NEW YORK--(BUSINESS WIRE)--RapidRatings™, the leader in financial health analytics, today announced that it has joined The Shared Assessments Program, a member-driven trusted source in third-party risk assurance and management. As a member, RapidRatings will lend financial risk management expertise and solutions for evaluating the financial viability of the third-party ecosystem, including privately held companies, which often account for 70+% of an organization’s portfolio of vendors, suppliers, and other third parties.
The Shared Assessments membership and use of the Shared Assessments member-driven Program Tools offers companies and their service providers a standardized, more efficient and less costly means of conducting rigorous assessments of controls for risk such as: financial, IT and data security, privacy and business resiliency.
“We’re excited to be partnering with The Shared Assessments Program, where we’re able to share innovative technology and best practices for evaluating third-party risk, particularly through the lens of financial health with their members,” said James H. Gellert, CEO and Chairman of RapidRatings. “As third-party risk continues to evolve, understanding the financial health of the companies you do business with enables you to find the right business relationships to remain compliant with regulatory requirements, and create the most resilient operations.”
RapidRatings has already made contributions advancing third party risk tools such as the Standardized Information Gathering (SIG) questionnaire and the Vendor Risk Management Maturity Model (VRMMM), a free tool for third party risk benchmarking. RapidRatings has also joined committees that produce thought leadership white papers and case studies and establish best practices. Upcoming white papers include risk ratings.
“We commend RapidRatings for joining our Shared Assessments membership in advancing best practices in third party risk management. We look forward to the perspective and innovation that RapidRatings can bring to the program,” said Catherine A. Allen, Chairman and CEO of The Santa Fe Group, the strategic advisory group that manages the program.
James Gellert will be speaking at the 2017 10th Annual Shared Assessments Summit - Third Party Risk Assurance in a Digitally Evolving Ecosystem being held Wednesday, June 28 through Thursday, June 29, 2017 at The Ritz Carlton Pentagon City – Arlington, VA. For more information visit: http://sharedassessments.org/shared-assessments-summit-2017/.
RapidRatings is transforming the way the world’s leading companies manage enterprise and financial risk. RapidRatings provides the most sophisticated analysis of the financial health of public and private companies in the world. The company’s analytics system provides predictive insights into third-party partners, suppliers, vendors, customers and securities issuers. Every business conversation becomes more productive, transparent and efficient with the RapidRatings Financial Health System™. For more information, please visit www.rapidratings.com.
About the Shared Assessments Program
As the trusted source in third party risk assurance, the member-driven Shared Assessments Program has been setting the standard in third party risk assessments since 2005. Shared Assessments Program members work together to build and disseminate best practices, building resources that give all third-party risk management stakeholders a faster, more rigorous, more efficient means of conducting security, privacy and business resiliency control assessments. For more information on Shared Assessments, please visit http://www.sharedassessments.org.