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May 14, 2019 in Vendor Risk Management

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Risk Identification

Risk identification is the first critical step in enabling an organization to mitigate risk. But as businesses, marketplaces, technology and regulatory frameworks continue to evolve and change at a dizzying pace, risk identification is becoming more complex and expensive by the day.

Leading organizations today are turning to powerful technologies that can streamline processes, automate workflows and deliver better enterprise risk management results in less time and with less cost.

ProcessUnity Enterprise Risk Management is a cloud-based solution for risk identification, risk evaluation, risk mitigation and risk monitoring that dramatically simplifies the process of identifying risks to all areas of the business.

Risk Identification with ProcessUnity

ProcessUnity provides governance, risk and compliance (GRC) solutions in a SaaS-based service that enables organizations to solve thorny GRC challenges. From vendor management to compliance risk management and policy & procedure management, our easy-to-use tools can be quickly deployed and easily configured by business users to immediately address complex risk issues.

For risk identification, our Enterprise Risk Management solution helps to streamline day-to-day management processes while enhancing the overall effectiveness of risk identification and other risk management tasks. With ProcessUnity, risk managers can easily define risks and link them to specific areas of the business, such as business processes, financial accounts, business lines, functional areas, IT assets, facilities, organization units and documentation. A flexible framework helps managers categorize and prioritize risks with automated business rules that calculate risk based on organization-defined criteria.

Our secure, cost-effective and automated solutions help to streamline the risk management process. Self-assessment questionnaires and organization-defined templates enable risk managers to analyze risk levels more efficiently. And after performing risk identification tasks, ProcessUnity risk evaluation tools can help to identify inherent risk levels based on probability and impact as well as on criteria defined by the organization.

ProcessUnity Streamlines Risk Identification Processes

With ProcessUnity’s risk identification tools, organizations can:

  • Accurately identify any kind of risk that may affect the business, including technological, environmental, regulatory, financial, commercial and information security.
  • Reduce administrative burdens by automating repetitive tasks, freeing risk managers to focus on higher-value strategic priorities.
  • Use interactive dashboards and powerful reporting capabilities to identify problem areas and roll-up risk and compliance information.
  • Protect the organization’s most important assets with decision-support capabilities that deliver instant insight into what is owned, its value and its interdependencies.