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VISO TRUST State of TPRM Report: AI Increases True Positives on Vendor Risk 500%

VISO TRUST's 2024 State of Third Party Risk Management: AI's Impacts and Future Trends codifies the growing awareness that longstanding Third-Party Risk Management (TPRM) methods have become far less effective in today's digitally transforming business environment.

The report's findings leverage VISO TRUST Platform-derived data, which includes profiles of more than 2.4 million companies, as well as insights from CISOs, security, and TPRM professionals surveyed across various industries.

Among key findings on legacy TPRM:

  • Inadequate responses: Approximately 75% of vendors responding to legacy questionnaire approaches requiring manual input either ignore or delay crucial risk assessments.
  • False positives: Conventional cyber risk ratings yield a 90% false positive rate, undermining their reliability.

AI-driven transformation of TPRM findings:

  • Efficiency gains: AI-assisted modern TPRM programs reduce vendor and partner assessment timelines from months to days.
  • Near-complete coverage: AI and automation achieve almost 100% coverage of third-party networks.
  • Significant increase in true positives: data analysis revealed a 500% rise in accurate risk identifications.
  • Faster assessments: Risk evaluation times have decreased from 60 to 90 days to just five to eight days.
  • Enhanced accuracy: AI-driven methods refine risk assessment precision.

TRPM and the Era of AI-Driven Transformation

VISO TRUST experts note that while new large language models (LLMs) and generative processing have recently entered the public arena, innovators have been evolving machine learning and sophisticate AI applications for years, and the addition of generative AI to these applications is enhancing both their evolution and their usability.

Innovators behind these purpose-specific AI applications and initiatives have amassed both the data that's foundational to intelligence and the deep-learning capabilities needed to leverage the massive data troves to derive new knowledge with unprecedented speed and levels of insight.

This turns AI into a true collaborator that handles formerly arduous, months-long tasks in minutes or hours, It also makes readily available new and highly applicable insight and technical acumen.

As a result, forward-thinking organizations are transforming TPRM programs, enabling analysis of more vendors, at a deeper level, and in a timeframe that supports critical business decisions-and growing the risk practitioner's value to their organization.

Decisions around mitigation responses to a third party's cyberattack, the timely analysis of potential M&A partners, and more informative assessments of an organization's community of potential partners are just some of the insights that risk professionals are offering. These aspects of a risk professional's role will become even more important as threat actors apply their own AI-enabled, advanced threats.

VISO TRUST's report underscores the challenges and inefficiencies that burden traditional TPRM approaches. It also shows how AI-driven, artifact-based assessments can address these challenges by offering more precise and timely insights, enhancing a company's ability to make informed decisions at the speed of business.

For a copy of the 2024 State of Third Party Risk Management: AI's Impacts and Future Trends report, visit

Published Monday, May 20, 2024 10:14 AM by David Marshall
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