Shared Assessments SIG 2024 — Standardized Information Gathering Questionnaire

Why it Matters

The Shared Assessments SIG 2024 provides organizations with a standardized approach to evaluating third-party risk and improving overall information security management.

Key benefits include:

• Promote consistent risk assessments

Enable uniform evaluation of vendor security controls across diverse third-party relationships, streamlining the assessment process.

• Support compliance obligations

Facilitate adherence to regulatory requirements by mapping SIG questions to recognized standards and industry frameworks.

• Enhance operational resilience

Strengthen third-party risk governance by identifying potential vulnerabilities early and tracking remediation to minimize business disruption.

• Improve audit readiness

Provide structured evidence gathering and documentation to support internal and external audits of third-party risk programs.

• Increase third-party risk transparency

Build greater visibility into vendor security postures, enabling more informed risk decisions and stronger accountability across supply chain and partner relationships.

How it Works

The SIG 2024 is structured as a modular, questionnaire-driven framework that organizes security and risk assessment requirements into multiple content areas covering key information security domains. Each domain addresses specific control requirements and expectations, and questions are aligned to major regulatory frameworks and standards. The SIG provides different tiers of assessment depth—including Core, SIG Lite, and custom configurations—to match the scope and risk profile of each vendor relationship.

Organizations implement SIG 2024 by deploying the questionnaire to third-party vendors, reviewing responses against internal risk criteria, and tracking remediation of identified gaps. Typical activities include configuring the SIG to align with organizational requirements, reviewing and validating vendor responses, and integrating findings into risk registers and third-party risk management programs. Evidence collection, ongoing compliance monitoring, and periodic reassessments help maintain up-to-date risk profiles across vendor ecosystems.

With SmartSuite, organizations can operationalize SIG 2024 by leveraging built-in control libraries aligned to SIG content areas, centralizing third-party risk registers, and establishing workflows for questionnaire distribution and response tracking. The platform supports evidence collection, compliance tracking, remediation management, and reporting dashboards that provide real-time visibility into third-party risk posture and audit readiness across supply chain and partner relationships.

Key Elements

• Assessment Domain Structure

Organizes security and risk evaluation criteria into defined content areas addressing critical information security controls and compliance requirements.

• Regulatory Alignment Mappings

Provides cross-references between SIG content and recognized frameworks, enabling streamlined compliance across multiple regulatory obligations.

• Tiered Assessment Configurations

Supports varying levels of assessment depth, including SIG Core, SIG Lite, and custom versions tailored to vendor relationship risk profiles.

• Third-Party Risk Governance Processes

Describes structured workflows for managing vendor questionnaires, reviewing responses, and tracking risk remediation activities.

• Control Validation Criteria

Establishes requirements for verifying the adequacy and effectiveness of third-party security controls through standardized assessment processes.

• Continuous Monitoring Framework

Organizes ongoing assessment and reassessment activities to maintain current risk profiles and identify changes in vendor security posture.

Framework Scope

SIG v2024 is used by organizations managing third-party and supply chain risk across diverse vendor ecosystems. The framework governs the assessment and oversight of third parties' information security, privacy, and compliance controls, and is typically implemented when evaluating vendor risk, managing supply chain security, and supporting assurance programs within complex partner environments.

Framework Objectives

SIG v2024 provides a comprehensive, standardized framework for managing third-party risk and information security governance.

Strengthen third-party risk governance through consistent and structured assessments

Enhance data protection and privacy practices across vendor and partner ecosystems

Support regulatory compliance and alignment with recognized security standards

Improve risk management through systematic identification and remediation of third-party vulnerabilities

Promote audit readiness by maintaining comprehensive documentation of vendor security assessments

Enable ongoing monitoring to sustain effective third-party risk management programs

Framework in Context

SIG 2024 serves as a comprehensive third-party risk assessment questionnaire aligned with frameworks such as ISO 27001, NIST CSF, and SOC 2. Organizations use it to evaluate vendor security controls, streamline due diligence, and manage supply chain risks, particularly in industries with high regulatory oversight such as financial services, healthcare, and technology.

Common Framework Mappings

SIG v2024 is commonly mapped to leading cybersecurity and privacy frameworks to enable comprehensive vendor risk assessments, regulatory compliance alignment, and standardized third-party risk management across diverse industries.

Mapped frameworks include:

COBIT

GDPR

HIPAA

ISO/IEC 27001

ISO/IEC 27002

NIST Cybersecurity Framework

NIST SP 800-53

PCI DSS

SOC 2