Offering Accelerates and Informs Vendor Onboarding, Due Diligence and Ongoing Monitoring
CONCORD, MASS. – April 21, 2021 – ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today launched ProcessUnity Vendor Screening Intelligence (VSI) powered by Refinitiv. The newest addition to the ProcessUnity Vendor Intelligence Suite embeds Refinitiv World-Check One’s third-party screening capabilities into the ProcessUnity Vendor Risk Management platform to enable automatic and seamless reputational and regulatory risk screening for enhanced third-party due diligence, vendor assessments, issue management and ongoing monitoring processes.
“Businesses must comply with an increasing number of laws and regulations, requiring real-time knowledge of third-party status against watchlists, financial crimes, and ultimate beneficial ownership data. They need a means of collecting reputational and regulatory risk information on those they are doing business with both at the onset of and throughout the relationship with that vendor,” said Todd Boehler, Senior Vice President of Product Strategy at ProcessUnity. “By seamlessly incorporating Refinitiv’s World-Check One into ProcessUnity and combining this with our best practices approach, we are providing customers with an intelligent, integrated view of their third parties for better-informed decisions and helping to drive risk out of their organizations.”
ProcessUnity and Refinitiv began a relationship in 2018 with the development of an external content connector to incorporate World-Check One screening and monitoring capabilities into the ProcessUnity VRM platform. With the launch of Vendor Screening Intelligence, ProcessUnity delivers a prepackaged, turnkey solution that provides increased visibility into the onboarding and continuous monitoring processes throughout the vendor risk lifecycle. ProcessUnity VSI combines Refinitiv’s risk intelligence with ProcessUnity’s Best Practices Program which includes pre-built workflows, notifications, reports and dashboards to support activities from initial onboarding and due diligence to ongoing monitoring, issue identification and remediation. VSI also includes the ability for users to screen vendors at a deeper level by enabling vendor identity validation and beneficial owner identification.
“Our partnership with ProcessUnity is an example of Refinitiv’s open collaboration with technology providers to help organizations more effectively onboard and manage their vendors and make better informed risk-based business decisions,” said Emma Miller, Global Head of Strategic Partnerships, Customer & Third-Party Risk at LSEG. “ProcessUnity’s proactive risk management and issue remediation combined with Refinitiv’s leading risk intelligence data from World-Check is designed to drive best in class Know Your Customer and Third-Party Risk Management processes.”
Key benefits of ProcessUnity Vendor Screening Intelligence powered by Refinitiv include:
- Accelerated and Informed Onboarding – Providing a detailed view of all third parties including reputational and regulatory risk information significantly reduces time to onboard vendors by providing third-party risk managers with improved validation and increased data quality for better-informed decisions.
- Objective and Accurate Assessments – The risk information provided by VSI, combined with the other key risk domains for cyber, reputational, financial, fourth party, geographical and ESG, gives analysts a wider view of risk exposure for a more thorough vendor evaluation and streamlined assessment analysis.
- Real-Time Automated Issue Management – ProcessUnity’s built-in Hands-free Automation alerts users of changes in a vendor’s reputational risk and streamlines the issue identification, creation and remediation process. This intelligent automation helps third-party analysts gain keen insight into their vendors’ risk posture, reduces subjectivity in analysis and speeds resolution.
Visit https://www.processunity.com/vendor-screening-intelligence-refinitiv to learn how ProcessUnity and Refinitiv are working together to mitigate third-party risks across the globe.
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 https://www.processunity.com.
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com.