ThirdPartyTrust allows companies to both assess third-parties and complete security requirements from their own customers. With the ability to build their own profile, a company can easily turn into a third-party itself, harnessing information sharing advantages to build a true network and increase the collective intelligence of an industry.
Enterprises can save time by accessing already existing profiles and by inviting new third-parties to the network at no cost. Thus, increasing visibility and gaining further insight into fourth-parties.
This network approach proves to be an effective way of interaction that incentivizes participation and avoids the cost of data collection.
A collaborative effort only works when all the partners are incentivized to participate. ThirdPartyTrust allows companies to increase their assessment rate quickly because we developed a tool that their third-parties also want to use. Thus, redundancies are removed on both ends and time to completion is reduced from months to weeks.