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This paper considers a procedure for multi-area static security assessment of large interconnected power systems operated by a team of transmission system operators (TSOs). In this procedure, each TSO provides the other TSOs with his own equivalent model as well as the detailed effects of contingencies in his control area on all tie-line flows. The paper deals with the implementation of sensitivity-based equivalents suitable for static security assessment. Accuracy with respect to the unreduced model and computational efficiency are considered in evaluating the proposed approach. The relevance of the procedure in the context of recent UCTE operational security policy recommendations is also stressed. The procedure has been implemented in an AC power flow program and tested on a three-area variant of the IEEE 118-bus test system.