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Shared Assessments: The Industry Leader in Third Party Risk Management
In today's interconnected world, businesses rely on third-party vendors to provide a wide range of services and products. While outsourcing can be an effective way to reduce costs and increase efficiency, it also introduces new risks that must be managed. Shared Assessments is the industry leader in third-party risk management, providing certification and tools that help organizations assess and manage the risks associated with their vendors.
Founded in 2005, Shared Assessments is a member-driven organization that brings together leading companies from various industries to develop best practices for managing third-party risk. The organization's members include some of the largest financial institutions, healthcare providers, retailers, and technology companies in the world.
Shared Assessments offers a comprehensive suite of tools and services designed to help organizations manage their vendor risk throughout the entire lifecycle of their relationships. These tools include:
- Standardized assessment questionnaires: Shared Assessments has developed standardized questionnaires that cover all aspects of vendor risk management. These questionnaires are designed to be used by both buyers and sellers of goods or services.
- Vendor risk management maturity model: This model helps organizations assess their current level of maturity when it comes to managing vendor risk. It provides a roadmap for improving processes over time.
- Certified Third Party Risk Professional (CTPRP) program: This program provides individuals with the knowledge and skills needed to effectively manage third-party risks within their organizations.
- Vendor threat intelligence service: This service provides real-time information about potential threats posed by vendors.
Shared Assessments' approach is based on collaboration between buyers and sellers of goods or services. By working together, both parties can identify potential risks early on in the relationship and take steps to mitigate them before they become major issues.
One key benefit of using Shared Assessments' tools is that they are based on industry best practices. This means that organizations can be confident they are using proven methods for managing vendor risk. Additionally, Shared Assessments' tools are designed to be flexible and scalable, so they can be adapted to meet the needs of organizations of all sizes.
Another benefit of using Shared Assessments is that it can help organizations comply with regulatory requirements. Many industries are subject to regulations that require them to manage vendor risk effectively. By using Shared Assessments' tools, organizations can demonstrate that they are taking appropriate steps to comply with these regulations.
In conclusion, Shared Assessments is the industry leader in third-party risk management. Its comprehensive suite of tools and services helps organizations assess and manage the risks associated with their vendors throughout the entire lifecycle of their relationships. By using Shared Assessments' tools, organizations can be confident they are using proven methods for managing vendor risk and complying with regulatory requirements.
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