Whistic, a leading third-party risk management solution and vendor security network, recently unveiled new artificial intelligence (AI) capabilities designed to transform the future of third-party risk management. The first in an ongoing rollout of leading-edge AI advancements, today’s announcement signals Whistic‘s commitment to a unified assessment experience with artificial intelligence as a foundational element for security teams on both sides of the third-party risk management process.
According to the 2023 G2 Software Buyer Behavior Report, 86% of buyers require a security assessment prior to purchase. Assessing vendor risk has traditionally required customers to exchange detailed questionnaires with vendors, resulting in delays and back-and-forth that slow the sales and procurement process by weeks or months.This is not the case with Whistic, which is designed to deliver a future in which the world is empowered to assess third-party risk and build customer trust without the need to request or respond to questionnaires.
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“This announcement reflects our belief that AI will revolutionize the way customer trust and security teams operate moving forward,” says Nick Sorensen, Chief Executive Officer of Whistic. “In the first seven years of Whistic, we brought down the time it takes to conduct a vendor assessment from weeks or months to days. Now, we’re excited to announce that AI will enable us to take that time down from days to minutes.”
Whistic is the first platform to provide its customers with standardized questionnaires to assess the risk of AI in their own supply chain or to self-assess against as a part of trust center documentation.These questionnaires are based on the most up-to-date AI frameworks (the European Union‘s capAI framework and the ISO 23053 standard) and are now available to all Whistic users as a part of the library of more than 40 industry-recognized standards.
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“The pace of change in artificial intelligence is accelerating so quickly that—until now—it was difficult for buyers to fully evaluate the ways their vendors were utilizing AI, and it was difficult for vendors to demonstrate their controls around AI,” explains Jake Bernardes, Vice President and Chief Information Security Officer at Whistic. “We’re very excited to be the first third-party risk management platform to provide teams on both sides of the assessment with industry-best frameworks to assess AI risk and build trust around AI tools.”
Whistic‘s new Knowledge Base with AI-powered Smart Search gives customer trust teams a powerful and intuitive way to store, organize, and contextually search security documentation and receive answers to questions with precision, creating a more intelligent foundation for their Whistic trust center. Whistic will continue its investment in AI and intends to release more meaningful AI capabilities in the coming months. “We envision a world where AI makes it possible for buyers and sellers to eliminate the manual steps in the vendor security assessment process entirely, without sacrificing security and confidence,” says Sorensen. “This is only the beginning.”
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