Collaboration plays an integral role in the construction of knowledge in online learning environments. A supportive foundation for learning can be created through the intentional design of formative and summative assessments that embrace self-, peer-, and instructor assessment practices. The purpose of this article is to: (1) examine current assessment practices of online collaborative learning, and (2) present a model of interconnected components: assessment design, assessment transactions, and assessment for knowledge construction. When implemented, these strategic interconnections advance student learning through assessment that informs learning processes and practices.