Use Case: Third-Party Risk Management Automation

Simplify vendor risk management processes with automation

Many third-parties, one point of accountability: you

The modern enterprise is not only responsible for managing itself, but for overseeing an often vast network of third-party vendors who provide everything from cleaning services to mission-critical operations support. Your success – and in some cases, even your business continuity – may depend on their integrity. And when they have access to sensitive data, yours or your customers’, regulators insist that they be held to the same standards you apply to your own business. At every stage in the relationship, from onboarding and SLA management to audits and contract renewals, you must maintain control you can document with evidence.

 

Fragmented approaches must be replaced with centralized control

When you’re managing multiple vendors, with multiple policies and through multiple functional areas, you multiply your overall potential risk. Standard manual processes, via scattered spreadsheets and email communications, open up too many opportunities for error: dates and deadlines get dropped, policies overlooked, and auditors may lose confidence in your control.

You need one centralized third-party risk management platform that gives you precise and accurate command of who you are working with, what potential risks they impose, and how you are bringing their activities under the authority of your contracts, policies, and procedures.

 

Automate every aspect of third-party risk management

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.

Through ProcessUnity Vendor Cloud, you gain:

  • Consistent and centralized control across every function, in every region
  • Complete visibility, through user-friendly dashboards and reports, into the status of your relationships, including contract schedules, SLA reports, and compliance reviews
  • Automated workflows that direct the right people to the right actions through communications tools integrated into the platform
  • Repeatable processes that reduce manual labor, and document/activity trails that encourage confidence among auditors/regulators

 

Learn more about ProcessUnity Vendor Cloud and Third-Party Risk Management Automation.

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