Register for the Webinar: OneTrust to Acquire Shared Assessments: Fueling the Global Demand for Third-Party Risk Standardization
Shared Assessments SIG as the Ubiquitous Third-Party Risk Standard
The case for global third-party risk standardization is clear. According to Forrester1, “The number of third parties requiring vetting, monitoring, and mitigation far exceed the capacity of most TPRM teams, so they only focus on those considered ‘critical.'” These issues are multiplied by each risk assessment questionnaire having an average of 200 questions.
Recent events have also exacerbated the challenges of managing third-party risk. COVID-19 spurred a decade’s worth of digital transformation to happen seemingly overnight as companies rapidly adopted cloud applications, networking, and security vendors. Solar Winds exposed the challenges enterprises face while understanding and responding to major hacks, and the invalidation of the EU-US Privacy Shield (Schrems II) is forcing organizations to reevaluate thousands of third-party data transfers.
The Shared Assessments SIG is one of the most widely adopted third-party risk standards today, and is positioned to be the ubiquitous global standard to solve these critical third-party risk challenges. The SIG is already used by more than 15,000 companies globally, and with the support and scale of OneTrust, Shared Assessments can advance the SIG’s adoption internationally in critical areas, including:
- Global reach: Make the SIG globally available in languages around the globe
- International alignment: Align the SIG more deeply with international frameworks
- Real-time updates: Adapt the SIG in real-time based on industry news and events (e.g. COVID, Schrems II)
- Adjacent risk domains: Advance the SIG adoption across multiple risk areas, including ESG
- Technology enhancements: Build a…