Risk managers are facing increasing pressure to navigate the complex landscape of security threats and regulatory changes while managing risks associated with business relationships with other organizations. In this challenging environment, the Standard Information Gathering (SIG) Questionnaire has emerged as a valuable tool for organizations to assess the security, privacy, and compliance risks of their third-party service providers and vendors. Developed by Shared Assessments, the SIG Questionnaire standardizes the process of collecting crucial information about vendors and their security protocols, saving organizations the effort of creating custom assessments for each vendor.
Business leaders have become adept at using the SIG Questionnaire, but it has undergone updates this year that are essential for every organization to understand. The SIG 2025 update reflects a shift towards stricter regulatory compliance and enhanced third-party risk governance. Organizations that embrace these changes early will enhance their resilience, security, and compliance in a rapidly evolving vendor landscape.
The SIG Questionnaire streamlines the evaluation of vendors by providing a consistent framework for risk assessment, reducing redundancies, and enhancing efficiency. It covers various aspects such as cybersecurity, data privacy, regulatory compliance, and business continuity, aligning with major regulations like ISO 27001, NIST, GDPR, HIPAA, and SOC 2. By sending the SIG questionnaire to potential vendors, organizations can assess their security posture and identify any gaps that may require additional controls or audits before onboarding.
The 2025 SIG update introduces new questions on response requirements, incident reporting, contingency planning, data governance, and resilience strategies. It also enhances compliance mapping by aligning with 31 reference documents, including key regulatory frameworks like the E.U. Digital Operational Resilience Act (DORA), E.U. Network and Information Security Directive 2 (NIS2), and NIST Cybersecurity Framework (CSF) 2.0. These updates aim to strengthen third-party risk management programs and improve risk visibility.
To prepare for these updates, risk managers should familiarize themselves with the new functionalities of the SIG Manager, update assessment templates, and stay informed about the latest changes through webinars and training sessions offered by Shared Assessments. Adapting proactively to these enhancements will help organizations strengthen their vendor risk management programs and remain compliant with evolving standards.
In conclusion, the evolution of the SIG Questionnaire reflects the dynamic business environment shaped by geopolitical tensions, regulatory changes, and the growing reliance on third-party vendors. As organizations continue to expand their vendor networks, robust risk management practices that leverage tools like the SIG Questionnaire are essential to safeguard against security threats and ensure business continuity. By embracing the updates to the SIG Questionnaire, risk teams can enhance their risk management practices and navigate the complexities of the vendor landscape effectively.