TPRM: Save Even More Time With AI Capabilities

Our expanded Third-Party Risk Management capabilities incorporate artificial intelligence (AI) to address your unique challenges and streamline your governance, risk, and compliance efforts.
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by Shera Brady

March 22, 2024
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54% of organizations have experienced a data breach through their third parties in the last 12 months. Our expanded Third-Party Risk Management capabilities incorporate artificial intelligence (AI) to address your unique challenges and streamline your governance, risk, and compliance efforts.

The Problem: The Current State of TPRM

One of the primary pain points associated with TPRM is the cumbersome and time-consuming process of onboarding vendors, sending out security questionnaires, and assessing vendor risks. Without a streamlined solution in place, this manual effort often leads to inefficiencies and delays in risk identification and mitigation.

Furthermore, the lack of standardization in vendor risk assessment exacerbates the problem. Subjectivity in analysis can result in inconsistent risk evaluations across vendors, making it difficult to gauge the overall risk impact and prioritize risk management efforts effectively. As a result, organizations struggle to maintain a comprehensive view of their vendor risk landscape, leaving them vulnerable to potential security breaches and compliance issues.

The Solution: Drata’s AI-Enhanced TPRM Program

Enter Drata's AI-enhanced Third Party Risk Management (TPRM) program, designed to revolutionize how organizations tackle vendor risk challenges. With Drata, organizations can seamlessly standardize their assessment processes, removing subjectivity and ensuring objective evaluation of both overall risk impact and individual vendor risk. By leveraging AI technology, Drata empowers organizations to streamline vendor onboarding, automate security questionnaire responses analysis, and prioritize risk management efforts efficiently.

Drata's TPRM program goes beyond traditional risk management approaches by offering a centralized dashboard to register and monitor vendor risks. This enables organizations to maintain a real-time view of their risk landscape and proactively address emerging threats. 

These capabilities also enable customers to summarize security questionnaire responses swiftly, identify and prioritize potential risks posed by vendors, and share actionable insights with internal stakeholders.

Elevate Your TPRM Program

Identify, evaluate, and monitor the third parties you currently work with and future vendors with this new solution. Assess the potential risk of third parties, analyze the impact to your organization’s security posture, send security questionnaires, and track associated risks as part of your Risk Register. The cherry on top? You can automatically see a full view of your vendor and internal risk in one central dashboard. 

Here’s a quick look:

Insightful Risk Assessment

Gain unparalleled insight into the risk landscape with comprehensive Risk Evaluation tools. Understand the intricacies of third-party impact on both business operations and security control environments, empowering informed decision-making and risk mitigation strategies.

Consistent Framework

Standardize your assessment processes by evaluating vendors based on criteria such as data access, operational impact, and environment access level.

Actionable Vendor Insights

Leverage the power of AI-driven insights with our Vendor Insights feature. Seamlessly interpret and communicate the status of your vendor risk management program to stakeholders, offering a centralized view of your organization’s risk and compliance posture. You can also use AI to manage risk and respond to vendor questionnaires with ease.

Our Approach to AI

At Drata, our approach to AI is anchored in transparency and security, ensuring that our customers have full visibility into the processes driving their risk management solutions. 

After thorough evaluation, we identified AWS Bedrock as the optimal solution due to its unparalleled safety, scalability, and privacy features. Leveraging Amazon’s substantial investment in AI, including dedicated chip development, we are able to provide our clients with the most cost-effective and robust solution available in the market. 

By partnering with AWS Bedrock, we uphold our commitment to delivering AI-driven risk management solutions that prioritize transparency, security, and efficacy, empowering organizations to navigate the complexities of vendor risk management with confidence.

Drata’s Third Party Risk Management capabilities empower organizations to transcend basic compliance requirements and dive deeper into evaluating third-party risks. With support for over 17 different frameworks, our solution enables proactive monitoring and management of your vendor ecosystem’s risk posture.

Ready to experience the future of GRC? Book a demo today.

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