Home / Headlines / Vendorly Collaborates With Shared Assessments
Print This Post Print This Post

Vendorly Collaborates With Shared Assessments

Vendorly, an oversight platform for financial institutions has announced a collaboration with Shared Assessments, a third-party risk management company, to license the Standardized Information Gathering (SIG) Questionnaire. This questionnaire is available for Vendorly customers to access the industry-standard list of questions based on the risk profile of their vendor engagement.

“Vendor management is becoming increasingly complex, covering more and more areas,” said Jim Vaca, SVP, Vendorly. “By recognizing the pain points experienced by the customers and vendors we work with, we felt a need to bring some additional efficiency to both. So often our clients and prospects ask for guidance on the right questions to ask, even something as simple as how long the questionnaire should be. The standardization of questionnaires is long overdue and we are excited to be offering the Shared Assessments SIG Questionnaire to our clients.”

The Luxembourg-headquartered, vendor platform provider said that the SIG Questionnaire, which is built on best practices by the Shared Assessments member community, provides standardization and efficiency in performing third-party risk assessments. Through this collaboration, Vendorly customers no longer need to rely solely on internal expertise in knowing the difference between frameworks (i.e. ISO or NIST) and instead can rely on the standardized questionnaire to help define how to mitigate risk. With over 50,000 vendors actively managed on the Vendorly platform, the addition of the SIG functionality showcases Vendorly’s commitment to raising the standards of third-party risk management (TPRM). The SIG effectively becomes the standard for all questionnaires, helping to satisfy the universe of a TPRM professional’s risk control areas.

“We commend Vendorly for joining the community of third-party risk practitioners working to create assurance in vendor relationships,” said Catherine A. Allen, Chairman & CEO, The Santa Fe Group, Shared Assessments. “By adopting and contributing to the Shared Assessments standard, Vendorly is working to create standard assessments that are reliable, relevant and efficient.”

 

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
x

Check Also

Quicken Loans Reaches Agreement With U.S. Government

Quicken Loans will pay the United States $32.5 million, $25.5 million of which is intended to cover losses which may have occurred, and $7 million in interest.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.