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May 14, 2019 in Vendor Risk Management

Evaluating Third-Party Risk Management Software? Speed Up the Process with Our RFP Starter Kit

Vendor Management

Building effective vendor management programs presents a number of challenges for risk management professionals. From contract management and service-level agreements to assessing vendor risk and remediating issues, the vendor management process can easily consume a disproportionate amount of time and resources, preventing risk management teams from focusing on higher-priority initiatives.

ProcessUnity Vendor Risk Management enables organizations to simplify vendor management processes and automate key phases of third-party risk management. Offered as a Software-as-a-Service (SaaS) solution, Vendor Cloud streamlines vendor management activities while capturing the documentation needed to ensure compliance and fulfill regulatory requirements.

Third-Party Risk Management with Vendor Management Capabilities

ProcessUnity offers affordable, cloud-based risk management solutions that make governance, risk and compliance (GRC) easier and more effective for organizations of any size. Our easy-to-use and quick-to-deploy solution not only mitigates risks posed by your third parties, but also provides you with powerful vendor management capabilities, including:

  • A vendor service catalog which serves as a central repository of vendor information where organizations can capture critical contract and metric information, key documentation and related risks.
  • Automated assessment tools, including automated questionnaires that help to simplify the assessment process by eliminating inefficient paper surveys and spreadsheets. Organizations can use complete assessment content – including sample vendor questionnaires, categorized questions and process workflows – to accelerate their vendor management program.
  • Interactive dashboards and reports, providing real-time visibility into the status of vendor management risk and remediation, along with documentation to satisfy the needs of regulators. Preconfigured reports help to track critical information while custom reporting capabilities offer program-level reporting that manual methods simply cannot provide.

Benefits: Vendor Management with ProcessUnity Vendor Risk Management

With ProcessUnity, risk and procurement professionals can:

  • Simplify end-to-end vendor management processes for organizations, their vendors and regulators.
  • Reduce the cost and complexity of vendor management with easy-to-use tools for onboarding, contracts, due diligence, assessments and service-level management.
  • Minimize operational exposure as well as surprises and losses with management-level reporting.
  • Provide management and regulators with the documentation and proof they require of a consistent, reliable and repeatable approach to third-party risk management.