The [Shared Assessments] program is designed to both raise the level of security of financial services ... while trying to lower costs for banks, insurance companies and computer services providers. It formalizes procedures that to date have largely been ad-hoc, costly and don't guarantee a level of security that meets regulatory standards.
- The Wall Street Journal
Each year, financial institutions pay hundreds of thousands of dollars to evaluate service provider security practices and controls. The Shared Assessments Program, introduced by The Santa Fe Group in partnership with BITS, was created to control these costs and boost the efficiency of the control assessment process.
Today, the Shared Assessments Program serves outsourcers in a range of industries. Nearly 60 outsourcers and major service providers are participating through the Shared Assessments Working Group. The Big 4 accounting firms — Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers — serve as Technical Advisors to the Shared Assessments Program.
Shared Assessments Program membership is open to companies of all sizes, including financial institutions, healthcare organizations, telecommunications companies, and others. To learn more about the Shared Assessments Program and download its free assessment tools, visit the official Shared Assessments website. For information about Shared Assessments Program membership, please contact Michele Edson at The Santa Fe Group.
