ARLINGTON, Va.--(BUSINESS WIRE)--Privva, the leading third-party risk management platform, today announced the addition of automatic language translation features for the popular Shared Assessments SIG Lite risk assessment format used as a standard within large industry sectors. Now Privva customers can centrally assign and manage SIG vendor questionnaires and assessments in English, Spanish, French, Dutch and German seamlessly from within Privva’s intuitive Web-based platform. Language translation is available immediately for Privva’s users and provides instant value by improving the speed, accuracy and decision-support insights from vendor risk data across regions, reflecting global businesses’ true partner and supply chains.
The Shared Assessments Program is a global membership organization dedicated to developing the best practices, education and tools driving third-party risk assurance. Executives leading risk management, compliance, global sourcing and related functions rely on Shared Assessments’ respected Standardized Information Gathering (SIG) methodology as a foundation for monitoring business partners’ internal controls and cyber risk postures. Privva’s platform already helps industries adopt and deploy Shared Assessments’ respected SIG format and practices. Today’s announcement benefits enterprises and their vendors alike by eliminating costly, error-prone and time-consuming language translation overhead from the assessment process.
“Supply chains are global, making it imperative for risk assessments to be tailored to local languages. Privva is leading the industry in offering seamless language translation for SIG assessments, lifting a common obstacle preventing organizations and their vendors from measuring and managing cyber risk,” said Privva CEO Ishan Girdhar. “Privva’s immediate ROI for customers is wringing needless overhead hours, errors and indecision out of the vendor risk equation. Our platform draws on industry standards like SIG, updated industry sector templates reflecting our diverse customer base and intuitive visualizations to confirm companies are accurately mapping assessments to the true state of their vendor ecosystems.”
“As an objective organization of professionals handling third-party risk issues in diverse fields, Shared Assessments promotes the SIG framework to give the community a flexible, universal approach to gathering necessary risk information from vendors,” said David Perez, Chief Executive Officer of Shared Assessments. “Our clients are global organizations, so integrating SIG within wider vendor risk management platforms and dashboards, like Privva’s, helps our members and vendors in the partner and supply chain worlds drive greater transparency, efficiency and understanding of risk in the context of business across the board.”
Privva is a sponsor of Shared Assessments 13th annual Third Party Risk Summit, an online conference running April 29-30 with speakers and sessions highlighting processes, technologies and efficiencies in third party risk management. Registration and event details are available at https://sharedassessments.org/summit/.
Scoping and administration are critical success factors in vendor risk management. Organizations must account for every partner, process and business function influencing risk in order to track correct data for decision-making. Anything incomplete, assumed or lost in translation can have far-reaching consequences. Privva’s flexible vendor risk management platform centralizes security questionnaires, risk ratings and scoring of responses for third-parties accessing customers enterprise networks and sensitive data. By using an intuitive interface and templates, Privva eliminates and automates manual overhead and administration while emphasizing metrics and visualizations vital for guiding C-Level risk management and vendor relationships.
Privva has extensive industry experience and built-in platform templates configured for customers in software, financial services, legal, healthcare, higher education, government and other sectors. Suppliers and other contractors required to comply with the U.S. Department of Defense’s Cybersecurity Maturity Model Certification (CMMC) use Privva to accelerate their compliance and audit readiness.
Privva is an award-winning, cloud-based vendor risk assessment platform delivering value for a diverse customer base across industries including legal, financial services, technology, healthcare, education, and media. The most flexible platform in the market, Privva’s solution streamlines the assessment process from authoring to automatic recurring delivery. Developed with a philosophy that risk is contextual, Privva’s adaptable features enable a tailored approach to assessing risk with an intuitive user interface that drives a responsive experience throughout the process. Privva’s Vendor Security Assessment offering centralizes security questionnaires, risk ratings and scoring of responses for third-parties that have access to enterprise networks or sensitive data. Through the use of Privva’s workflow and templates, the time it takes to assess a vendor is reduced by up to 75% and annual recertification can be automated. For more information, visit www.privva.com or schedule a demo at www.privva.com/demo.