TrustCloud Fixes Broken Questionnaire-Based Total Productive Runtime Metrics (TPRM) Model

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TrustCloud Introduces Revolutionary New Version of TrustLens, Redefining Third Party Risk Management

Third party risk management (TPRM) has long been plagued by inefficiencies and inaccuracies. Traditional methods rely heavily on manual processes, often resulting in incomplete or outdated risk assessments. However, TrustCloud is changing the game with its cutting-edge new version of TrustLens, its flagship TPRM solution.

Main Features of the New TrustLens Platform

Speed: Streamline your risk assessments with our AI-powered platform, enabling you to conduct thorough evaluations quickly and efficiently.
Accuracy: Our advanced algorithms ensure precise and reliable risk assessments, giving you confidence in your decision-making.
Comprehensive Coverage: With TrustLens, you can assess all your vendors, no matter how complex their operations may be.
Proactive Risk Mitigation: Identify potential risks before they become major issues and take proactive steps to address them.

According to Jikku Venkat, Head of Product, Customer Assurance and Third-Party Risk at TrustCloud, “Our industry has normalized a version of third party risk management that is process-driven rather than outcome-driven, where teams are rewarded for following a rigid process to complete assessments instead of reducing risk and leveraging agentic AI to automate process and improve accuracy.”

Success Stories

One notable example of the benefits of TrustLens can be seen in the recent deployment for a prominent Global 2000 life sciences company. Within six months, the organization was able to assess over 5,000 suppliers through the TrustLens AI agent, a tenfold increase in productivity. Moreover, the automated risk assessments enabled by TrustLens led to a significant expansion of vendor coverage, rising from 20% to 92%, as well as the identification of four times more critical vulnerabilities compared to traditional methods.

Dan Walsh, CISO at Datavant, emphasized the importance of adopting a transparent, automated, and data-driven approach to risk assessment and reporting, stating, “The future of risk assessment and reporting will require us to understand, report, and reduce risk with transparency, automation, and a data-driven approach that operates 24/7 across our entire vendor landscape.”

Conclusion

By embracing the power of AI, TrustCloud’s new TrustLens platform offers a revolutionary solution for organizations seeking to enhance their TPRM practices, streamline assessments, and mitigate risks. As the threat landscape continues to evolve, TrustCloud’s innovative approach is poised to set a new standard for effective third-party risk management.