Agentic AI for Third-Party Risk Assessment & Compliance Assist
The Government of Australia recommends that all organizations manage cyber risks emanating from third parties or the supply chain (suppliers, service providers, manufacturers, distributors or retailers). Furthermore, the AICD and the Cyber Security Act 2024 mandate that boards are responsible for third-party risks, including cybersecurity. The SOCI Act 2018, along with amendments in 2024, mandates Third-Party Risk Management and monitoring associated with the supply chain. As you are aware, many large companies have recently experienced third-party-related breaches that resulted in massive financial and reputational damage.
Organizations need to continuously evaluate and upgrade their third-party risk posture and associated cybersecurity frameworks to align with legislative requirements and emerging cyber threats, to prevent and mitigate any potential breaches.
Third-Party Risk Management
Processes and strategies to identify, assess and mitigate risks emanating from external vendors, suppliers, contractors and service providers.
TPRM is crucial in ensuring that vulnerabilities from third parties do not impact the company in the form of cybersecurity risks, operational disruptions, compliance breaches or financial risks.
Mandates
The AICD stipulates that company directors are fiduciary responsible for cyber breaches. Regulators hold directors accountable for security and privacy breaches within supply chains. The Security of Critical Infrastructure (SOCI) Act and industry-specific regulators have declared TPRM mandatory for companies.
Third party risk assessment traditionally involves review and assessment of voluminous documents manually that create delay, rework and generally expensive
Current Approach
Currently, companies issue structured questionnaires. This process—typically manual, outsourced or managed internally—involves multiple steps:
- Issuing risk assessment questionnaires to third parties via portals
- Collecting and reviewing responses submitted by third parties
- Validating accuracy, ensuring completeness and consistency
- Iterating with vendors and resolving discrepancies in responses
- Assessing responses for compliance and exposure risks
- SMEs making decisions based on the potential services provided by the third party and the associated risk
Our Solution
Our Agentic AI solution automates Third-Party Risk Management (TPRM) to assist customers with third-party risk assessment and compliance processes.
Enhanced portal to manage all vendor questions and responses
RAG-assisted AI model automates steps 1–5, transforming them into real-time processes and eliminating time-consuming review loops
Provides actionable insights via dashboards for SMEs to make informed decisions
Solution Benefits
- Accelerates evaluation cycles
- Provides detailed analysis and ensures accurate responses
- Breaks the linear relationship between analysts and the number of third parties evaluated, effectively multiplying analyst productivity
- Ensures a consistent approach to evaluation, minimizing errors
