Venminder, an industry recognized leader in third-party risk management solutions, today announced the addition of the new SIG Lite 2022 and SIG Core 2022 into their platform. The 2022 SIG has been updated by Shared Assessments to align with the evolving regulatory and threat environment.
Elizabethtown, KY – Venminder, an industry recognized leader in third-party risk management solutions, today announced the addition of the new SIG Lite 2022 and SIG Core 2022 into their platform. The 2022 SIG has been updated by Shared Assessments to align with the evolving regulatory and threat environment. Built on vetted questions mapped to controls and regulatory guidance, the SIG provides standardized efficiency in performing third-party risk assessments.
“We are committed to streamlining the questionnaire process for both third-party risk professionals and the vendors completing them,” said James Hyde, CEO of Venminder. “Our customers are able to automate the questionnaire process, gaining quick access into status metrics and increased risk accuracy with extensive scoring customization options. In addition, vendors are in turn able to pre-complete questionnaires proactively and essentially be due diligence ready.”
The Venminder platform is used to distribute thousands of questionnaires to vendors each month in an effort to gather the information they require to assess and manage risk. A vendor risk questionnaire can often be the go-to resource to initiate the vendor risk assessment process and in turn determine the level of oversight that is required on each vendor relationship.
“Quick to standardize on the 2022 SIG, Venminder has shown itself as a leader in offering standardized assurance to its customers. We are happy to partner with vendors like Venminder who are committed to streamlining assessments without compromising security,” said Catherine A. Allen, Chairman, Shared Assessments.
According to Shared Assessments, more than 80% of the SIG was enhanced for 2022, making this a significant and important update. Shared Assessments keeps abreast of regulations, guidelines and standards for a wide range of industries and has integrated 1,600 Control Points into the 2022 Toolkit from new guidelines, regulations and frameworks including:
- NIST 800-53 (Rev.5) Security and Privacy Controls for Information Systems and Organizations
- DOJ June 2020 Guidance on Evaluation of Corporate Compliance Programs for publicly held U.S. Companies
- Consensus Assessments Initiative Questionnaire (CAIQ) v3.1 (April 2020)
- CSA Cloud Controls Matrix (CCM) Version 4
- Industrial Automation and Control Systems Guidance EC-62443 (2018)
- GDPR Guidance on Standard Contractual Clauses (SCCs) June 2021
- State Privacy Laws (CA, CO, Virginia)
- Environmental, Social, Governance (ESG): Third-party risk programs must increasingly gauge the ESG compliance of critical suppliers and vendors. In response, new features of the 2022 Toolkit include ESG updates among all Shared Assessments TPRM tools.
About Venminder
Venminder offers a world-class SaaS platform that guides and streamlines third-party risk management. Venminder’s platform helps users collaborate on all things vendor-related and guides through critical processes such as oversight management, contract management, risk assessments, due diligence requirements, questionnaires, SLA management, vendor onboarding and more. Robust and configurable reporting can be generated from the tool to give clear visibility into the management and ongoing monitoring of third parties. Completed vendor risk assessments can be found in the Venminder Exchange and include thorough assessments of a vendor’s information security, SOC reports, contracts, financials, business continuity/disaster recovery and more. Venminder also powers Third Party ThinkTank, an online free community dedicated to third-party risk professionals. For more information, visit www.venminder.com. Follow Venminder on LinkedIn, Twitter and Facebook.
About Shared Assessments
As the only organization that has uniquely positioned and developed standardized resources to bring efficiencies to the market for more than a decade, Shared Assessments has become the trusted source in third party risk assurance. Shared Assessments offers opportunities for members to address global risk management challenges through committees, awareness groups, interest groups and special projects. For more information, visit https://sharedassessments.org/.
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