Third-Party Risk Management

The ProcessUnity intelligent questionnaires transform the third-party risk assessment process by eliminating the inefficiencies of surveys and spreadsheets. Inherent risk scores and vendor criticality tiers automatically determine assessment scope, while preferred responses score vendor submissions in real-time, highlighting areas that require attention. Third-party risk teams can take advantage of built-in content or easily import their own methodologies, including Standard Information Gathering questionnaires (SIG Lite and SIG Core) from Shared Assessments. Third and fourth parties complete assessment questionnaires through a secure online portal, with delegation capabilities to multiple contacts and the ability to attach supporting documentation. With streamlined assessments, organizations can more thoroughly vet more vendors, improving response quality and reducing vendor fatigue. 

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ProcessUnity provides real-time visibility into the state of third-party risk and demonstrates to executives and regulators the existence of a consistent, reliable and repeatable program. Interactive dashboards give management visibility into ongoing risk assessment progress, the status of remediation activity and vendor ratings. Drill-down capabilities allow risk managers to quickly find the details in areas of concern. 

Extensive custom reporting capabilities allow risk managers to create role-specific reports and dashboards through the point-and-click interface. With ProcessUnity, organizations gain program-level reporting that manual methods simply cannot provide. 

Pre-configured reports track critical vendor and service-risk information, including: 

• Vendor Criticality 
• Vendor Assessment Status 
• Assessment Findings 
• Issues 
• Requests 
• Action Items
• Contract Review Status 
• Risk by Geographic Location 
• Compliance Ratings 

Tracking and Mitigating Emerging Threats in Third-Party Risk Management

This white paper will explore the process of prioritizing third parties for incident response, building and distributing an incident-response questionnaire, and reporting on an organization’s risk status after a threat has been identified and evaluated.

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Third-party risk teams can incorporate industry-vetted content to augment initial vendor assessments and to signal potential issues in between periodic due diligence. With a variety of pre-built connectors to cybersecurity ratings, financial health metrics, watch lists, negative news feeds and more, ProcessUnity provides customers with additional insights into vendor preparedness, stability and performance. 

Learn more about the ProcessUnity pre-built connectors that can enhance and augment Third-Party Risk Management programs. 

ProcessUnity for Third-Party Risk Management supports organizations of all sizes and program maturity. Our pre-built, out-of-the-box Best Practices Configuration offers smaller vendor risk teams a quick-to-deploy, complete program based on hundreds of successful customer deployments. Organizations with the most demanding and complex requirements can take advantage of the unparalleled configurability of the ProcessUnity Platform to implement a program that 100% matches their specifications. 

No matter how ProcessUnity is deployed, customers always have the flexibility to make changes to their implementation as their programs change and mature over time, future-proofing their Third-Party Risk Management software investment.