ProcessUnity For Financial Services

Risk and compliance are paramount in financial services. In this industry, risk and security professionals answer to two powerful entities: regulators and the board. This means financial services organizations must employ efficient program management tools to stay on top of risk and security.

ProcessUnity Vendor Risk Management and Cybersecurity Risk Management help you streamline risk and cybersecurity processes, protect critical data, and avoid regulatory fines for non-compliance.

Explore ProcessUnity’s market-leading solutions for Financial Services Organizations:

• Third-Party Risk Management
• Cybersecurity Risk Management

Manage Overlapping Regulations and Oversight

Identify, analyze and mitigate risk associated with the most critical processes in your organization. Intelligent onboarding helps you rapidly identify and risk rate the most qualified vendors, while automated vendor due diligence and continuous monitoring tools ensure that your third parties maintain compliance with critical financial regulations. The Financial Services industry is held accountable to some of the most stringent regulations in business today, via the OCC, FDIC, EBA, FFIEC, Singapore Monetary Authority, and many more. The ProcessUnity platform enables organizations to monitor and assess vendors against regulations and standards such as:

• OCC Guidelines
• EBA Guidelines
• FCPA
• UK Bribery Act
• GDPR
• FED SR 13-19
• Gramm-Leach-Bliley Act (GLBA)
• NYDFS 23 NYCRR 500
• PCI DSS
• ISO Information Security Standards
• NIST 27001

Anticipate and Identify Risk

• ProcessUnity empowers its users to leverage risk scoring across multiple domains, groups, product lines and more to understand where risk exposure is greatest. Leveraging due diligence questionnaires to vendors, content feeds from data providers, internal assessments and more allow your organization to deploy appropriate controls and mitigation activities to reduce or fully mitigate risk.

Protect Data and Assets

• Determine which of your vendors has access to NPI/PII (non-public information/personally identifiable information) to ensure that you are protected against data privacy threats. Knowing which vendors have access to your sensitive data allows you to scope assessments and ensure that each vendor is compliant with relevant regulations and service-level agreements.

Drive Consistency with Automated Processes

• Assess third parties based on configurable intake questions with pre-mapped relationships between questions and regulations, standards and enterprise controls. Tailor questionnaires to vendor’s specific service type to avoid fatigue and increase the likelihood of quality responses. Customized intelligent questionnaires enable organizations to stay ahead of inherent and residual risk with third parties by utilizing classification systems that bring focus to high-risk and critical vendors.

Establish Accountability and Drive Risk Out of Your Organization

• Documenting issues identified during due diligence activities, continuous monitoring and key performance indicator tracking allows you to hold your third parties and business stakeholders accountable for the resolution.  Mapping findings back to the appropriate controls allows you to suggest proper mitigation activities and validate that the appropriate steps were put in place to resolve risk areas deemed unacceptable.

Increase Risk and Performance Visibility to Key Business Stakeholders

• The ProcessUnity reporting and dashboard engine allows users to configure reports and dashboards that grant visibility into key metrics, enabling stakeholders to easily understand where risk lies within the business and monitor their resolution of risk. Clients can monitor the performance of their vendors as well as their own team by tracking indicators and reporting against them to ensure efficiency of both vendors and risk teams within the organization.

Schedule a demo below to learn more about ProcessUnity’s leading solution for Financial Services.