Third-Party Risk Management
Streamline Your Vendor Risk Management Program
with Our Easy-to-Deploy, Cloud-Based Solution
ProcessUnity Vendor Cloud is a software-as-a-service (SaaS) application that identifies and remediates risks posed by third-party service providers. The cloud-based solution automates key phases of the third-party risk management lifecycle, including:
Combining a powerful vendor services catalog with risk process automation and dynamic reporting, Vendor Cloud streamlines third-party risk activities while capturing key supporting documentation that ensures compliance and fulfills regulatory requirements.
Vendor Service Catalog
At the heart of Vendor Cloud is the vendor service catalog, a central repository of vendor information, key documentation and related risks. Organizations can capture and maintain critical information for all of their third parties, including:
- Contract information and terms
- Fee structures
- Vendor policies
- Performance information
- Financial condition information
- Insurance and liability coverage
- Data loss provisions
- Supporting documentation
Risk managers can pre-load vendor data from spreadsheets and databases with simple import templates. Integration with key enterprise applications and content providers brings all critical data together, powering comprehensive evaluations for third- and even fourth-party partners. With roles-based security, organizations are assured that sensitive documentation – contracts, service-level agreements, privacy documents, information security policies, etc. – are protected.
Powerful, Automated Assessment Tools
Vendor Cloud provides powerful capabilities that automate tedious tasks and free risk managers to focus on higher-value mitigation strategies.
Automated questionnaires put an end to inefficient paper surveys and spreadsheets and simplify the assessment process for both organizations and their partners. Risk managers create, schedule and deploy questionnaires with any number of sections, questions and response types. Organizations can accelerate their vendor risk program using Vendor Cloud’s complete assessment content, which includes sample vendor questionnaires, hundreds of categorized questions and process workflows. For more established programs, ProcessUnity allows risk managers to easily import their existing content and methodologies.
Third and fourth parties complete questionnaires electronically within Vendor Cloud through a secure link, where they provide responses and comments, and can attach supporting documentation. Question guidance provides vendors with additional support to ensure completed questionnaires are comprehensive and accurate.
Vendor Cloud tracks the overall assessment status and overdue questionnaire responses. The system automatically generates notifications based on specific responses and provides analyst instructions for the review process.
Analysts use Vendor Cloud to add their findings, track issues to resolution, and create and monitor remediation projects. Alerts and notifications ensure all parties understand where follow-on actions are required.
Interactive Dashboards & Reports
Vendor Cloud reporting capabilities provide real-time visibility into the state of third-party risk and demonstrate to 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.
Pre-configured reports track critical vendor and service risk information, including:
- Vendor Criticality
- Assessment Progress
- Assessment Findings
- Assessment History
- Document Requests
- Action Items
- Compliance Ratings
Extensive custom reporting capabilities allow risk managers to create role-specific reports and dashboards through a simple-to-use interface. With ProcessUnity, organizations gain program-level reporting that manual methods simply cannot provide.
Effectively and Efficiently Govern Third-party Relationships
ProcessUnity Vendor Cloud helps organizations effectively and efficiently manage the risk, cost and complexity of critical vendors throughout the entire relationship – onboarding, contracts, due diligence, performance monitoring, quality and service level management. With a single system for vendor-risk information and powerful automation, organizations streamline end-to-end third-party risk management processes for enterprises, vendors and assessors. Management-level reporting reduces operational exposures, surprises and losses while ensuring results stand up to regulatory scrutiny.
For more information on Vendor Cloud or to schedule a live demonstration, please contact us.