Introduction
OneTrust is set to host a webinar focusing on the role of artificial intelligence (AI) in simplifying third-party onboarding, evaluation, and monitoring. This initiative comes at a critical time, as businesses face increasing regulatory pressures and threats from supply chain attacks.
Contextual Background
The urgency of managing third-party risks has been amplified by the operational phase of the Digital Operational Resilience Act (DORA) and the imminent transposition of the Network and Information Systems Directive (NIS 2) in France. These regulations underscore the necessity for companies to enhance their compliance strategies.
Key Challenges
- Regulatory Compliance: With DORA and NIS 2, companies must prioritize third-party risk management to avoid potential sanctions.
- Supply Chain Threats: The rise in supply chain attacks highlights the need for robust risk management systems.
Opportunities with AI
AI presents several opportunities for companies looking to improve their third-party risk management processes:
- Enhanced Monitoring: AI enables continuous and more effective monitoring of risks associated with external partners.
- Improved Evaluation: The precision and efficiency of risk evaluations can be significantly enhanced through AI technologies.
- Streamlined Onboarding: AI offers a chance to optimize the onboarding process of new partners, making it more efficient.