CONCORD, MASS. – July 20, 2017 – ProcessUnity, a leading provider of cloud-based solutions for risk management, today announced that it has been positioned by Gartner, Inc. as a Challenger in the June 2017 Gartner Magic Quadrant for IT Vendor Risk Management.
ProcessUnity Vendor Cloud is a Software-as-a-Service (SaaS) application that identifies and remediates risks posed by third-party service providers. The cloud-based solution automates key phases of the vendor risk management lifecycle from initial onboarding and due diligence, through ongoing assessments, service-level agreements (SLAs) and contract management. (Click here to view a five-minute video demonstration.)
“We believe being named a Challenger in ProcessUnity’s first-ever Magic Quadrant appearance is tremendous validation for our approach to Third-Party Risk Management,” said Ed Thomas, Vice President of Marketing at ProcessUnity. “Our easy-to-use, quick-to-deploy and reasonably priced tools are helping companies as small as community banks and as large as Fortune 500 corporations assess more vendors, more thoroughly in less time.”
Gartner writes, “High-profile failures of IT service providers, increasing rollouts of enterprise risk management programs, and third-party access to sensitive and regulated information continue to fuel demands in the IT VRM market. While the predominant market driver remains regulatory requirements, lesser regulated or nonregulated entities are increasingly concerned with the operational and reputational risks to which their vendors expose them.” Additionally, Gartner believes, “By 2020, 75% of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.”
About the Magic Quadrant
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ProcessUnity is a leading provider of cloud-based applications for risk management and service delivery 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. For public companies and regulated industries, ProcessUnity Risk Suite delivers effective governance and control, vendor risk mitigation, and regulatory compliance. For benefit plan administrators and other financial service firms, ProcessUnity Offer Management controls complex product offerings and strengthens client service experience. 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 www.processunity.com.