts in the next few years?
When companies talk about third party risk management, they often automatically think of security questionnaires, however it’s just one component. In reality, risk management is about understanding your entire risk as a business, across security, financial risk, and in some cases, geopolitical risk. We want to support buyers and sellers throughout the risk management process. We help them translate assessments into what they mean for their own business and how they can think about building mitigating controls to protect themselves from any downside risk.
Any favorite books?
I enjoy biographies because they offer insights into people’s journeys and I find them very enriching. I enjoyed reading The Slight Edge by Jeff Olson and John David Mann, which explores how people perform differently depending on the pressure they're under and how small changes lead to outsized outcomes in either direction.
Fun fact: When I was younger, I used to do a lot of amateur magic, from card tricks to flying coins. It was fun and also a great way to build social connections with people.
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