The energy and utilities sector has become increasingly reliant on third parties to achieve cost efficiencies, access specialized expertise, and implement innovative technologies. These external relationships, including technology providers, contractors, suppliers, and service providers, seamlessly integrate into the sector operations. However, in this regulated industry, such partnerships pose risks in operational resilience, data privacy, cybersecurity and compliance. Energy and utility companies need a comprehensive solution to assess, manage, and efficiently mitigate third-party risks.
ProcessUnity Third-Party Risk Management and ProcessUnity Cybersecurity Risk Management solutions help you streamline and automate your third-party and cybersecurity risk management processes. With ProcessUnity, you verify that third parties have controls to ensure your operational resiliency, protect your sensitive data, and avoid regulatory fines.
Ensure Regulatory Compliance
Assess business associate agreements, perform due diligence, validate controls and more, to maintain an acceptable level of risk for your institution. Monitor and assess vendors against EPA, FERC/NERC and NRC regulations and CIP standards.
Proactively Mitigate Risk
Use our platform to score inherent risk and identify vendors with a high exposure to risk. Customize vendor due diligence according to their risk profile. Employ assessment questionnaires, content feeds from data providers, internal assessments, and more to test relevant controls, identify gaps and mitigate risks.
Protect Data and Assets
Identify vendors with access to NPI/PII (non-public information/personally identifiable information) to safeguard against data privacy threats. Knowing which vendors handle your sensitive data lets you focus your assessments and ensure compliance with HIPAA, HITECH and other regulations, and SLAs.
Reduce Cybersecurity Risk
Analyze extensive third-party data to spot potential vulnerabilities and threats to your infrastructure from your partners. ProcessUnity streamlines analysis, ensuring no potential cyber risks from partners are overlooked.
Drive Consistency and Accountability with an Automated Workflows
Evaluate third parties using tailored questions mapped to regulations, standards, and enterprise controls. Customize questionnaires based on each vendor’s service type and inherent risk profile for high-quality responses. Document issues from due diligence, continuous monitoring, and KPI tracking, then connect them to controls to develop and track effective mitigation actions.
Increase Visibility into Risk and Performance for Key Business Stakeholders
Utilize our platform to get access to real-time reporting and configurable dashboards. Gain an immediate understanding of your third-party risk posture, key performance metrics, and status of any request.
Request a demo below to learn more about ProcessUnity for Energy & Utilities.