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.”