Member Projects and Activities

Shared Assessments offer opportunities for members to address global risk management challenges through committees, awareness groups, and special projects/interest groups.

Our members are national and international organizations of all sizes that understand the value of leveraging the knowledge of their risk management peers in the development and management of best-in-class third party risk management programs. They are leaders in their industries and members of a global community of risk management professionals working together to keep the Shared Assessments Program Tools at the forefront of third party risk management practices.

One of the primary reasons the Shared Assessments Program Tools have been able to maintain their status as the industry standard for third party risk assurance is that they are maintained by the very risk professionals who specialize in third party risk management issues.

Working and Awareness Groups

Shared Assessments members are a community of national and international industry leaders and risk management professionals whose thought leadership has collectively brought Shared Assessments to the forefront of third party risk management practices.

BEST PRACTICES FOR THIRD PARTY RISK MANAGEMENT & ASSURANCE AWARENESS GROUP

Meets bi-monthly, 1st Wednesday, 11:00am – 12:30pm ET

The focus of this awareness group is to examine the challenges that organizations face in managing third party risk, to identify existing best practices in use today, or to develop new best practices to address emerging challenges. Examples of previously examined topics include: fourth party management; third party contract development, adherence and management; risk rating third parties; and assessment scoping.

This group will coordinate with the Tool Development Committees when changes appropriate to the Program Tools are identified through group research and discussion. Examples of deliverables developed by this awareness group may include: blog posts; briefing papers; industry call to action pieces; and other suggestions that enhance the practice of third party risk management.

CONTINUOUS MONITORING WORKING GROUP

Meets bi-monthly, 3rd Tuesday, 11:00am-12:00pm ET

As the field of third party risk management continues to evolve in response to business outsourcing demands, internal vulnerabilities and external threats, and the expanding use of downstream services, it has become clear that a once a year assessment cannot sufficiently evaluate certain control weaknesses posed by this increasingly complex ecosystem. The proliferation of new technology is having a profound effect on the Third Party Risk Management (TPRM) environment, led by growth in web hosting and SaaS applications and the exponential increase of connected IoT devices.

The Continuous Monitoring Working Group develops and documents best practices for continuous monitoring, focusing on people, process, and technology considerations. Key areas of inquiry include preventative and detective controls and rapid response processes. We can expect to see rapid changes in Continuous Monitoring in keeping with its increasing importance within TPRM programs, as member companies focus on the need for agile response to the threat environment.

OPERATIONAL TECHNOLOGY RISK MANAGEMENT WORKING GROUP

Meets bi-monthly, 4th Wednesday, 11:00am ET

The focus of this group is to discuss the challenges organizations face in managing Operational Technology (OT) risks, identify today’s existing best practices, and develop new best practices to address those challenges. Among the areas this working group could focus on will be on developing methods for standardizing the communications around OT due diligence activities. Examples of other topics include assessing compliance with standards, regulations, and frameworks (such as NERC CIP, NIST SP 800-82, and CPNI SICS); assessing co-manufacturers; managing the divergence and convergence of Information Technology (IT) and OT; securing Industrial Digital Twin and Internet of Things (IoT) technologies, and addressing supply chain cybersecurity risks.

This working group is open to all members. Industries that may have interest in this group include Manufacturing (including Consumer, Industrial, and Defense), Utilities, Energy, Industrial Control System (ICS) manufacturers, and service providers (including ICS Security software and service providers.)

Examples of deliverables developed by this group may include briefing papers, case studies, pilot projects, and practical tools like checklists, guidance, questionnaires, and test procedures.

REGULATORY COMPLIANCE & AUDITS AWARENESS GROUP

Meets bi-monthly, 2nd Thursday, 11:00am – 12:30pm ET

Today’s regulatory landscape is growing ever more complex. On one hand, major U.S. banking organizations are asking that regulators decrease reliance on third party risk management guidance in their supervisory approach, yet at the same time, standards-based risk management regimes (e.g., NIST) and industry-specific requirements (e.g., PCI) are continuing to advance in a risk environment where new threats are a regular occurrence. Add to that the international regulatory trend towards adoption of best practices as base requirements (e.g., GDPR), and the overall compliance/audit environment is more complex than ever.

This group regularly invites speakers on relevant topics, and as thought leaders, publishes member-driven white papers on regulatory-related topics. The group also reviews and discusses draft and final third party regulatory guidance and rules that are open for comment. On occasion – and when appropriate – the group has formally responded to regulatory requests for comments and feedback. The Regulatory Compliance & Audit Awareness Group identifies emerging trends and needs for third party assessment tools that address consumer protection, operational risk, and regulatory compliance monitoring to identify recommendations for enhancements to Shared Assessments Program content, and suggests other needed deliverables.

In this period of regulatory complexity, please join the dialog with peer companies and help to build a better understanding of how you can optimize your organization’s compliance programs.

EMERGING TECHNOLOGY WORKING GROUP

Meets bi-monthly, 2th Tuesday & 11:00am – 12:30pm ET

Advances in technology can fuel heightened productivity, important product development and enhance the ability to meet business objectives. New and emerging technologies supporting digital transformation across all sectors are rapidly changing the risk landscape for organizations and third parties. This group will examine the enabling, integration, challenges, opportunities and solutions posed by emerging technologies including: Internet of Things, Machine Learning, Artificial Intelligence, Cloud, 5G, Distribute Ledgers (Blockchain), Cryptocurrencies, …

Note: For Shared Assessments members only

Vertical Strategy Groups

Open to Shared Assessments Members and Non-Members – Restrictions are noted.

In our continuing effort to meet the needs of our diverse Shared Assessments membership, we have created specific vertical strategy groups (VSGs). As additional VSGs are added, members will be notified to participate.

We allow participation in our VSGs for companies that are not Shared Assessments members to ensure we are taking a comprehensive look at the needs of specific verticals. Non-member participation is limited to one year from date of signature of the VSG Rules of Participation agreement. No other benefits of membership, including access to the Program Toolkit, are provided to non-members.

Who serves on Vertical Strategy Groups? 

Members and non-members of Shared Assessments are welcome to participate in our VSGs to ensure we are taking a comprehensive look at the needs of specific verticals. Non-member participation is limited to one year and no other benefits of membership, including access to the TPRM Toolkit, are provided.

Experienced executives facilitate industry community discussions of the most pressing Third Party Risk Management (TPRM) challenges and seek to:

  • Serve as a forum for identifying, understanding, and supporting TPRM programs.
  • Address the expanding frequency/scope of control assessments, including risks associated with cybersecurity, information security, business resiliency, physical security and operational procedures.
  • Develop and publish targeted blogs, white papers, and other best practices resources.
  • Improve industry opportunities for TPRM efficiencies and cost savings.
FINANCIAL SERVICES VERTICAL STRATEGY GROUP

Meets bi-monthly, 2nd Thursday, 1:30pm-3:00pm ET

Open to Asset Management and Financial Institutions Only.

This group nurtures a trusted network of Asset Management and Financial Institutions industry professionals who deal with key business processes related to the management of third parties, including but not limited to governance, procurement, third party risk, finance, control validation, and policy. Group members collaborate and address challenges, risk trends, regulatory changes, technology solutions, and best practices that are related to the third party lifecycle.

Experienced executives facilitate the FS-VSG community’s discussions of the most pressing third party risk management challenges in the context of today’s rapidly changing risk landscape and seek to:

  • Address the expanding frequency/scope of control assessments, including risks associated with cybersecurity, information security, business resiliency, privacy, physical security, and operational procedures.
  • Develop and publish targeted blogs, white papers, and best practices articles that are shared both with Shared Assessments members and more broadly across financial services institutions.
  • Become a forum for Identifying, understanding, and supporting what’s needed by in Third Party Risk Management.
INSURANCE VERTICAL STRATEGY GROUP

Meets bi-monthly, 3rd Thursday, 10:30am-12:00pm ET

Open to Insurance (Property, Casualty, and Life) Firms Only.

Goals for the Insurance Vertical Strategy Group (INS-VSG) are to exchange ideas, share best practices and identify collaboration opportunities related to insurance-specific TPRM needs. Shared Assessments’ recognizes the expanding risk landscape and regulatory requirements for insurance firms, and potential group activities include:

  • Gaining and documenting and understanding the unique TPRM needs of property, casualty, and life insurance firms.
  • Addressing the expanding frequency/scope of control assessments, including risks associated with cybersecurity, information security, business resiliency, physical security, and operational procedures.
  • Improving the industry’s opportunities for TPRM efficiencies and cost savings.

To participate in any of these committees or groups, please click here, or email erica@santa-fe-group.com.

Cross Vertical Strategy Groups

Members and Non-members of Shared Assessments are welcome to participate in our Cross Vertical Strategy Groups to ensure we are taking a comprehensive look at the needs across industries on Third Party Risk Management (TPRM) hot topics. Experienced third party practitioners facilitate community discussions of the most pressing TPRM challenges.

Non-member participation is limited to one year and no other benefits of Shared Assessments membership, including access to the TPRM Toolkit, are provided.

    ESG (ENVIRONMENTAL, SOCIAL, and GOVERNANCE) TPRM STRATEGY GROUP

    Meets bi-monthly, 3rd Thursday, 10:00am-11:00am ET (3:00pm – 4:00pm GMT)

    This group will focus on mature third party risk management sustainability practice in today’s fast paced ESG arena. This committee seeks participants from all organizations with an ESG third party risk agenda, no matter what level of ESG TPRM experience an entity has under its belt.

    We expect the ESG Committee to have an educational focus, informing members about ESG frameworks, policies, metrics, procedures, regulations, etc. This group will provide:

    • A forum for participants with extensive experience to share their insights with those organizations just beginning their ESG journeys.
    • Outside experts who will share their experience and insights to provide essential sustainability context.
    • ESG input to SA’s Content Governance Committee, which will ensure that sustainability updates to all Shared Assessments tools meet and exceed member expectations.
    • Input into the development of Shared Assessments’ ESG agenda, including educational offerings.

    Please take this important opportunity to join one of the few groups specifically focused on optimizing ESG TPRM practice.

    Note: Non-members of Shared Assessments are welcome to participate in this group for one year. No other benefits of Shared Assessments membership will be conveyed through non-member participation.

    PROCUREMENT & SOURCING STRATEGY GROUP

    Meets bi-monthly, 4th Wednesday, 10:00am – 11:00am ET (3:00pm – 4:00pm GMT) 

    This group identifies and documents best practices for establishing relationships, centralizing a vendor inventory/registry, and streamlining the vendor onboarding process focusing on people, process, and technology considerations. Key areas of inquiry include relationship building with the various departments interfacing with third party risk management, central predictive forecasting, controls, and agile response processes that include cyber, financial, location, and other key indicators. The partnership between third party risk management, procurement, and the business unit is paramount to allowing new and existing vendor relationships to operate and flourish in a secure manner. Members are focused on existing and emerging best practices in this arena in response to the shifting threat environment.

     

    Note: Non-members of Shared Assessments are welcome to participate for one year in this group. No other benefits of Shared Assessments membership will be conveyed through non-member participation.

    UK-EU TPRM STRATEGIES GROUP

    Meets bi-monthly, 4th Thursday, 3:00pm – 4:30pm GMT+1 (10am-11:30am ET)

    This group focuses on the challenges, best practices, and emerging practices that organizations experience in managing third party risk. Participants will document existing successful strategies in use today and identify emerging best practices to address TPRM challenges. Our initial discussion on the 24 September 2020 kickoff meeting will focus on Operational Resilience and Cascade Risk, including stability of supply chain, financial ratings, and related top of mind issues.

    Coordination with other Shared Assessments Committee participants will occur where appropriate to achieve a broader perspective. Examples of deliverables by this group may include: briefing papers; industry call to action pieces; practitioner guidelines and checklists, and other resources that enhance the practice of third party risk management.

    Participation is invited by those interested in UK/EU TPRM best practices, from the practitioner to the organization TPRM lead in these regions. Non-members of Shared Assessments are invited to participate for one year in this group. No other benefits of Shared Assessments membership will be conveyed through non-member participation.

    Tool Development Committees

    The primary mission of the Tool Development Committees is to ensure that the Shared Assessments Program standardized tools (SIG, SCA, Data Governance (TDT) and VRMMM) are relevant and thorough, respond to a range of new and emerging US and international guidelines for privacy, information and data security, and business continuity. All of the committees are conducted under the direction and oversight of the Shared Assessments Steering Committee. The Steering Committee, with input from each committee chair, establishes the annual initiatives and helps prioritize their efforts.

    Who Serves on the Tool Development Committees?

    Tool Development Committee participants play an important leadership role in the Shared Assessments Program. All Shared Assessments members are invited to serve on one or more committees and groups. Tool Development Committee members are subject matter experts and other risk management leaders from a range of industries.

    • Engagement in a global community of risk management and information technology professionals
    • Professional development opportunities
    • Collaboration with industry peers on challenging issues in information and data security, data governance, and business continuity
    STANDARDIZED INFORMATION GATHERING (SIG) COMMITTEE & STANDARDIZED CONTROL ASSESSMENT (SCA) COMMITTEE

    Meets monthly, 4th Thursday, 12:00pm ET

    • The SIG (Standardized Information Gathering) Questionnaire Tools are a set of comprehensive questionnaire management tools that lets organizations build, customize, store, and automatically analyze questionnaires and related evidence. The committee’s goal is to ensure the SIG Questionnaire Tools are always relevant to diverse industries and current with the latest industry regulations, standards and leading practices as the Tools relate to the information and cyber security, data governance, resiliency, risk management, and other technology and compliance matters. The SIG Committee maintains alignment with these external references and the rest of the Third Party Risk Management Toolkit.
    • The SCA (Standardized Control Assessment) Tools are a set of procedures providing risk professionals with resources that can be used to plan, scope, and perform third-party risk assessments. The Committee’s goal is to ensure the content of the SCA is relevant and accurate by examining and discussing changes to regulations, industry standards and guidelines, and updating SCA content as needed. Committee members also ensure/ maintain alignment with those external documents.
    DATA GOVERNANCE COMMITTEE

    Meets monthly, 3rd Wednesday, 11:00am ET

    The Data Governance Committee (formerly Privacy) will address challenges with specific data protection obligations in third party risk that organizations face in managing data governance risks and compliance by communicating changes in domestic and international data regulations. Given the pace and complexity of data protection regulations, Data Governance Committee will navigate and address data governance in third party relationships. The Data Governance Committee will continue to grow by including the requirements from various privacy regulations and framework updates, including CCPA.  In doing this the committee will be responsible for developing the content and functionality of the TPRM Toolkit components that are related to Data Governance management, including GDPR Privacy Tools and privacy section of the SIG Questionnaire and SCA Procedures.  The Data Governance Committee will also host presentations and produces briefing papers, blogs and other publications on topics of interest relevant to Data Governance.

    STANDARDIZED CONTROL ASSESSMENT (SCA) COMMITTEE

    Meets monthly, 3rd Tuesday, 12:00pm ET

    The SCA Committee is responsible for developing the content and functionality of the SCA Procedure Tools, which assists risk professionals in performing effective and efficient onsite or virtual assessments of vendors using standardized methods and procedures. The SCA Committee ensures the content of the SCA is relevant and accurate by examining and discussing changes to regulations, industry standards and guidelines, and updating SCA content as needed. Committee members also maintain alignment with those external documents and with the other components of the Third Party Risk Management Toolkit.

    VENDOR RISK MANAGEMENT MATURITY MODEL (VRMMM) COMMITTEE

    Meets bi-monthly, 3rd Thursday, 12:00pm ET

    The VRMMM Committee is responsible for developing and updating the content and functionality of the VRMMM Benchmark Tools. The VRMMM Benchmark Tools incorporate the most essential vendor risk management practices into an actionable model that can be leveraged to assess the current and desired future state of an organization’s vendor risk management program. Practitioners can utilize the VRMMM to make well-informed decisions on how to spend limited resources in ways that allow them to most effectively manage vendor-related risks. The VRMMM Committee ensures benchmarking tools and surveys maintain relevance for diverse industries and reflect the most current Third Party Risk Management regulations, standards and leading practices.

    ADDITIONAL INFORMATION

    We do give CPEs for attending Committee Meetings.

    No prerequisite knowledge is required to participate in Committee Meetings

    No advance preparation is required.

    Program Level: Basic

    Delivery Method: Group Internet-Based

    CPEs Earned for Completion: 1*

     *exact CPEs earned per meeting is subject to change. You must attend for the entire duration to be eligible to receive CPE credits. We do not issue partial credit. CPEs are automatically issued based on our attendance data to the name and email address used to attend the call. Please note it can take up to 30 days for the CPE credit(s) to be issued.

      To Participate

      To participate in any of these committees or groups, click button below, or email info@sharedassessments.org.