Appraisal management company PCV Murcor has joined the Shared Assessments Program, a member-driven industry body that aims to create standardization, consistency, efficiency and cost savings in the vendor risk management process.
‘We think everyone can agree that a more streamlined compliance and oversight system is better for the entire industry,’ says Russell Lewis, chief information officer of PCV Murcor, in a release. ‘We also believe everyone would agree that the ability to increase efficiencies and accuracy while reducing the resources required to meet or exceed regulatory obligations is, collectively, a good thing. This is a needed initiative, and we're committed to doing our part to help create solutions that will benefit the entire industry.’
The goal is to develop standards that will result in improved oversight of third parties, operational efficiencies, improved regulatory compliance, greater transparency and improved processes, which, in turn, should help streamline the audit processes used to assess vendor performance.
As part of the program, PCV Murcor has integrated the Shared Assessments Standard Information Gathering (SIG) questionnaire and Agreed Upon Procedures (AUP) for on-site assessments into its operations. The SIG questionnaire is designed to determine how information technology and data security risks are managed across a broad spectrum of risk control areas. The AUP is used by companies to evaluate the controls their vendors have in place for IT security, data protection, privacy, business continuity and related risk areas.
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