ProcessUnity VRM Essential Edition Brings Full-Featured Third-Party Risk Management Automation to Small and Mid-Size Organizations

ProcessUnity News Update

New Offering Brings New Levels of Efficiency and Expertise to Small Vendor Risk Management Teams and Programs

CONCORD, MASS. – March 16, 2021ProcessUnity, a leading provider of risk and compliance management software solutions, today introduced ProcessUnity VRM Essential Edition, a new version of its flagship vendor risk management software aimed at helping smaller organizations identify and remediate risks posed by third-party service providers. This newest offering combines ProcessUnity’s award-winning automation tools with a complete baseline program that automates vendor onboarding, due diligence and ongoing monitoring.

“Small and medium-sized businesses that want to move beyond simple ‘check-the-box compliance to a true, risk-reducing third-party management program have limited options when it comes to software – either it’s too expensive or the functionality is limited,” said Ed Thomas, Senior Vice President of Marketing and Sales Operations at ProcessUnity. “ProcessUnity VRM Essential Edition combines our best automation tools and an out-of-the-box best-practice program to instantly advance organizations’ programs at an easy-to-justify price point.”

ProcessUnity VRM Essential Edition is a turnkey offering that provides small and mid-size organizations with unparalleled insight into their third-party risk posture. With it, organizations can replace spreadsheet-based third-party risk management or first-generation tools with a world-class program developed and perfected through hundreds of customer implementations. The ProcessUnity platform deploys in a few short weeks and allows organizations to efficiently address the entire third-party lifecycle with a wide array of cutting-edge capabilities that:

  • Centralize Onboarding: Third-party risk managers can easily determine vendor criticality and confidentiality risk levels using pre-built inherent risk scoring. Automated assessments replace the need for traditional spreadsheet-based vetting processes, eliminating time-wasting queries during vendor onboarding.
  • Accelerate Due Diligence: ProcessUnity enforces objectivity via a standardized pre-contract vendor due diligence process. Due diligence scoping allows third-party managers to evaluate vendors against compliance, contractual and security requirements.
  • Automate Assessments: Automated assessments and SIG-based assessment questionnaires aid third-party managers in distributing relevant question sets to appropriate vendors, tracking distribution and completion records and meeting critical timelines. ProcessUnity Vendor Risk Management delivers posture analysis on a per-question basis, reducing review time and reducing vendor fatigue.
  • Improve Executive & Regulatory Reporting: Extensive built-in reports provide real-time visibility into the state of third-party risk. Interactive dashboards give visibility into ongoing risk assessment progress, the status of remediation activity and vendor performance ratings. Drill-down capabilities also allow risk managers to quickly find the details in areas of concern.

Pricing and Availability

ProcessUnity VRM Essential Edition is available now for organizations under $250 million in annual revenue and financial institutions with under $1 billion in assets under management. The annual software subscription starts at $15,000.

ProcessUnity Vendor Risk Management protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination.  Through automation and standardization, ProcessUnity customers reduce busy work, streamline regulatory reporting and improve overall visibility into vendor performance.

About ProcessUnity

ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity is used by the world’s leading financial service firms and commercial enterprises.  The company is headquartered outside Boston, Massachusetts. For more information, visit http://www.processunity.com.