AgraBOT: Accelerating Third-Party Security Risk Management in Enterprise Setting through Generative AI

In the contemporary business landscape, organizations often rely on third-party services for many functions, including IT services, cloud computing, and business processes. To identify potential security risks, organizations conduct rigorous assessments before engaging with third-party vendors, referred to as Third-Party Security Risk Management (TPSRM). Traditionally, TPSRM assessments are executed manually by human experts and involve scrutinizing various third-party documents such as System and Organization Controls Type 2 (SOC 2) reports and reviewing comprehensive questionnaires along with the security policy and procedures of vendors — a process that is time-intensive and inherently lacks scalability.

AgraBOT, a Retrieval Augmented Generation (RAG) framework, can assist TPSRM assessors by expediting TPSRM assessments and reducing the time required from days to mere minutes. AgraBOT utilizes cutting-edge AI techniques, including information retrieval (IR), large language models (LLM), multi-stage ranking, prompt engineering, and in-context learning to accurately generate relevant answers from third-party documents to conduct assessments. We evaluate AgraBOT on seven real TPSRM assessments, consisting of 373 question-answer pairs, and attain an F1 score of 0.85.