Redefining Trust in Business Relationships: How AI and Natural Language Processing are Transforming Third Party Risk Assessment | A Their Story Conversation from RSA Conference 2023 | A VISO TRUST Story with Paul Valente and Russell Sherman

In this Their Story podcast episode, Paul Valente and Russell Sherman discuss the challenges faced by both small and large enterprises when sharing data and managing risk with business partners and third party providers. They share their experiences working together in the past where they needed to balance addressing security concerns with closing deals. The duo highlights the importance of proper scoping and understanding the context of a business relationship to help assess inherent risks.Paul and Russell also share details of their third party risk management platform which allows users to quickly scope and define attributes of a business relationship, providing an inherent risk rating. The platform uses over 800 data points and references over 25 frameworks, streamlining the process for both the assessor and the assessed. By utilizing natural language processing (NLP) and artificial intelligence (AI), the platform is able to analyze collected data, automate manual aspects of the review process, and provide valuable insights to help make better, faster, and more contextually-relevant informed decisions.The pair further emphasize the importance of reducing friction in the assessment process, which led them to focus on eliminating the need for lengthy questionnaires and instead utilizing existing artifacts to assess a company's security posture. This innovative approach reduces the burden on both the assessor and the assessed while providing a more accurate and comprehensive view of a company's cyber risk.Overall, this episode provides valuable insights into how technology is transforming the traditional third-party cyber risk assessment process and paving the way for a more efficient and secure future.Note: This story contains promotional content. Learn more: https://www.itspmagazine.com/their-infosec-storyGuests:Paul Valente, CEO & Co-founder at VISO TRUST [@VISOTrust]On LinkedIn | https://www.linkedin.com/in/pauldvalente/Russell Sherman, Co-founder and CTO at VISO TRUST [@VISOTrust]On LinkedIn | https://www.linkedin.com/in/neverenoughinfo/On Twitter | https://twitter.com/russellshermanResourcesLearn more about VISO TRUST and their offering: https://itspm.ag/visotrust8x4iFor more RSAC Conference Coverage podcast and video episodes visit: https://www.itspmagazine.com/rsa-conference-usa-2023-rsac-san-francisco-usa-cybersecurity-event-coverageAre you interested in telling your story?https://www.itspmagazine.com/telling-your-story