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Cybersecurity in the Modern Age

In this digital age, we are now facing a totally different sphere where technology has been transforming the world we live in. To minimize costs and to improve efficiency, companies have relied on third parties over the years, focusing on value-added tasks, shared sharing risks and boosting of competitive positions. Contractual agreements or paper assessments to secure suppliers are no longer being utilized.

The Utilization of Artificial Intelligence in Various Business Sectors

Artificial intelligence has been making its name in this digital era. AI is the “capability of machines to imitate human cognitive functions in doing simple to complex tasks.” An AI digital worker can handle different tasks and interactions with vendor points-of-contact. These advanced digital workers are considered smart enough to ask follow-up questions based on the services that the vendors provide. Moreover, the AI-powered technology could work on the third-party security process, answering questions from the internal business teams.

Adoption of Digital Workers

Businesses and enterprises have been seizing opportunities in different sectors such as automation, outsourcing and the like and outsourcing. All over the world, AI has also been utilized in hospitals, scientific laboratories, and manufacturing in companies in the country. These trends have been transforming various industries in the modern age.

The vendor could be onboarded, wherein the AI digital worker provides guidance to user through validation to know if the vendor already exists in the system. With strong AI capabilities together with Natural Language Understanding (NLI), the advanced digital worker could look through the onboarding process by having the user describe the tasks the vendor will handle for the company.

It is rampant that technology has pavingTechnology has paved its way to provide products and services that will make our human activity activities so much easier. However, it is expected that the speed of adoption would, of course, be better and faster in developed countries.

Managing Security Risks with AI Technology

Addressing the quantitative and qualitative factors, associated with data may be a challenge that is difficult to discuss. Third-party security efforts were represented by companies and organizations, whether big or small. There are different challenges that these businesses may encounter. To stay efficient, the AI digital worker also gives importance to large data processing, insight generation, and allowing a shift in focus to key risk areas. 

For businesses, AI for businesses requires a a value proposition that focuses on the benefits of streamlined workflows; , automation-related efficiencies, reduced overhead, training, and costs. The advantage of an AI digital worker fixing the third-party security program can support the operating cost reduction, effective risk mitigation and minimizing unnecessary spending.

The excerpt was taken from the KPMG Thought Leadership publication Streamlining third-party risk management with AI (kpmg.us)