According to a Microsoft survey, more than 40% of workers are considering quitting their jobs this year as part of the Great Resignation. Four million people departed their employment in the United States alone in April, falling just short of the record 4.5 million who resigned in March. A recent Deloitte survey, reports that two-in-five Gen Zers and one-quarter (24%) of millennials want to leave their current jobs by next year. Many more are expected to join the crowds in the coming months as they seek higher pay, more flexible working conditions, and new challenges.
The U.S. Bureau of Labor Statistics show that the manufacturing industry has been hit the hardest from pre-pandemic to late 2021, with resignations increasing by about 60%. In the same span, quit rates in the leisure and hospitality industries increased by 43%, while “other services” rates increased by 41%.
All of this has clear consequences for hiring and personnel with the added potential to cause security problems. Companies that failed to implement security standards during the previous 18 months properly have already expressed worry about shifting to remote work. Now companies have to be concerned about whether the firms they partner with have the correct policies to ensure that departing employees do not take important information or sensitive files. Adopting a zero-trust strategy, which establishes trust with your third parties as earned, not implied, can help your organization avoid security risks related to the Great Resignation. So it is now vitally important that your third-party risk management program has the ability to standardize zero-trust internally and externally.
Challenges Organizations Face Due to the Great Resignation
Over the years, there have been examples of employees selling files to competitors or utilizing such data for illegal purposes. According to Code42’s research, about three-fourths (71%) of respondents are concerned about a lack of visibility into what and how much sensitive data departing employees take with them to other firms. A similar percentage (71%) is concerned about sensitive data stored on departing employees’ local devices, personal hard drives, and personal cloud storage and services.
These worries are based on real-world examples of cybersecurity threats companies could potentially face. Contractors, vendors, resellers, and technology partners are examples of third-party users who require access to internally hosted resources and sensitive PII data or IP. They can be located across all time zones using a variety of unmanaged devices, adding to the complexity. As a result, third-party breaches have increased: an estimated 51% of organizations have experienced a third-party data breach according to Security Magazine.
TPRM and Vendor Risk Assessments
Companies now interact with hundreds and sometimes even thousands of vendors, each with their own agents and subcontractors. A few of the challenges organizations now face include identifying and grouping critical vendors by risk tier, and establishing a process for internal and external review. In this vast network, third-party hazards can appear at any time, making initial and ongoing vendor risk assessments important.
Vendor risk assessments are a key element in the due diligence process, evaluating and approving potential vendors and suppliers to see if they meet the organization’s service requirements and risk tolerance levels before any contracts are signed. Throughout the relationship, continuous assessments help determine if the service meets expectations and pinpoint changes in risk levels. and duties once the contract is signed. The ultimate goal is to build and maintain a portfolio of low-risk, best-in-class vendors and suppliers.
Many businesses have failed to track vendor risks per internal policies and certifications. Companies can use zero-trust security measures to establish frameworks for improved security, reduce third-party risks, and ensure compliance. For all aspects of your systems, but especially when it comes to zero-trust and vendor assessments, having a robust log and audit capacity is critical.
Up until recently, “Trust but verify” has been the standard edict for third-party risk management. However, due to increased third-party cybersecurity incidents, the focus has now shifted to “never trust, always verify.” It’s not enough to assume that your third parties have robust security practices based on their reputation or history. Their true risk levels must be evaluated on a continual basis via objective risk assessments.
Every company has its own partners and subcontractors, which can be dangerous, so knowing how far down the chain companies have to go to feel secure is why zero-trust should be implemented by all companies that use third parties. Zero-trust can help ascertain the areas of weakness in your supply chain, providing you with better visibility into mitigating these risks.
Solving Third-Party Risk Management Challenges Through Automation
According to an Opus & Ponemon study, enterprises exchange personal and sensitive information with an average of 583 third parties. Consider how vastly different security can be across these 583 third parties. All it takes to trigger a breach is a security mishap or oversight at one vendor with inadequate security controls. The point here is that you need to verify security at each and every vendor you share data with. Doing so will require formalized processes for evaluating and managing third-party risk.
Due to the ever-increasing number of breaches being reported on an almost daily basis, there’s significant reason to tune-up your TPRM processes. Third-party involvement was one of the factors in a breach, according to IBM’s Cost of a Data Breach Report 2020, raising the data breach cost by more than $370,000, for an adjusted average total cost of $4.29 million. As a result, businesses are putting money into developing third-party risk management (TPRM) frameworks and automating their vendor risk management (VRM) processes.
Organizations’ exposure to third-party risk and fourth-party risk expands as their reliance on third parties grows. TPRM automation can help you manage a growing vendor population with more agility as it speeds up typically onerous processes – onboarding, initial due diligence and ongoing assessments.
As many enterprises are turning to technology to help scale their vendor risk teams across their ever-growing vendor pool, they capitalize on four other key benefits:
1. Saving Time and Money
Automating your third-party risk management process means less time wasted and more employees and resources dedicated to higher, risk-mitigating tasks. Automated workflows, scheduled notifications, and intelligently-scoped questionnaires reduce administrative, time-consuming tasks. As a result, your TPRM team can focus on communicating and implementing zero trust principles internally and throughout your vendor population.
2. Streamlined Vendor Risk Assessments
Streamlined Vendor Risk Assessments powered by automation will help companies determine questionnaire scope and complete assessments for more vendors in less time. Poorly scoped assessments across hundreds of vendors would consume hours of time manually for the vendor and analyst. Automation eliminates the need for manual assessment distribution, response reconciliation and the excessive time required to manage these processes.
3. Better Reporting
TPRM automation helps organizations better monitor and communicate the risk associated with a certain third or fourth party. Key metrics and data are rolled up into interactive reports and dashboards that provide real-time access to the state of third-party risk with continuous updates. Automation aids in analyzing third parties with data collection security levels and provides proactive security measures.
4. Integration with Other TPRM Tools
Third-party risk management success is maximized when your strategy is integrated across the entire organization. Companies can enhance their program with auditing software, CRM, compliance management software, or connecting external news feeds and enterprise systems for full visibility into vendor risk. Incorporating TPRM automation with other business applications provides faster and time-sensitive insight into vendor risk and potential breach events through every aspect and department of an organization.
The benefits of implementing third-party risk management automation can place your company in a better position to succeed in the long term even with employee turnover. Company progress and reputation, and trust with other vendors and partners can be put at great risk otherwise. But by proactively managing risk and fortifying your entire organization, you can better guarantee the protection of sensitive information and ward off potential cybersecurity threats.
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CyberGRX is the Cyber Risk Intelligence industry leader. Within the CyberGRX Exchange, we have an..
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CyberGRX Named Winner In 10th Annual...
CyberGRX recognized as Hot Company in the Third-Party Cyber Risk Management (TPCRM) category for its..
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How an Exchange Supports an Effective...
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3 Questions Healthcare Organizations Should Consider...
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Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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Why Third-Party Risk Management Saves Businesses...
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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Protecting Your Network From the Increased...
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Social Engineering: How to Not Be...
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Understanding Your Cybersecurity Risks During the...
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War in Ukraine: Monitoring Resiliency in...
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Beyond Risk Management: How Cyber Risk...
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Log4Shell and Threat Profiles
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Log4Shell and Third-Party Vendors: How Will...
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The Difference Between Third-Party Cyber Risk...
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How To Create a Results-Driven Supplier...
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5 Easy Ways to Increase Your...
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How Predictive Analytics Will Keep You...
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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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3 Steps to Better Vendor Risk...
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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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ISACA Summit Replay: Cybersecurity is an...
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Inherent Risk vs. Residual Risk in...
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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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...
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Introducing Enhanced Portfolio Management Features
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How to Create a Mature Third-Party...
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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Exchanges, GRC Tools, and Risk Scans:...
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Supplier Risk Management Strategies for Healthcare...
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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...
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Risk Assessment Methodology Data Sheet
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Anatomy of a Third-Party Data Breach
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Cybersecurity Analytics: Integration With the MITRE...
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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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The Emerging Importance of ESG-Related Risk Environmental, social, and governance (ESG) and its role in vendor..
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The Intersection of Third-Party Risk and...
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Cybersecurity Accountability Requires Enterprise-Wide Involvement
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8 Key Reports You Need for...
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Stay Ahead of the Cybersecurity Threat...
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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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Regulations and compliance requirements are constantly changing, and this can make it challenging to efficiently maintain compliance...
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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:...
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What Is Third-Party Risk Management: The...
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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How to Stop the Next SolarWinds...
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Reporting on the State of Your...
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Cybersecurity Risk has Changed the Chief...
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How to Address The Top Third-Party...
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What is a Cybersecurity Framework?
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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
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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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When they determined the number of third-party cyber risk assessments they’d be doing was going..
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Why Vendor Risk Management Should Be...
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QBE: Improving Oversight of Third Parties...
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Auto Inherent Risk Data Sheet
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Pandemic Questionnaire Guidance & Vendor Assessment...
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The Cyber Info Exchange Episode 4:...
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ComplySci ROI One-Pager
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How Third-Party Risk Management Can Help...
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
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The Latest Retail Breaches: Third-Party Data...
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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...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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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...
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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...
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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...
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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...
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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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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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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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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.