Although artificial intelligence (AI) has been around for quite some time, the adoption and evolution of AI-related technologies has dramatically advanced over the last year. One area that seems ready to benefit from AI is third-party risk management — that is, if AI can offer organizations an easier way to manage third-party vendor and supplier risks and ensure compliance with a complex regulatory landscape.

Organizations increasingly rely on third parties to deliver a wide range of goods and services, because it’s far more efficient and cost-effective than producing everything in-house. Unfortunately, this practice also increases vendor and supplier risk. Complex global supply chains make it incredibly difficult to have clear visibility into the security and risk management practices of a growing number of third parties. And how do security professionals mitigate risks they have zero visibility into? It’s a difficult but important task, because cyber criminals are increasingly attacking third parties in the supply chain to steal sensitive data and disrupt operations.