Third-Party Risk Management for AI Compliance

Automate vendor onboarding, risk assessment,and monitoring to ensure compliance with minimal time and resources.

Automation of Evidence Collection

Automatically list third-party applications used by your organization, request and receive questionnaires, reports, and other vendor documents, and leverage AI to extract relevant insights, reducing manual effort and minimizing the need for back-and-forth communication.

Automation Risk Assessments

Automatically evaluate vendor risks using predefined tests to assign risk scores, ensuring consistency in the risk assessment process. These tests can be adapted to align with organizational needs, while also assessing the impact and likelihood of each risk and outlining a treatment plan.

Continuous Vendor Monitoring

Monitor vendors and their systems continuously, detecting applications accessed by employees outside the approved vendor list and setting reminders and recurring tasks based on vendor risk levels. This ensures timely identification of changes or new vulnerabilities, preventing significant risks.

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Frequently Asked Questions

What Is Third-Party Risk Management (TPRM)?

Third-party risk management (TPRM) is the process of identifying, assessing, and mitigating risks associated with third-party vendors, suppliers, or partners. It involves evaluating the potential risks these third parties may pose to an organization, including financial, operational, reputational, and compliance risks. 

Third-party risk management software helps organizations assess, track, and mitigate the risks associated with external vendors and partners. It automates the process of evaluating vendor performance, compliance, and potential risks, such as data breaches or financial instability. 

Vendor risk management is essential for organizations to ensure that their third-party relationships do not expose them to security, compliance, or operational risks. By assessing and managing potential risks from vendors, businesses can protect sensitive data, maintain regulatory compliance, and prevent disruptions in their supply chain or services. 

Vendor risk management plays a crucial role in maintaining compliance by ensuring that third-party vendors meet regulatory and security standards. By assessing and mitigating risks associated with vendors, organizations can prevent compliance violations, safeguard sensitive data, and meet industry regulations.