Mandatory Evolution: AI's Role in Third-Party Risk Administration in the Coming Era
In an exciting development, a strategy conference is set to delve into the transformative role of artificial intelligence (AI) in Third-Party Risk Management (TPRM). The session, moderated by Sarah Hadden from a renowned website, will feature insights from a seasoned TPRM and security expert.
The discussion aims to elevate the role of a subject-matter expert overseeing an organisation's risk management strategy. It will provide best practices for incorporating AI into a TPRM program, offering practical applications and case studies of AI in TPRM and compliance.
Predictive analytics and automated evidence reviews will be at the forefront of the conversation, as tools to automate tedious assessment work. These technologies promise to streamline processes, improve efficiency, and enhance the accuracy of risk assessments.
Moreover, the session will venture into the realm of future capabilities such as agentic AI. This advanced form of AI could potentially monitor and mitigate risks autonomously, revolutionising the way TPRM is managed.
The evolving role of risk analysts and compliance leaders in light of AI implementation will also be a key topic. The session will discuss the impact of AI on the roles and responsibilities within TPRM and compliance departments, shedding light on the skills required to navigate this new landscape.
The importance of responsible AI implementation in TPRM, ensuring ethical and compliant practices, will not be overlooked. The session will emphasise the need for strategies for scaling AI responsibly across an organization's vendor portfolio.
Methods for measuring and communicating the return on investment (ROI) of AI in a TPRM program will also be explored. This is crucial in demonstrating the value that AI brings to an organisation's risk management strategy.
Lastly, the session will trace the evolution of TPRM from manual assessments to predictive analytics and agentic AI. It will provide insights into use cases for these technologies and discuss potential challenges and solutions for integrating AI into a TPRM program.
Join us for this enlightening session as we delve into the future of TPRM and explore the potential of AI to revolutionise risk management strategies.
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