The Collaborative Software Initiative, a company that brings organizations together to collaborate on software development, has announced that it has licensed the content of the Shared Assessments Program.
The Shared Assessments Program was created by BITS, a non-profit industry consortium made of financial institutions in the US. CSI will use its new license to create an open source application that facilitates efficient use of the Shared Assessments vendor questionnaire. The Collaborative Software Initiative’s (CSI) project, which applies best practices from the open source development model, enables CSI to add value to both commercial and custom risk management systems. The project allows financial institutions to make vendor data more readily available through a web services front-end application for collection and editing shared assessment submissions and an XML schema for validating and accepting those submissions as XML documents.
The CSI web-based compliance questionnaire framework can run on its own or be directly integrated with existing operational risk systems. CSI will offer an XML-based interchange mechanism that can be used by service providers and their financial institution customers to streamline and accelerate their participation in the Shared Assessments Program.