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Simplifying Third-Party Risk Management with the SIG Questionnaire

In highly regulated industries, protecting critical data and security is of the utmost importance. But, as organizations grow, it becomes increasingly difficult to manage heavy workloads without the assistance of third-party vendors. Utilizing third-party vendors offers much needed specialization and often cuts costs by reducing the need to train and equip members of your team to manage new skills.

However, independently operating third-party vendors have their own security measures that may not line up with yours. Sharing sensitive data with vendors without a comprehensive third-party risk management strategy can leave your organization vulnerable to threats brought on by insufficient security controls.

The Standardized Information Gathering (SIG) questionnaire was developed by Shared Assessments as a tool for organizations to protect against data security vulnerabilities. Divided into 18 risk controls, the assessment standardizes the risk management process for efficient identification of red flags and problem areas.

Understanding the SIG questionnaire

The full SIG questionnaire is made up of more than 800 questions on topics including cybersecurity, data protection, and privacy. However, not every question is necessary or applicable for every organization and vendor. In order to simplify the assessment process, the SIG questionnaire is divided into two parts to meet diverse organizational needs.

Not every vendor your organization works with will carry a significant amount of inherent risk. SIG Lite is an approachable evaluation tool for those third-party relationships requiring less rigorous evaluation. This condensed version brings the same concepts and structure of the full questionnaire, without requiring each vendor to complete the same extensive assessment.

SIG Core offers optimal flexibility for organizations and vendors across industries. Designed with the understanding that every one of the 800+ SIG questions may not be applicable for your security needs, SIG Core is a question bank, allowing you to pick and choose from hundreds of questions to customize an assessment tool that perfectly fits your organization’s risk management strategy.

Cybersecurity tools you can trust

The SIG Questionnaire is an industry-leading tool for assessing third-party risk. Each year, the full assessment is evaluated for any areas needing improvement in order to keep the assessment as up-to-date as possible.

Because cybersecurity is a constantly evolving practice, your organization needs assessment tools you can trust to be in compliance with industry best practices, even as trends change. With SIG’s Core and Lite assessments, you gain from cutting edge cybersecurity understanding that grows with you.

Choose vendors with confidence

Selecting the right third-party vendor for your organization can be a high-stakes process. If your risk assessment fails to identify important red flags, your data could be left in insecure hands.

Choosing a comprehensive risk assessment is imperative to your organization’s ongoing security. With the SIG Questionnaire’s customizable evaluation tools, you can easily create an assessment that prioritizes the issues most important to your organization.

With a constantly changing cybersecurity landscape, having a rock-solid risk assessment strategy gives you the ability to choose vendors with confidence. Whether your top concern is data security or resiliency, SIG assessments can quickly identify the vendors that most closely align with your organization’s needs.

Privva can help

Your organization relies on risk management tools like the SIG Questionnaire to protect against the rise in all kinds of third-party threats. Here at Privva, we are experts in streamlining the risk assessment process, from sending to scoring. If you’re ready to simplify the risk management process, reach out today to learn more about how Privva can help.

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