Companies have customers they serve, which ask for security documents. Those companies also have vendors to evaluate. ThirdPartyTrust’s tool lets a company do both; assess vendors and complete security requirements from their customers. With the ability for a company to own their own profile within ThirdPartyTrust, they can assess the security posture of their vendors and share their own security profiles to their customers. Some third party risk management solutions offer marketplaces, exchanges or clearing houses. Others offer portals to access and store data. Neither harness information sharing advantages like a network does.
The collection of owned, maintained and shared profiles becomes a network. And networks are best used for the collective intelligence of an industry and harnessing the power of information sharing.