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Global Resilience Federation and ThirdPartyTrust Establish Partnership allowing members to Peer-Source Vendor risk Assessments

Posted by Jeffrey Spetter on Oct 23, 2018 9:25:58 AM
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Reston, VA USA – October 23, 2018 – Global Resilience Federation (GRF) and ThirdPartyTrust today announced a new partnership that provides GRF members the opportunity to peer-source vendor risk management using the ThirdPartyTrust community-oriented platform that advances awareness and minimizes the workload of evaluations.

ThirdPartyTrust offers a network for organizations to work together as they assess the risk of common vendors. Vendors can also share documents or completed assessments they’ve done previously, providing greater efficiencies for both parties and a more fulsome view of security practices, certifications, compliance, standard questionnaires, insurance policies, and perceived risk scores.  

“GRF is always seeking new means to provide value for its members and further its mission to assure the resilience of critical and vital infrastructure. With this partnership, member organizations of all sizes and budgets can utilize the ThirdPartyTrust portal to rapidly gather detailed risk related information,” said Cindy Donaldson, president of GRF. “Just as information sharing communities “trust source” threat intelligence, they can now do the same with vendor risk assessments.”

The partnership enables members to gather vendor risk intelligence and communicate with vendors in one common place to resolve security gaps. By making the platform available to all members, it will help improve transparency into the supply chain across industries. The partnership is an effort to standardize and automate as much of the evaluation process as possible.

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“We are aligning closely with GRF and their information sharing communities to deliver membership value every member can utilize and gain efficiencies from. We are focused on helping not only the large corporation, but also the SMBs that lack the resources and technology solutions to effectively manage third party risk.  Every GRF member can gain value from common vendor assessments in the network,” said Anders Norremo, CEO of ThirdPartyTrust.

Through the partnership, GRF members gain ThirdPartyTrust platform access and the ability to engage other vendors and enterprises within the system. Members can connect to and evaluate up to 25 vendor profiles at no cost as part of their GRF membership, and purchase additional assessments, as needed, at a discounted price.

“Our members seek technologies that strengthen security for their industries, and individual organizations within those industries,” added Donaldson. “Organizations of all sizes have risk to manage and with vendor security being a critical aspect of an organization’s risk posture, they can access this toolset that leverages their existing understanding of a communal, network-based defense and apply it to the specific challenge of risk assessment.”

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Global Resilience Federation (GRF) is a non-profit hub for support, analysis, and multi-industry intelligence exchange between ISACs and ISAOs, which facilitate cyber and physical intelligence sharing for specific sectors. GRF’s mission is to help assure the resilience of critical and vital infrastructure against threats that could significantly impact the orderly functioning of the global economy and general safety of the public. GRF members include Financial Services ISAC, Legal Services ISAO, and Energy Analytic Security Exchange, among others. GRF is also engaged with CERTs and other bodies around the world that seek to protect certain regions and industries. Formerly the Sector Services division of FS-ISAC, GRF was created as a standalone non-profit organization in May 2017. Learn more at www.GRFederation.org or by visiting @GRFederation on Twitter or Global Resilience Federation on LinkedIn. Inquiries may be directed to Patrick McGlone at pmcglone@grfederation.org

Headquartered in the heart of Chicago, ThirdPartyTrust’s vision is to band together professionals across organizations in the common goal of solving the vendor risk management problem. The platform enables third party risk professionals to better manage vendor risk via automation, communication and collaboration. ThirdPartyTrust’s unique, network-enabled platform allows professionals to leverage the work of their peers allowing for deeper insight to vendor risk.

ThirdPartyTrust is the first company to offer a shared vendor risk platform to both members of industry associations and their vendors. By creating a solution for all companies regardless of size, ThirdPartyTrust is focused on breaking down silos and providing access to a modern platform; thus removing the barriers to collaborating on vendor risk assessments. Learn more at www.thirdpartytrust.com/grf. Inquiries may be directed to Jeffrey Spetter at grf@thirdpartytrust.com

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