Vendorly, which offers a vendor oversight platform, is collaborating with Shared Assessments, a trusted source in third-party risk management, to license the Standardized Information Gathering (SIG) Questionnaire.
The SIG Questionnaire is available for Vendorly customers to access the industry-standard list of questions, based on the risk profile of their vendor engagement, the firm says in a release.
Built on best practices by the Shared Assessments member community, the SIG Questionnaire provides standardization and efficiency in performing third-party risk assessments.
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 more than 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.
The SIG effectively becomes the standard for all questionnaires, helping to satisfy the universe of a TPRM professional’s risk control areas.
“Vendor management is becoming increasingly complex, covering more and more areas,” says Jim Vaca, senior vice president at Vendorly, in a release. “By recognizing the pain points experienced by the customers and vendors we work with, we felt a need to bring 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.”