Vendor risk management is a process that involves multiple stakeholders. Internally at companies as well as at their vendors. Working together inside one platform is how can increase efficiency and shorten completion times.
Collaboration also means transparency between vendors and enterprises. When a vendor uses ThirdPartyTrust, multiple individuals can access the platform at once, they can see exactly what needs to be done, how far they are along with completing their profile and any open issues / findings. Vendors can also chat directly with security analysts to resolve findings in the platform.
Depending on the service a vendors is providing it might require deeper or lighter documentation during an assessment. Information security teams can tailor the assessment process to business needs and provide access to the business units that might be wondering where they are in completion. For example, if a vendor that has access to PHI, PHI or other sensitive data will require a more rigorous set of questions and documentation.