Master vendor assessments: Streamlining AI procurement with TrustPath's platform

When companies buy AI tools, they need to follow certain rules. These rules are called "regulatory compliance." But what does this mean?

What is regulatory compliance?

Regulatory compliance means following the laws and rules that apply to your business. For AI, these rules are about keeping data safe, being fair to everyone, and explaining how the AI makes decisions.

Important rules for AI

There are several important rules that companies need to know about when buying AI:

1. GDPR (General Data Protection Regulation): This is a big rule in Europe about keeping people's data safe.
2. CCPA (California Consumer Privacy Act): This is a rule in California that gives people more control over their personal information.
3. EU AI Act: This is a new set of rules being made in Europe specifically for AI.

These rules say that AI must be:

• Safe to use
• Fair to everyone
• Easy to understand
• Respectful of people's privacy

Why following these rules is important?

Following these rules is crucial because:

1. It keeps your company out of legal trouble
2. It protects your company's reputation
3. It builds trust with your customers
4. It helps ensure that your AI tools work well and fairly

The role of ITG (Information Technology Governance)

ITG is about making sure a company's technology follows all the rules and helps the business. For AI, good ITG means:

• Choosing AI tools carefully
• Using AI in a way that follows the rules
• Making sure AI helps the company without causing problems

Understanding these rules and using good ITG practices is key to safely buying and using AI tools. In the next section, we'll look at why checking AI vendors carefully is so important.

Checking AI vendors is not easy. Many companies struggle with this process. Let's look at why it's so hard and what can go wrong if it's not done well.

Common problems in checking vendors

1. It takes too much time: Checking each vendor can take weeks or even months.
2. It's complicated: There are many things to check, from how the AI works to how it keeps data safe.
3. Things change quickly: AI technology and rules keep changing, so what was okay yesterday might not be okay today.
4. Different departments don't agree: The tech team, legal team, and business team might all want different things from an AI vendor.

What can go wrong if you don't check vendors well

Not checking vendors carefully can lead to big problems:

1. Money problems: You might have to pay big fines if the AI breaks rules.
2. Reputation damage: If something goes wrong with the AI, people might not trust your company anymore.
3. Legal troubles: Using AI that doesn't follow the rules can get your company in trouble with the law.
4. Unfair decisions: If the AI is biased, it might make unfair decisions that hurt some groups of people.

Why we need a better way to check vendors

Because of these challenges and risks, companies need a better way to check AI vendors. They need a process that is:

1. Fast: So they can start using good AI tools quickly.
2. Thorough: So they don't miss anything important.
3. Up-to-date: So they're always checking against the latest rules.
4. Easy to understand: So everyone in the company can agree on which vendors are good.

In the next section, we'll look at how TrustPath's platform helps solve these problems and makes checking AI vendors much easier.

Now that we understand the challenges of checking AI vendors, let's explore how TrustPath's platform provides powerful solutions to streamline and enhance your AI procurement process.

1. Access Vendor Profiles to Make Informed Decisions

TrustPath opens the door to in-depth AI vendor profiles, giving you instant access to critical information:

• Vendor policies
• Data privacy and security measures
• AI models and datasets used
• Exclusive product insights

This comprehensive view empowers your procurement and compliance teams with all the information they need to choose the most suitable AI products for your business.

2. Conduct Due Diligence with the AI Vendor Assessment Framework

TrustPath simplifies AI vendor selection through a centralized database that brings together all critical information. The AI Vendor Assessment Framework offers:

• A pre-defined set of questions and tests
• Easy assessment and comparison of AI vendors on key aspects like:some text
  • Data privacy
  • Model transparency
  • Regulatory compliance

By providing detailed profiles that include AI models, datasets, and policy adherence, this framework:

• Reduces complexity
• Saves valuable time
• Accelerates the procurement process

This ensures you stay ahead in a competitive market by making faster, more informed decisions.

3. Keep Your Business Secured and Protected

With TrustPath, you can mitigate risks by understanding how AI vendors handle critical issues and inquiries. The platform provides:

• Access to detailed business continuity plans
• Insight into vendor policies

This information ensures that your chosen AI solutions are resilient and reliable under any circumstances, protecting your business from potential disruptions.

4. Enhance Data Security Confidence

When selecting AI vendors, data security is paramount. TrustPath's database offers thorough insights into each vendor's compliance with key regulations, including:

• GDPR compliance
• Privacy policies
• Data processing agreements

By reviewing these critical details, you can:

• Ensure chosen AI solutions meet the highest standards for protecting your enterprise's sensitive information
• Confidently engage with vendors, knowing your data will be handled securely
• Minimize risks and maintain the trust of your stakeholders

TrustPath's platform transforms the AI procurement process from a complex, time-consuming task into a streamlined, informed decision-making journey. By providing comprehensive vendor information, standardized assessment frameworks, and crucial security insights, TrustPath empowers your team to select AI solutions that are not only powerful and effective but also secure and compliant.

Choosing the right AI tools for your company is a big decision. It's not just about finding technology that works well—it's also about making sure these tools are safe, fair, and follow all the rules. As we've seen, this can be a challenging process, but it's crucial for using AI successfully in your business.

As AI becomes more and more important in the business world, having a reliable way to check vendors is crucial. TrustPath provides that reliability, helping you navigate the complex world of AI procurement with confidence.

Ready to streamline your AI vendor assessments? Sign up for a demo to see how TrustPath works in action.

Don't let the challenges of vendor assessment hold your company back from leveraging the power of AI. With TrustPath, you can move forward confidently, knowing you're making smart, safe choices for your AI tools.

Take the first step towards easier, more effective AI procurement today with TrustPath.