Assessing AI Vendors That Do Not Have A SOC 2 Report
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In the realm of artificial intelligence (AI), the allure of innovation is tempered by the emergence of new risks. The rapid evolution of AI technology has outpaced the traditional audit processes, leaving some vendors without a System and Organization Controls 2 (SOC 2) report. Even when vendors do possess a SOC 2 report, critical AI-related risks often remain unaddressed within the report’s Trust Services Criteria (TSC). The strategies for evaluating AI vendors, whether or not they have a SOC 2 report, are key to providing a comprehensive understanding of AI risks and their mitigation.
When assessing AI vendors lacking a SOC 2 report, organizations should adopt a proactive approach to identifying and managing potential risks. Organizations should recognize the unique risks associated with the implementation and utilization of AI technologies, to enable them to tailor risk assessments to their organization’s specific needs and challenges.
Understanding the essential components of an AI tool and further what components are addressed within the scope of a SOC 2 report is crucial for ensuring adequate coverage. By scrutinizing the scope of the report, organizations can determine whether critical AI-related risks are sufficiently addressed and mitigated.
Furthermore, organizations relying on AI technology should identify the AI risks that fall outside the purview of SOC 2 TSC. Once this evaluation is completed, organizations will be armed with this knowledge and be equipped to engage with AI vendors effectively, posing targeted questions to evaluate the vendor’s risk mitigation strategies.
Leveraging established risk frameworks and industry guidance for AI, such as NIST AI Risk Management Framework (AI RMF), can help organizations discover how to navigate the assessment of AI vendors lacking a SOC 2 report or those with incomplete scope coverage in their reports. By applying these frameworks and posing informed inquiries, organizations can bridge the gaps in vendor assessments, ensuring a robust evaluation of AI risks and mitigations.
A comprehensive approach to vendor assessment is essential for safeguarding against emerging risks and ensuring the effective management of AI-related vulnerabilities. To find out more about how to assess vendors that do not have a SOC report, contact us. We are here to help.
Authored by Lulu Walker
©2024