PRESS RELEASE. BOSTON-(BUSINESS WIRE)- ProcessUnity, provider of comprehensive end-to-end third-party risk management and cybersecurity solutions to leading enterprises, today announced the completed integration of the Global Risk Exchange.
The newly introduced capabilities provided via the integration, coupled with the company's foundational workflow platform, elevates ProcessUnity to the industry's only all-in-one risk platform for modernizing third-party risk management.
Now, via a single combined offering, risk executives can positively transform their TPRM program from labor intensive, static and limited coverage to continuous monitoring and mitigation across the entire third-party ecosystem.
This influx has exacerbated cyber risk and introduced additional dimensions of risk such as ESG, geopolitical and financial.
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 Forrester, 69% of risk decision-makers identified their TPRM program as manual.
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.
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.
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.
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.
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 Cyber Defense Magazine.
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 Boston, Massachusetts, ProcessUnity has earned recognition from leading analyst firms, customers and partners.
This Cyber News was published on www.darkreading.com. Publication date: Thu, 01 Feb 2024 22:20:30 +0000