Third-party risk management, or TPRM, is a critical part of keeping your company’s and customers’ data safe. As part of a comprehensive governance, risk, and compliance plan, proper TPRM helps you control your data and remain compliant with privacy laws while protecting your company as a whole.
Effectively implementing third-party risk management strategies isn’t always easy. Companies today face a myriad of third-party risk challenges when it comes to successfully implementing TPRM. Properly managing it requires your company to have a clear strategy for the selection, approval, and ongoing monitoring of your third-parties. Below are just a few of the challenges your organization might face as you build out a program.
Challenges of Implementing Third-Party Risk Management Alone
Creating a successful third-party risk management program from the ground up involves making hundreds of decisions. It also requires that your company be prepared to take on the task of individually monitoring every other organization to which it’s connected. A few of these challenges include:
Tiering Vendors
During the process of vendor onboarding, you need to make some immediate decisions. How much risk do you feel the vendor may pose to your company? The more critical a given vendor is to your business, the more risk you take on if you don’t perform your due diligence when onboarding. Tiering your vendors allows you to judge how deeply you need to investigate them before and during onboarding.
There are three steps to tiering your vendors’ risk levels:
- Define your risk tiers. You can use a number system or outline risk divisions such as “Low,” “Medium,” “High,” and “Critical.” Each of your vendors will fall into one of these divisions. A vendor in the “Low” risk tier doesn’t require the same amount of due diligence as “Critical” vendors.
- Create an inherent risk questionnaire. This is a list of questions that line-of-business users can ask themselves about prospective vendors to judge the potential risk. An excellent example of an inherent risk questionnaire can be found in the ProcessUnity Third-Party Risk Management Best Practices whitepaper.
- Build your scoring system. To use an inherent risk questionnaire effectively, assign each question a certain number of points. For example, answering “Yes” to a question like “Is this vendor essential to the company’s function?” might be worth 10 points. An affirmative response to “Does this vendor outsource aspects of its business?” might be worth only two. You can also assign each risk tier a point range: Low-risk companies might score a four or lower on the questionnaire, while critical companies score a 12 or higher.
Tiering your vendors gives you a clear idea of which ones carry the most significant risks, helping you focus your due diligence more effectively.
Engaging the Business
From line-of-business users to executives, having other company members work together on the third-party risk management process can ensure that they don’t miss any small details or misjudge risk. The challenge is getting them engaged and invested in the process in the first place. Effective engagement helps you tier your vendors accurately and ensure that your business is protected from as much risk as possible.
Storage
To properly vet your vendors, you need to store and organize data about them. Following best practices for data storage and organization in third-party risk management can be a challenge of its own.
Many companies rely on spreadsheets and email to coordinate their vendor data. Not only is this a difficult way to track vendors across departments, but it can also cause you to lose sight of the bigger picture. A centralized, automated vendor data storage solution can help your company coordinate across departments and avoid having to vet the same vendor multiple times.
Depth
Finally, if you’re going through the process of third-party risk management, security is clearly a priority. However, once you’ve begun, it can be unclear where to draw the line.
At what point do you stop investigating vendors? Do you vet the fourth-party vendors that your vendors use? Do you go a step further and investigate fifth parties as well? If you need a certain level of security, you may need to continue to investigate that far. And depending on the risk level of a vendor, the depth of your investigation may change.
IT Security company SecurityScorecard recommends utilizing continuous monitoring to assess third-parties beyond point-in-time assessments: “Many times, the information gathered by security risk assessments is outdated by the time it falls into your hands. The speed at which hackers are developing new attacks and exploiting vulnerabilities is too fast for point-in-time assessments or annual reviews to provide any insight into the real security posture of a vendor.”
Future TPRM Hurdles
Managing third-party vendor risk and engaging in best practices will not get easier. In fact, it seems clear that the future holds more challenges for third-party risk management than ever. Consider the following:
Expansion of Third- and Fourth-Party Vendors
The expansion of the internet and technology companies has been excellent for business in many ways. When it comes to third-party risk management, however, the growth has caused problems.
As more opportunities arise to outsource company departments and services to other vendors, the number of organizations you must vet grows dramatically. Companies work with more third- and fourth-party vendors than ever before. To effectively manage third-party risk, you may now need to vet thousands of vendors, whereas previously, you only needed to vet hundreds. Having a plan for managing fourth-party risk within your vendor risk management program is essential to understand the potential network of risk within the extended enterprise.
Growth of Cyber Risk
Another side effect of the internet age is the birth and growth of cybercrime. The internet has provided a whole new field for people with malicious intent. Just one aspect of this is the exponential increase in hackers and malicious actors whose goal is to harm businesses for their own gain. This puts companies at more risk than ever and makes third-party risk management both more difficult and necessary.
Increasing Regulation
To protect consumers, governmental and professional organizations are constantly creating new regulations about data, privacy, and risk management. Current regulations are evolving as well. Implementing TPRM requires that you stay up to date on all of these changes and consider them every time you onboard a new vendor. Failing to do so not only puts your company at risk of crime or data breaches, but it could also lead to fines.
The Weight of Due Diligence
All of these regulations, risks, and interconnectivity aren’t just hard on your company. Vendors themselves are starting to buckle under the weight of the sheer volume of due diligence requests. While it’s their responsibility to respond to these requests, it’s just as crucial that your company makes the request simple to fulfill. Due diligence processes should be tailored and streamlined to avoid vendor fatigue.
Third-Party Risk Management Best Practices
Every modern organization, no matter what size, should pay attention to third-party risk. To do that effectively, you need to develop an efficient program in advance or work with a third-party risk-management program expert. That’s why a good strategy and an automated vendor risk management tool are so critical.
The good news is that you don’t need to do it alone. For help addressing these challenges and more, read the ProcessUnity whitepaper; Expert Guide: Third-Party Risk Management Best Practices. This guide outlines the best approach for implementing a successful risk-management plan for today, tomorrow, and beyond.
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CyberGRX and Google Cloud Collaborate to...
Google Cloud to satisfy risk and procurement needs across wide customer base and deliver a..
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How a Data-Driven Approach to TPCRM...
When it comes to TPRCM (Third-Party Cyber Risk Management), the scope of potential threats outside..
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How an Exchange Supports an Effective...
According to a recent report by Deloitte, organizations spend 10.9% of their IT budgets on..
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Building a TPCRM Program: Where to...
Today's organizations have become increasingly reliant on third-party vendors to help them grow and sustain..
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How Common Are Third-Party Security Breaches?
In terms of operational agility and cybersecurity, third-party service providers can be a double-edged..
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Cyberattacks and Breaches can Severely Damage...
Cybercriminals want your data and they don’t care about the fallout for your organization. The..
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CyberGRX recognized by EMA as a...
We are proud to announce that CyberGRX has been named as one of the top..
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3 Questions Healthcare Organizations Should Consider...
Did you know that 33% of third-party data breaches in 2021 targeted healthcare organizations? In..
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Mapping Assessments Across Standard Frameworks More...
Maintaining a standard security framework has become increasingly crucial for businesses in today's digital age...
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ProcessUnity is a Leader in the...
The results are in: ProcessUnity is a Leader in The Forrester Wave™: Third-Party Risk Management..
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Can You Apply Zero-Trust to Your...
The federal government shifted to a zero-trust strategy in 2022 to bolster its cybersecurity posture; private..
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CyberGRX Redefines Third Party Cyber Risk...
Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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Webinar: Cyber Risk Intelligence and the...
Register & attend this session as we explore: Third-party cyber risk management vs self-assessments Cyber..
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The ONE Thing All Modern Third-Party...
At CyberGRX, we’re fortunate to engage with the brightest minds in the third-party cyber risk..
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Managing the Security Risks in Third-Party...
While the average cost of a data breach, $3.86 million, is alarming, another statistic also..
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Why Third-Party Risk Management Saves Businesses...
Small to midsize companies are increasingly feeling financial pressure on their operations. According to Harvard..
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How Remote Work Has Changed On-Site...
The pandemic caused a shift in how we think about the modern workplace. Pew Research found that..
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Are Your Suppliers Putting You at...
Global events, such as the Ukraine-Russia conflict, are driving increased risk levels in nearly every..
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Recorded Future Third-Party Threat Intelligence Insights
Having a single pane view of proven and contextualized datasets helps alleviate resource constraints, allowing..
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CyberGRX Product Guide
CyberGRX brings a revolutionary approach to third-party cyber risk management. Using sophisticated data analytics, real-world..
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3 Third-Party Risk Lessons from the...
Proactively mitigate third-party risks with vendor engagement and issue response strategies Lapsus$, a criminal hacking..
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The 6 Most Common Third-Party Security...
Businesses today are increasingly reliant on third-party vendors to help them run their operations. These..
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Protecting Your Network From the Increased...
By the start of 2022, about 30% of all employees in the U.S. were working..
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Why You Need Total Transparency with...
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Social Engineering: How to Not Be...
Remember the time you received a phone call from a disgruntled customer or employee that..
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Leveraging Predictive Risk Profiles for Greater...
With cyber-attacks escalating daily and a constant flow of headlines about ransomware demands bringing supply..
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Understanding Your Cybersecurity Risks During the...
Cybersecurity experts warn that conflict in Ukraine presents ‘perhaps the most acute cyber risk U.S...
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War in Ukraine: Monitoring Resiliency in...
As the world turns its attention towards the escalating conflict between Russia and Ukraine, companies..
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5 Areas to Mitigate Risk in...
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Beyond Risk Management: How Cyber Risk...
Definitions of the word intelligence include a collection of information of military or political value..
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Are You Ready for the PRA's...
The clock's ticking. If you're a financial services institution regulated by the Prudential Regulatory Authority,..
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Why Retailers Need Cyber Risk Intelligence...
The retail industry is one of the biggest contributors to the Gross Domestic Product (GDP)..
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How to Improve Your Vendor Due...
You can't do business without your vendors. They support critical elements of your organization, from..
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Building Your Intelligent Risk Portfolio
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3 Reasons to Align Cybersecurity and...
In the face of increasingly common and costly data breaches, your organization needs to know how..
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Log4j: How Organizations Address Cybersecurity with...
The discovery of the Log4j vulnerability is the latest incident to send organizations into panic about..
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Log4j Vulnerability: A Lesson in Third...
A vulnerability was recently detected in Log4j, an open-source logging framework web developers use to..
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Log4Shell and Threat Profiles
The Log4Shell attack has shown, once again, how important it is to know the cybersecurity postures..
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Log4Shell and Third-Party Vendors: How Will...
With the whole world losing their marbles over the Apache Log4Shell vulnerability (and rightfully so),..
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The Difference Between Third-Party Cyber Risk...
Major security incidents have shed light on the cyber risks associated with third-party suppliers and..
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How To Create a Results-Driven Supplier...
Seventy percent of organizations have under-invested in their supplier risk assessments. This fact is startling given the growing reliance organizations have on..
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2021 and Beyond: Financial Viability Trends...
Experts from ProcessUnity and RapidRatings recently got together to discuss why world-class third-party risk management programs are leveraging financial health ratings for onboarding, due..
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5 Easy Ways to Increase Your...
We want all members of our exchange to leverage their completed CyberGRX assessment as their..
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How Predictive Analytics Will Keep You...
The GDPR Threat With the Information Commissioner's Office's (ICO) ever increasingly active enforcement of the..
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4 Reasons to Manage Cybersecurity Controls...
The modern cybersecurity program faces more challenges today than ever before. New worldwide directives and increased cyberattacks put pressure..
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Predictive Risk Profiles Data Sheet
Predictive Risk Profiles from CyberGRX revolutionize the approach to third-party cyber risk management. By applying..
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5 Tips to Improve Your Vendor...
Vendor due diligence is essential to any third-party risk management program. However, no two due diligence processes are..
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How Dynamic Scoping Can Improve Your...
Vendor risk assessments help third-party risk management (TPRM) teams understand the risk their third parties,..
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Third-Party Vendor Risk Management Challenges for...
Today’s financial institutions face an incredible challenge when it comes to managing their third-party vendor..
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Build a Better Vendor Due Diligence...
Take a deep dive into vendor due diligence with ProcessUnity’s in-house due diligence specialist, James Goncalves. This interview..
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3 Steps to Better Vendor Risk...
Creating and distributing vendor risk assessments is a key part of any third-party risk management program. As organizations utilize third-party services to..
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Expert Interview: Continuous Monitoring of Third-Party...
ProcessUnity discusses best practices for continuous monitoring of third-party vendor risk with BitSight, a leading..
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Managing Third-Party Cyber Risk
Each day organizations face new threats that jeopardize their critical networks. Standard cybersecurity practices help mitigate the..
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Why Organizations Automate Vendor Risk Assessments
It’s a fact increasingly validated with each third-party data breach: when an organization brings on..
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ISACA Summit Replay: Cybersecurity is an...
Throughout your company, people are managing silos of cyber risk to your business. You need..
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CyberGRX vs. Competitors: A Comparison Chart
Selecting an effective TPCRM program can be a daunting task. While there may be similarities..
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Inherent Risk vs. Residual Risk in...
Conducting a thorough vendor risk analysis is an integral step in Vendor Risk Management. However,..
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ProcessUnity Team Kicks Off National Day...
On August 20th, 2021, ProcessUnity hosted its inaugural Day of Giving to provide our team with the..
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UK PRA Guidelines: New Strategies for...
It goes without saying that operational resiliency and supplier risk management go hand in hand. Organizations need to adapt, respond to, and..
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What the Biden Administration's Executive Order...
The Biden Administration is prioritizing the nation’s cybersecurity with an executive order to modernize cybersecurity defenses and protect..
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Ransomware & Your Third Parties: A...
Ransomware continues to dominate headlines with no sign of slowing down. What started more than..
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Introducing Enhanced Portfolio Management Features
We know that successful third-party cyber risk management requires a collaborative, comprehensive approach. With three..
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How to Create a Mature Third-Party...
Whether building a program from scratch or improving an existing program, third-party risk management (TPRM)..
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What is Third-Party Risk Management?
Third-Party Risk Management is the process of identifying, managing and mitigating risks present in a vendor relationship. This..
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ESG Reporting Mandates to Know for...
Third-Party Risk Management in today’s regulatory landscape is difficult – and it is about to..
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Ransomware Vendor Ecosystem Visibility Report
If knowledge is power, then visibility is the secret weapon against ransomware and extortionware.With our..
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7 of the Most Notable Ransomware...
As we mentioned in a previous post, ransomware attacks have been happening for many years..
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Diversity and Inclusion as a Third-Party...
Diversity and inclusion initiatives are helping organizations to increase profitability, boost their reputation and even..
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The Evolution of Ransomware
Ransomware is a type of malware that when deployed, encrypts files on a victim’s computer..
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What is Fourth Party Risk and...
As we’ve seen in recent events such as the SolarWinds hack, third-party risk poses a serious threat to business continuity. What the..
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CyberGRX Ransomware Threat Profile & Ecosystem...
In order to fight ransomware, companies need a methodology that combines a wide range of..
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Exchanges, GRC Tools, and Risk Scans:...
It’s like comparing apples to baseball stadiums: If you are (or will be) evaluating solutions..
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Supplier Risk Management Strategies for Healthcare...
The COVID-19 pandemic served as a wake-up call for supplier risk management programs globally. Formerly reliable..
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REvil’s Reign: Kaseya VSA Ransomware Supply...
Recently, thousands of Kaseya VSA servers were exploited using a malicious update payload. Bypassing access..
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The Next Kaseya Breach is Around...
While the July 4th weekend meant celebrating the United States’ Independence Day holiday for some,..
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Setting Up A Cybersecurity Assessment Schedule
Building an Informed Cybersecurity Assessment Schedule Managing a cybersecurity program demands regular reviews of key..
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Risk Assessment Methodology Data Sheet
CyberGRX cloud-based assessments are the industry’s only comprehensive assessment methodology to manage risk across security,..
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Managing a Cybersecurity Budget: Where to...
As humans, we all have fight or flight instincts that kick in during dire situations...
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How To Create A Barebones Production...
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The Impact of NERC and FERC...
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Your Cybersecurity Budget is a Top...
Cybersecurity is recognized as an increasingly important annual budget spend, with many organizations declaring their cybersecurity..
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Anatomy of a Third-Party Data Breach
According to research done by the Ponemon Institute, third-parties are involved in over half of..
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Why Vendor Risk Management is Essential...
Third-Party Risk in Healthcare When it comes to vendor risk management in healthcare, regulators increasingly..
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Cybersecurity Analytics: Integration With the MITRE...
Deriving insights from a cybersecurity assessment requires the structure of real-world threat narratives. Companies in..
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The Benefits of a Centralized Cybersecurity...
Implementing a centralized Cybersecurity Program Management platform can pay dividends for your organization by protecting high-value..
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Do You Really Know Who Your...
Money laundering; bribery and corruption; drug trafficking; and terrorism financing are issues that are rapidly infiltrating business operations. In recent years,..
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3 Secrets to Building a Winning...
Did you know third-party breaches account for over half of all data breaches in the..
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Attack Scenario Analytics: A Datasheet Reference
The MITRE ATT&CK framework has become a global standard for analyzing tactics and techniques used..
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Expert Tips for Setting up a...
Assessing Third Party Risk with a Vendor Questionnaire Vendors deliver reduced costs and increased productivity, making them very advantageous for business strategy...
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Vendor Risk Management & ESG Related...
The Emerging Importance of ESG-Related Risk Environmental, social, and governance (ESG) and its role in vendor..
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CyberGRX Partners with Recorded Future to...
We're excited to announce we've formed a strategic partnership with Recorded Future, the world’s largest..
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What’s the Difference? Vendor Risk vs...
The words are frequently used interchangeably. Is there a difference between them? The Basics of Third Party..
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The Intersection of Third-Party Risk and...
According to a recent BlueVoyant, Opinion Matters global study of 1,500 CISOs, CIOs, and CPOs, 29 percent say they have..
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Solarwinds Hack: The Intersection of Cybersecurity...
The continuing fallout from the SolarWinds hack is creating a mashup of Cybersecurity Program Management stuffed..
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Anti-Bribery & Corruption (ABAC) in Business...
The impacts of corruption can be very severe and have been historically well documented. On a political level, corruption – however and wherever..
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The Cyber Info Exchange Episode 7:...
The world of technology and security covers a magnitude of critical topics in all things..
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Cybersecurity Accountability Requires Enterprise-Wide Involvement
Cybersecurity is every employee’s responsibility. To ensure success, organizations today need to weave cybersecurity accountability into the..
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8 Key Reports You Need for...
The foundation for an effective vendor risk program starts with solid reporting. As your vendor..
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Stay Ahead of the Cybersecurity Threat...
Understanding today’s ever-evolving cybersecurity threat landscape is essential for developing strategies and taking action to..
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Checklist: TPCRM in the Retail Industry
The CyberGRX platform brings visibility, scalability, and accuracy to third-party cyber risk management programs (TPCRM)..
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Stop Wondering if You're Compliant: The...
Regulations and compliance requirements are constantly changing, and this can make it challenging to efficiently maintain compliance...
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Tips for Quantifying Inherent Risk for...
Quantifying inherent risk for third parties is one of the most important aspects of a..
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The Cyber Info Exchange Episode 6:...
The world of technology and security covers a magnitude of critical topics in all things..
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What Is Third-Party Risk Management: The...
The recent SolarWinds breach has reminded news organizations, businesses, and leadership teams around the world..
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The Importance of a Flexible Cybersecurity...
It goes without saying: Your cybersecurity threat landscape is continually evolving, and new risks emerge each day. Trends..
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EBA Guidelines and Supplier Risk Management
Today’s distributed, business environment is defined by third-party relationships. The boundaries of the organization have..
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How to Stop the Next SolarWinds...
The SolarWinds breach, while incredibly serious, is a flash in the pan brought upon by..
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Reporting on the State of Your...
The CISO’s Role and Cybersecurity Program Evolution As the role of the CISO changes and..
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Cybersecurity Risk has Changed the Chief...
In the past, the Chief Information Officer (CIO) was responsible for all things technology, but..
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What is a Cybersecurity Framework?
A cybersecurity framework is the foundation on which your program is built. It documents the..
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8 Benefits of Completing a CyberGRX...
CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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Are Third-Party Cloud Applications Putting Your...
In May of 2017, it was discovered that an exposed data repository, an AWS S3..
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Third-Party Risk Management Best Practices
New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes A robust, effective, and..
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Blackstone ROI One-Pager
Contact us today CyberGRX’s platform has helped Blackstone create a more efficient third-party risk management..
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QBE ROI One-Pager
When they determined the number of third-party cyber risk assessments they’d be doing was going..
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Blackstone Case Study
With a rapidly growing business that includes a robust vendor ecosystem and portfolio of companies,..
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TPCRM 101 Guidebook
In the cyber sphere, NIST, ISO, AICPA, and DHS are among the multiple organizations that..
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Gartner Names ProcessUnity a Leader in...
The title says it all – Gartner has again recognized ProcessUnity as a Leader in..
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Why Vendor Risk Management Should Be...
As the severity and cost of data breaches continues to increase, Vendor Risk Management has never been..
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What is Data Privacy and How...
The General Data Protection Regulation (GDPR) brought data privacy issues to the doorstep of organizations..
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The Evolution of the Third-Party Due...
To compete in today’s marketplace, companies routinely engage third parties to provide all manner of..
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QBE: Improving Oversight of Third Parties...
As a major insurer operating in 27 countries, QBE has a large vendor footprint and..
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Procurement or Information Security: Who Owns...
There is no right answer to which team should own Third-Party Risk Management, but effective..
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Auto Inherent Risk Data Sheet
If you’re still using static assessments, you’re likely missing out on vital risk intelligence. CyberGRX..
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Compliance Week Recognizes Abercrombie & Fitch’s...
Congratulations to Rob Seibel, Director of Legal Compliance at Abercrombie & Fitch Co., for receiving..
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7 Security Controls You Need For...
It’s no secret that data protection and security has become a hot topic in recent..
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Revolutionizing Third Party Risk: How to...
Despite their best efforts to administer an efficient and effective process, many organizations spend an..
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Pandemic Questionnaire Guidance & Vendor Assessment...
Before the emergence of COVID-19, third-party risk management programs were executing in a business-as-usual mode,..
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The Cyber Info Exchange Episode 5:...
The world of technology and security covers a magnitude of critical topics in all things..
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The Cyber Info Exchange Episode 4:...
The world of technology and security covers a magnitude of critical topics in all things..
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ComplySci ROI One-Pager
By proactively sharing their CyberGRX assessment, ComplySci has cut down the time they spend filling..
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How Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
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How to Spot Your Riskiest Vendors:...
Maintaining strong relationships with third parties is critical to business success. Yet too often, does..
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Third-Party Risk Management: From A to...
Just as the mind, body and spirit are intertwined, there are several interconnected pillars to..
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APRA CPS 234: Everything You Need...
The Office of the Australian Information Commissioner reported that there were over 950 data breaches..
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Metrics to Avoid When Discussing Cybersecurity...
Chief Information Security Officers (CISOs) have one of the toughest jobs in the C-Suite. They..
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2019 Was A Banner Year for...
ProcessUnity just finished up another banner year – it’s an exciting time to be in..
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Outside-In Scanning Is Not Cyber Risk...
Risk management is fairly straight-forward as a strategic concept but is complicated by a myriad..
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ProcessUnity Scores Highest in Gartner 2019...
Gartner recently published the 2019 Critical Capabilities for IT Vendor Risk Management Tools, and we..
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CPG Case Study
With an extensive portfolio of third-parties, a leading CPG company needed a streamlined third-party cyber..
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ProcessUnity Positioned as a Leader in...
We have great news. Today, Gartner published the 2019 Magic Quadrant for IT Vendor Risk..
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What the European Banking Authority Guidelines...
Using the European Banking Authority (EBA) guidelines to streamline your supplier risk management program Simply..
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Solix Case Study
Solix Shares the CyberGRX Assessment Driving Business and Saving Time One Assessment For All After..
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The Latest CCPA Update: Amendments to...
As we learned from, “A Finance Exec, A Real Estate Developer, And a Former CIA..
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Why Your Third-Party Risk Management Program...
The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
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How To Improve Your Third-Party Inherent...
More than two-thirds of companies are cutting corners when it comes to third-party due diligence..
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The Latest Retail Breaches: Third-Party Data...
Third-party data breaches have been dominating the headlines in 2019, with a lot of the..
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CCPA and GDPR Compliance for IT...
For many of us that work in IT Fields, the requirements of privacy bills like..
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Sarbanes-Oxley Compliance: Five Steps to Cleaning...
While Sarbanes-Oxley (SOX) compliance management may be old hat for some, organizations today continue to..
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CyberGRX Enriches Third-Party Cyber Risk Management...
CyberGRX Auto Inherent Risk Automates a Time-Consuming, but Critical Step, Bringing Immediate and Valuable Insights..
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Hey Third Parties! Here's How to...
If you have a partner that trusts you with their business – and therefore, data..
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Tips for Preparing For Your Third-Party...
Being the target of a cybersecurity assessment can be frightening. Cybersecurity covers a broad set..
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How Financial Ratings and Cybersecurity Scores...
RapidRatings, Security Scorecard and BitSight Enhance Vendor Risk Management Process As a standalone solution, ProcessUnity’s..
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Poll: Over Half of Risk Managers...
ProcessUnity recently participated in a live webinar with IT GRC and other leading Vendor Risk..
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First GDPR, Now CCPA: Manage Your...
One year ago, organizations of all sizes were scrambling to comply with the pervasive General..
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Essential Technical Security Controls to Promote...
One of the most impactful regulations in the U.S. is the Health Insurance Portability and..
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Evaluating Third-Party Risk Management Software? Speed...
Good vendor risk management practices are good for business. Unfortunately, most organizations today continue to..
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It’s a Wrap: Four Takeaways from...
The 2019 ProcessUnity Customer Summit is a wrap and what a week it was. We..
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Creating a Third-Party Cyber Risk Management...
I’ve spent almost 30 years in the IT security space and half of that engaged..
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Cyber Risk: What is it and...
Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
Third parties are inundated with assessments and enterprises aren't getting the insights they need -..
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Trust, But Validate: Building Confidence in...
Overview Security assessments come in all shapes and sizes. Some have tightly defined scopes and..
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How ComplySci Spends Less Time on...
ComplySci Proactively Shares CyberGRX Helps ComplySci Reduce Time Spent on Assessments with Proactive Sharing Proactive..
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How Blackstone Assessed 3x More Vendors...
Blackstone Assesses 3x More Vendors CyberGRX Is A Force Multiplier for Third-Party Cyber Risk Management..
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5 Reasons to Share Your CyberGRX...
One of the greatest benefits of having a CyberGRX assessment on the Exchange is the..
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5 Reasons to Accept a CyberGRX...
A partner wants to share a CyberGRX assessment with you, why should you accept? Step..
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Third-Party Management Maturity Model White Paper:...
ProcessUnity’s recent white paper, the “Third-Party Risk Management Maturity Model,” helps you understand where your..
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
ComplySci Proactively Shares CyberGRX Helps ComplySci Reduce Time Spent on Assessments with Proactive Sharing Proactive..
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New Report Predicts Significant Market Growth
MarketsandMarkets has published a new report that states that the global Vendor Risk Management market..
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
We’re not seeing it as much as we used to, but some companies are still..
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Incorporating Content Services into Your Vendor...
Companies are continually searching for ways to improve the quality of their third-party risk due..
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Regulatory and Management Reporting for Vendor...
In working with prospects and customers, one of the questions I get asked the most..
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SLAs and Vendor Performance Management
Not all business relationships require a service-level agreement (SLA), but good vendor performance management is..
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Formalizing Vendor Risk Management - Keep...
When starting to build a formal Vendor Risk Management program, it’s important not to overcomplicate..
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Six Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
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The 2017 State of Third Party...
How does your program rate? Take the Third-Party Risk Management survey and find out! There..
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eBook: 8 Reports for Effective and...
The foundation for an effective and efficient Vendor Risk Management program is solid reporting. The..
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau..
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Why Cloud Works for Third-Party Risk...
If you are running a Vendor Risk Management program, odds are that you either have:..
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
Cybercrime is a hot topic among GRC practitioners these days. It should be. According to..
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Introducing ProcessUnity’s Summer 2015 Release
Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.