BLOG 10 MINS January 16, 2020
Third Party Risk Management Industry Partners: Shared Assessments

As a trusted name in third-party risk, OneTrust Vendorpedia is dedicated to meeting the needs of customers around the world. A significant part of that is partnering with world-class organizations that are developing industry best practices and leading third-party risk tools.

One of these industry leaders is Shared Assessments, creator of best-in-class, third-party risk questionnaires that help companies obtain detailed security information about suppliers and verify adequate controls are in place.

From people, to processes, to procedures, these questionnaires uncover liabilities, weaknesses, and areas of improvement across all vendors. No matter the industry, location, or use case, Shared Assessments has created a powerful toolkit that helps businesses meet their third-party risk management goals.

The Shared Assessments Third-Party Risk Management Toolkit

Choosing the right supplier or third-party vendor is critical to the success of your business in the long run. When done correctly, it can also be the foundation of an effective and prosperous supplier relationship for years to come.

It all starts with assessing the third parties not only to make sure they have the capabilities to meet your business needs, but also to ensure their compliance with all appropriate standards.

This is where Shared Assessments enters the picture, developing a third-party risk management toolkit to assist with the evaluation of vendors and the development of your third-party risk program.

The Standardized Information Gathering (SIG) Questionnaire

The SIG questionnaire is used to collect information for an initial assessment of a third-party provider’s security control data. This includes gathering information about current processes, procedures, and people.

The Standardized Control Assessment (SCA) Procedure

The SCA is a process by which the answers the third-party provider has given via the SIG are verified by on-site assessments and other third-party evaluation tools.

The Vendor Risk Management Maturity Model (VRMMM) 

The VRMMM is used to benchmark and measure the maturity of an organization’s vendor risk management program.

All of these solutions are integrated into the OneTrust Vendorpedia platform for a seamless experience when using the Shared Assessments Third-Party Risk Management Toolkit. Using Vendorpedia to operationalize the toolkit helps your organization evaluate vendors, demonstrate compliance, and choose the best third-party providers for their businesses.

A Partnership that Benefits You

Shared Assessments stands out in the industry when it comes to third-party risk assessments and best practices because of its industry experience and leveraging the experience of its membership. With over fifteen years expertise, the organization got its start helping financial institutions with compliance. It now serves a wide swath of industries and partners.

And at a time when standardization in essential to a successful third-party risk management strategy, Shared Assessments is spearheading efforts to develop comprehensive, member-driven resources about the topic.

Shared Assessments and OneTrust Vendorpedia share the same goal of creating efficiencies and lowering costs for all users. We strive to provide updated strategies and software to align with current regulations, standards, and guidelines. Our complementary partnership arms our users with the best practices, solutions, and tools for third-party risk management.

You can preview the world-class tools Shared Assessments has developed through a free trial of the OneTrust Vendorpedia platform. Or you can take a tour with one of our third-party risk management experts.