As Spring Training for Major League Baseball comes to an end and the season gets into full swing, Shared Assessments rolled out another resource for TPRM programs transitioning to or perfecting virtual assessments. Shared Assessments’ Senior Vice President and CSO Brad Keller presented virtual assessments basics in his March 17th webinar.
Virtual Assessments are assessments of the third party’s risk controls with interviews, exchange of artifacts, and virtual tools without the on-site visit but with online collaboration. This process requires adapting Third Party Risk Management Policies, Standards, and Procedures for a virtual assessment, virtual vendors, and virtual employees. It also requires a more structured approach to organize evidence and collaboration via online meetings and sharing of screens.
Virtual assessments leverage virtual data room or artifact repositories – and accordingly, you should consider whether artifacts can be flagged as read-only, water-marked, or view-only. You also need to decide if you will allow point in time access vs. continual access to support continuous monitoring.
The basic focus areas for virtual assessments are:
• Policy Management
• Contract Management
• Skills and Expertise
• Pre-Assessment Planning Calls
• Defining Online Protocols
• Organizing Compliance Artifacts
• Defining Requirements for Virtual Collaboration
The following infographic captures the finer points of the basics for virtual assessments:
To view a full recording of this webinar, visit our on-demand webinar page.
