A Company Is a Company

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.

The Many to Many Approach

Enterprises are able to save time by accessing already existing profiles and by inviting new vendors to the network at no cost. The ability to invite vendors and collaborate on questionnaires and assessments through a handful of features proves to be an effective way of active participation. With the simplicity of adding a vendor, enterprises can gain further insight into fourth party vendors.

Exchanges are costly as someone has to maintain the collection of data. Networks are efficient and incentivize both the enterprise and the vendor to participate.

Better Incentives with a Network

A collaborative effort only works well if all the partners are incentivized to participate. While, enterprises are standardizing their approaches and vendors are answering one off questionnaires, we built tools to eliminate the redundant efforts in the process. Our tool allows companies to expand their vendor assessment population quickly because we developed a vendor tool that vendors want to use. Time is what extends an assessment and with our tool time to completion is reduced from months to weeks. 

By developing an ownership approach, companies are incentivized to maximize their profiles. By doing so, they reduce the time spent on gathering assessment data and answering customer assessment questionnaires.

 

“Simplified, next generation vendor management solution.”

IT Security, US Foods

Learn about how to access the network