Today, businesses compete as digital ecosystems, which requires continuously onboarding more vendors, partners and third parties. This influx has exacerbated cyber risk and introduced additional dimensions of risk such as ESG, geopolitical and financial. Despite increased demands for TPRM, the human, technical and capital resources within most organizations remain unchanged. A lack of modernization within TPRM programs impacts risk teams' ability to appropriately assess its third-party ecosystem - often focusing primarily on third parties categorized as high risk. According to
The exponential increases in third parties and stagnant TPRM resources reveals a vulnerability that no business is exempt from, and it is driving procurement, risk management and cyber executives to think differently about how they approach TPRM. Today, ProcessUnity actively provides the foundation for organizations and third parties across the globe to shift from managing assessments to actually mitigating risk. The company's all-in-one platform for third-party risk combines the power of:
TPRM Automation: With a single, configurable platform, ProcessUnity helps organizations manage the increasing complexity of supply chains and third-party relationships with tools to identify and assess the risks associated with each external party, monitor third-party performance and ensure external control effectiveness.
Universal Data Core: Third-Party Risk Management, by nature, involves dealing with vast amounts of data. Managing these data sets, derived from multiple sources, can be a daunting task. ProcessUnity simplifies this process by providing a unified platform where all data related to third-party risk can be stored, analyzed and managed efficiently in a single system of record.
Global Risk Exchange: With over 15,000 standardized, attested risk assessments, validated by strategic audit partners, and cyber risk data on nearly 300,000 third parties the Global Risk Exchange is a significant breakthrough in Third-Party Risk Management. The library includes assessments of large, hard-to-assess third parties that typically don't respond to assessment requests. This vast array of evaluations not only accelerates the TPRM process but also enhances its efficacy.
AI-powered TPRM Teams: When applied to TPRM, AI empowers teams with more reach, more consistency and the insights needed to identify and mitigate potential risks efficiently. ProcessUnity's suite of AI tools - Auto Inherent Risk, Predictive Risk Profiles and Policy Evaluator - elevate human performance and ensure uniformity in risk assessments.
'We've seen tremendous success in TPRM modernization as a direct result of our solutions,' said
Serving as the force multiplier across a TPRM program, ProcessUnity enables executives to eliminate tradeoffs, achieve data-driven control, automate prioritization, elevate the performance of teams and scale up/down to conquer complexity and market conditions. Independent research validated that TPRM leaders who use ProcessUnity report a 50% reduction in oversight time, an 85% reduction in onboarding time for third parties, an 85% reduction in post-contract risk assessments and a 90% reduction in time producing reports.
ProcessUnity has been recognized as a leader in The Forrester Wave: Third-Party Risk Management Platforms, Q2 2022 and was named winner in the 2023 Black Unicorn Awards by
Ready to start your journey towards mature third-party risk management? Join the movement.
About ProcessUnity
ProcessUnity is a leading provider of cloud-based applications for third-party risk and cybersecurity performance management. The ProcessUnity platform unifies how organizations assess, measure, and mitigate risk through automation. Built by a team of risk experts and implemented within the world's leading enterprises, ProcessUnity solutions align programs and people to create a well-rounded defense against critical business risks. Headquartered outside of
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