Get AI-Generated Insights with the Panorays Smart Validation Tool
While cybersecurity questionnaires have become an essential tool for third-party risk management, validating the accuracy of the answers third parties deliver to organizations is challenging, especially for organizations looking to scale their vendor onboarding. Typically, the review process requires the manual review of submitted questionnaires which can be time consuming and use a lot of resources. This process depends on reviewers to manually confirm responses by ensuring that the attached documents correspond with the provided answers. This in turn delays the third-party assessment process.
What if your business could instead validate the answers to the cybersecurity questions itself and speed up the assessment process at the same time? That’s the goal of the new Panorays Smart Validation tool.
Simplify Your Third Party Security with the Smart Validation Tool
The Smart Validation tool uses AI to parse any third-party certifications and attestations to map them to different questions and responses. It then delivers scores and evidence to either support or contradict the answers provided.
These scores and evidence help to verify the accuracy of third party responses after submission for a more efficient and streamlined questionnaire review process.
Benefits of the Smart Validation Tool include:
- It saves time and effort. Reduce the time and effort needed and reliance on skilled reviewers who know how to read complex policies, certifications and attestations to double-check third-party responses. Generate AI scores with AI-validation based on vendor documents uploaded in the Documents & Files section or attached to each question.
- It offers scalability. With the average enterprise-level organization integrating as many as 175 third parties into their IT infrastructure, it’s critical that organizations have a quick and secure assessment process. By efficiently validating the answers of the cybersecurity questionnaire required from each vendor, the Smart Validation tool facilitates the assessment of dozens – even hundreds – of vendors simultaneously and proactive management of third-party risk.
- It delivers enhanced accuracy. Manual reviews can include inconsistencies, errors or incomplete answers in the questionnaires which can increase if the business needs to scale its vendor assessments. The Panorays Smart Validation tool can validate responses at scale while also ensuring accurate and reliable responses for each questionnaire.
- It allows you to make better decisions. When you have an efficient system in place for validating each questionnaire, you can be more confident in your decisions. For example, by using AI-calculated scores and evidence so that you no longer need to evaluate each document manually, it is easier to determine which follow-up actions are necessary, such as task remediation or simply clarifying with a vendor by asking a question in the conversation section.
How Panorays Manages Third Party Risk
Unlike other TPRM solutions that assume third-party relationships are static, Panorays is a third-party cyber risk management platform that offers contextual cybersecurity measures. Through its Risk DNA cyber risk rating, it offers a continuous, personalized assessment of the vulnerabilities resulting from each third-party connection, and the dynamic level of threats presented to your business.
One of the components of Risk DNA is a cybersecurity questionnaire that uses AI to both generate responses to questionnaires and review responses to assess the accuracy of each response. The AI-powered review is where the Smart Validation tool comes in, cross-referencing the answers of the questionnaire, certification and other vendor-approved documents. Once any gaps are highlighted, it becomes simple to address them with a step-by-step customized remediation process that prioritizes addressing the most critical risks first.
Want to learn more about how the Smart Validation tool and its role in third-party risk? Get a demo today!
