ProcessUnity has today introduced ProcessUnity VRM Essential Edition, a new version of its flagship vendor risk management software aimed at helping smaller organisations identify and remediate risks posed by third-party service providers. This newest offering combines ProcessUnity’s award-winning automation tools with a complete baseline program that automates vendor onboarding, due diligence and ongoing monitoring.
“Small and medium-sized businesses that want to move beyond simple ‘check-the-box compliance to a true, risk-reducing third-party management program have limited options when it comes to software – either it’s too expensive or the functionality is limited,” said Ed Thomas, Senior Vice President of Marketing and Sales Operations at ProcessUnity. “ProcessUnity VRM Essential Edition combines our best automation tools and an out-of-the-box best-practice program to instantly advance organisations’ programs at an easy-to-justify price point.”
ProcessUnity VRM Essential Edition is a turnkey offering that provides small and mid-size organisations with unparalleled insight into their third-party risk posture. With it, organisations can replace spreadsheet-based third-party risk management or first-generation tools with a world-class program developed and perfected through hundreds of customer implementations. The ProcessUnity platform deploys in a few short weeks and allows organisations to efficiently address the entire third-party lifecycle with a wide array of cutting-edge capabilities that:
- Centralise Onboarding: Third-party risk managers can easily determine vendor criticality and confidentiality risk levels using pre-built inherent risk scoring. Automated assessments replace the need for traditional spreadsheet-based vetting processes, eliminating time-wasting queries during vendor onboarding.
- Accelerate Due Diligence: ProcessUnity enforces objectivity via a standardised pre-contract vendor due diligence process. Due diligence scoping allows third-party managers to evaluate vendors against compliance, contractual and security requirements.
- Automate Assessments: Automated assessments and SIG-based assessment questionnaires aid third-party managers in distributing relevant question sets to appropriate vendors, tracking distribution and completion records and meeting critical timelines. ProcessUnity Vendor Risk Management delivers posture analysis on a per-question basis, reducing review time and reducing vendor fatigue.
- Improve Executive & Regulatory Reporting: Extensive built-in reports provide real-time visibility into the state of third-party risk. Interactive dashboards give visibility into ongoing risk assessment progress, the status of remediation activity and vendor performance ratings. Drill-down capabilities also allow risk managers to quickly find the details in areas of concern.
ProcessUnity VRM Essential Edition is available now for organisations under $250 million in annual revenue and financial institutions with under $1 billion in assets under management.
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About ProcessUnity Vendor Risk Management
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. Through automation and standardisation, ProcessUnity customers reduce busy work, streamline regulatory reporting and improve overall visibility into vendor performance.