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8/27/2019
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Shared Assessments Brings New Module to Third Party Risk Management Framework

SANTA FE, N.M.--(BUSINESS WIRE)--The Shared Assessments Program, the member-driven leader in third party risk assurance, today announced an important new addition to its Third Party Risk Management (TPRM) Framework covering the subjects of periodic assessments and continuous monitoring. Periodic assessments and continuous monitoring lie at the heart of the “Trust, but Verify” model, uniformly recognized as the gold standard for vendor assessments. This new Framework module is available today to program members on the Shared Assessments web site (www.sharedassessments.org).

Topics explored include: Organizations globally are searching for ways to improve the efficiency of existing third party risk management programs while simultaneously enhancing effectiveness, and this module examines a number of emerging processes that can help meet those twin goals.

  • Virtual and Open House Assessments
  • Brokered Assessment Repositories
  • Assurance Portals
  • Collaborative Assessments
  • Assessment Load Leveling

The module explores the changing relationship between periodic assessments and continuous monitoring, and examines solutions to the problems organizations are reporting when implementing continuous monitoring programs focused on threat intelligence. It’s a “nuts and bolts” guide whether improving existing programs or planning TPRM processes from scratch.

Pre-release readers have been enthusiastic in their praise. “This is a great blueprint for anyone that is either building a TPRM program or someone that’s looking to assess if their existing TPRM program encompasses all the current thought leadership in third party risk,” said Paul Poh, Managing Partner, Radical Security.

“The guidance in this release is spot-on, especially given the evolving threat landscape and the reliance on third party service and hosting providers,” said Rocco Grillo, Managing Director Global Cyber Risk Service, Alverez & Marsal. He continued, “With the module’s focus on integrating continuous monitoring and incident management processes into legacy TPRM programs, it will propel organizations in their quest to achieve greater cybersecurity resiliency. The module provides solid guidance to mitigate the everyday issues and risks that imperil program efficacy.”

Commenting on the module’s depth in exploring periodic assessments and continuous monitoring, Pete Tannish, Director of Information Security, Small Business Financial Exchange (SBFE LLC), said, “This document is by far the most thorough I’ve ever seen. [It] gives the reader any and every option of what to consider in order to build a program based on cost and/or risk.”

To download a copy of the Shared Assessments TPRM Framework, go to https://sharedassessments.org/framework/.

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