Shared Assessments SIG 2024 — Standardized Information Gathering Questionnaire

Overview

The SharedAssessments SIG 2024 — Standardized Information GatheringQuestionnaire is a third-party risk management assessment tool thathelps organizations evaluate cybersecurity, data protection, andcompliance controls within their vendor ecosystem. This standardizedquestionnaire enables organizations to systematically collect andreview information from service providers regarding informationsecurity, privacy, business continuity, and related risk domains.

Published andmaintained by the Shared Assessments Program, the SIG is widelyadopted by organizations, security assessors, and complianceprofessionals conducting vendor risk assessments and due diligenceactivities. The questionnaire covers key areas such as cybersecuritymeasures, privacy governance, operational resilience, and regulatorycompliance, supporting comprehensive evaluation across multiple riskcategories.

Organizationsintegrate the Shared Assessments SIG into third-party risk managementworkflows by distributing the questionnaire to vendors, reviewingresponses, and mapping results to internal risk and complianceprograms. The SIG facilitates efficient risk assessments, strengthenssupply chain security, and supports alignment with frameworks likeISO 27001, NIST, and SOC 2.

Why it Matters

The SharedAssessments SIG 2024 provides organizations with a standardizedapproach to evaluating third-party risk and improving overallinformation security management.

Key benefitsinclude:

•  Promote consistent risk assessments

Enable uniformevaluation of vendors’ security controls, reducing ambiguity andimproving the reliability of due diligence processes.

•  Enhance regulatory alignment

Supportcompliance efforts by providing documentation that aligns withindustry regulations and recognized security standards.

•  Strengthen supplier oversight

Facilitateeffective monitoring of third-party vendors, helping organizationsidentify, address, and mitigate potential security risks.

•  Increase audit readiness

Streamlineevidence collection and documentation, making it easier todemonstrate security controls and compliance during audits.

•  Improve operational resilience

Reduce businessdisruption by enabling proactive identification of weaknesses andfostering improved risk mitigation strategies across the supplychain.

How it Works

The SharedAssessments SIG 2024 — Standardized Information GatheringQuestionnaire structures its framework around a comprehensive catalogof control domains, each organized to address critical areas ofthird-party risk management, regulatory compliance, privacy, andcybersecurity. The SIG establishes a modular, questionnaire-drivenformat, allowing organizations to select relevant sections thatcorrespond to specific governance requirements and business contexts.Each domain encompasses detailed controls, covering operationalsecurity, data protection, legal compliance, and incident management.

In practice,organizations implement the SIG by distributing the tailoredquestionnaire to vendors and partners as a core part of theirthird-party risk assessment processes. Responses are reviewed andvalidated to evaluate the effectiveness of security controls,identify compliance gaps, and benchmark vendor practices againstinternal policies or regulatory standards. The SIG also enablesorganizations to conduct recurring assessments, monitor vendor riskposture, and inform risk management and governance decisions.

SmartSuitesupports operationalizing the SIG by maintaining a control librarymapped to SIG domains, automating questionnaire workflows, andcentralizing documentation and evidence collection. Organizations canleverage SmartSuite to track compliance status, manage remediationactions directly from assessment results, and generate reportingdashboards for ongoing monitoring and audit readiness. Thesecapabilities streamline third-party risk management, policygovernance, and regulatory compliance tracking.

Key Elements

•  Organizational Governance Structure

Describes theframework for management oversight, organizational accountability,and roles within risk management.

•  Risk Assessment Processes

Outlinesstandardized methodologies for evaluating vendor and internal risksrelevant to information security and privacy.

•  Security Control Domains

Organizescontrols into logical sections including access management, dataprotection, and incident response.

•  Privacy and Data Handling Practices

Specifiesrequirements for managing, storing, and transmitting sensitive orregulated data.

•  Third-Party Assessment Procedures

Definesprotocols for evaluating the security and compliance posture ofexternal service providers.

•  Continuous Monitoring Mechanisms

Establishesmethods for ongoing review and validation of implemented securitycontrols and regulatory alignment.

Framework Scope

SharedAssessments SIG 2024 is utilized by enterprises, vendors, and serviceproviders engaged in third-party risk management and supply chainoversight. The framework governs information systems, cloudplatforms, and data processing environments, and is typically adoptedwhen performing due diligence, evaluating vendor security controls,and supporting assurance programs involving external partners andcritical suppliers.

Framework Objectives

The SharedAssessments SIG 2024 provides a standardized approach for evaluatingthird-party cybersecurity, risk management, and compliance practices.

•  Strengthen cybersecurity governance and oversight across vendorrelationships

•  Enhance risk management by identifying and mitigatingthird-party security threats

•  Support regulatory compliance through standardized due diligenceprocesses

•  Improve data protection and privacy safeguards within supplychain operations

•  Enable consistent assessment and monitoring of security controlsfor audit readiness

•  Promote operational resilience by addressing vulnerabilities inthird-party ecosystems The Shared Assessments SIG 2024 facilitatesthird-party risk assessments and aligns with broader industrystandards like ISO 27001, NIST Cybersecurity Framework, and SOC 2.Organizations typically use the SIG during vendor due diligence,ongoing risk monitoring, or regulatory compliance initiatives tostreamline information gathering and benchmark cybersecurity andprivacy controls across diverse assessment requirements.

Common Framework Mappings

Organizationsmap the Shared Assessments SIG to other established securityframeworks to streamline third-party risk management, supportregulatory compliance, and enhance overall security posture throughcontrol alignment and evidence reuse.

Mappedframeworks include:

CIS CriticalSecurity Controls

COBIT

GDPR

HIPAA

ISO/IEC 27001

NISTCybersecurity Framework (CSF)

NIST SP 800-53

PCI DSS

SOC 2

SWIFT CustomerSecurity Controls Framework