Vendorly Announces Collaboration with Shared Assessments

Vendorly customers now have access to the Standardized Information Gathering (SIG) Questionnaire, providing an industry-standard and efficient method for performing third-party risk assessments

LUXEMBOURG, Jan. 29, 2019 (GLOBE NEWSWIRE) — Vendorly, an innovative vendor oversight platform for financial institutions, today announced a collaboration with Shared Assessments, a trusted source in third-party risk management, to license the Standardized Information Gathering (SIG) Questionnaire. The SIG Questionnaire is available for Vendorly customers to access the industry-standard list of questions, based on the risk profile of their vendor engagement.

Built on best practices by the Shared Assessments member community, the SIG Questionnaire provides standardization and efficiency in performing third-party risk assessments. Vendorly customers no longer need to rely solely on internal expertise in knowing the difference between frameworks (i.e. ISO or NIST) and instead can rely on the standardized questionnaire to help define how to mitigate risk. With over 50,000 vendors actively managed on the Vendorly™ platform, the addition of the SIG functionality showcases Vendorly’s commitment to raising the standards of third-party risk management (TPRM). The SIG effectively becomes the standard for all questionnaires, helping to satisfy the universe of a TPRM professional’s risk control areas.

“Vendor management is becoming increasingly complex, covering more and more areas,” said Jim Vaca, Senior Vice President, Vendorly. “By recognizing the pain points experienced by the customers and vendors we work with, we felt a need to bring additional efficiency to both. So often our clients and prospects ask for guidance on the right questions to ask, even something as simple as how long the questionnaire should be. The standardization of questionnaires is long overdue and we are excited to be offering the Shared Assessments SIG Questionnaire to our clients.”

“We commend Vendorly for joining the community of third-party risk practitioners working to create assurance in vendor relationships,” said Catherine A. Allen, Chairman & CEO, The Santa Fe Group | Shared Assessments. “By adopting and contributing to the Shared Assessments standard, Vendorly is working to create standard assessments that are reliable, relevant and efficient.”

About Vendorly™

Vendorly is an innovative SaaS vendor oversight platform designed to help financial institutions manage their vendors and meet their evolving vendor oversight obligations. The Vendorly platform can help to streamline vendor due diligence, document maintenance, monitoring and audits. Vendorly is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses. Additional information is available at vendorly.com.

About the Shared Assessments Program

As the only organization that has uniquely positioned and developed standardized resources, education, and certifications, to bring efficiencies to the market for more than a decade, the Shared Assessments Program has become the trusted source in third party risk assurance. Shared Assessments offers opportunities for members to address global risk management challenges through committees, awareness groups, interest groups and special projects. Join the dialog with peer companies at SharedAssessments.org and learn how you can optimize your compliance programs while building a better understanding of what it takes to create a more risk sensitive environment in your organization.

About Altisource^®

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.

Source: Altisource Portfolio Solutions S.A.