Whistic has officially announced the launch of a new Assessment Copilot solution, which is designed to automate the heavy lifting involved in TPRM (third-party management) at every stage of the process. According to certain reports, by automating proceedings in such a way, the solution should be able to help you reduce manual work, drive insights, and boost operational efficiency. To understand the significance of such a development, though, we must acknowledge how, in the context of assessing third-party risks, most companies still depend on a legacy, questionnaire-based approach that is labor-intensive and manual, a reality that leaves more of their resources committed to administrative tasks rather than risk mitigation. Furthermore, like one might guess, these limitations make it impossible to scale TPRM programs and meet business requirements, even with organizations increasing their reliance on vendors and the threat posed by third-party vulnerabilities growing significantly. But how will Whistic’s latest brainchild solve such a problem? Well, the answer resides in its stature as the only modern solution which transforms TPRM on both sides of the assessment process so to allow for vendors and buyers to exchange security information more easily and make smarter, more secure business decisions. In practice, it is able to do so through an extraction of context-rich insights from several data sources. Beyond that, the solution also summarizes vendor security posture, and analyzes information as per customer requirements. This, in turn, ensures that customers can perform richer and faster assessments on their vendors, and that too, without needing any more headcount.
“The future of third-party risk management is here,” said Nick Sorensen, CEO of Whistic. “Whistic AI infuses a modern approach into the core foundations of mature TPRM—automated workflows, a robust system of record, and integrated, continuous monitoring—and delivers a suite of capabilities that fuel a truly dual-sided exchange of information. In a world where every company is looking for ways to operate in a more efficient and secure manner, Assessment Copilot and our accompanying AI suite accelerate the pace of business and allow companies to reallocate resources from administrative tasks to risk mitigation.”
More on the Assessment Copilot solution would reveal how it is well-equipped to create a SOC 2 summary to pick on key details and risk insights from SOC 2 audits, and at the same time, eliminate the need of those lengthy reports. Turning the capability even more important is how one can do it all with just a click of a button. Alongside SOC 2 summary, the solution also comes bearing the means to generate vendor summary. Using a vendor’s documentation or trust center as the basis for this summary, the product is able to quickly identify, assess, and measure risk and compliance against your controls. Joining the same would be a mechanism for automated reviews, a mechanism where you again just to have press one button to conceive a vendor’s final assessment report, review the findings, and make a risk-based decision informed by AI insights and automation.
As monumental as the new solution sounds, though, it joins Whistic’s already industry-leading set of capabilities. These capabilities, for instance, include knowledge based smart search, which enables you to search your entire library of documentation and see the search results in context with links to sources and confidence levels. Then, there is a Smart Response solution to reduce questionnaire response time from days or weeks to minutes with AI-generated responses. Moving on, the company also has in place a facility dedicated towards vendor insights. This facility basically lets you ask questions and avail insights across your entire vendor catalog without having to search through records individually.