Shared assessment is a US based certifying organization specializing in Third-Party Risk Management and delivering the professional certification of third-party risk management professionals.
The five stages of the professional certification of third-party risk management professionals are:
i. Business model decision
ii. Evaluation, risk rating, due diligence
iii. RFPs (requests for proposal) and contracts
iv. Monitoring (continuous and ongoing)
v. Remediation or termination
Things to Remember
- Third-Party Risk Management (TPRM) involves identifying, assessing, and controlling risks associated with outsourcing to third-party vendors.
- Remediation involves taking corrective actions to address identified risks or issues in the third-party relationship.
- Risk rating & evaluation involves assessing the level of risk posed by a third-party vendor and evaluating their performance against predefined criteria.
- Continuous monitoring is an ongoing process of monitoring the activities and performance of third-party vendors to ensure compliance with established standards and requirements.
- Shared assessments refer to the practice of sharing assessment results and information about third-party vendors among organizations to streamline the evaluation process.
