Third-Party Risk Management Software
Vendor Risk Management
ProcessUnity Vendor Risk Management (VRM) protects companies and their brands by reducing risk from third parties, vendors and suppliers. Our third-party risk management tools help customers effectively and efficiently assess and monitor both new and existing vendors – from initial onboarding to ongoing due diligence and monitoring.
Features & Benefits
- Use Cases
- Platform Features
Vendor Onboarding
Automate the vendor onboarding process, establishing a single, standardized, easily accessible and enterprise-wide process for introducing a service provider into your vendor database.
Vendor OnboardingPost-Contract Vendor Monitoring
Implement a simplified, automated and efficient third-party risk vendor assessment process for your internal third-party risk analysts and your vendors, suppliers and fourth parties.
Vendor Due Diligence & Ongoing MonitoringVendor Performance Reviews
Track service-level agreements and consolidate vendor performance reviews into a consistent, manageable third-party risk management process that ensures visibility over the lifespan of the service relationship.
SLAs & Vendor Performance ManagementSourcing / RFx Support
Make the source-to-contract process more efficient by executing RFx processes, performing initial due diligence and driving the awarded vendor through initial onboarding.
Sourcing (RFx)Vendor Assessment Questionnaires
Streamline pre- and post-contract vendor due diligence with built in tools for scoping and scheduling assessments; tracking and scoring responses; and identifying and remediating issues.
Vendor Risk AssessmentsVendor Classification / Inherent Risk Scoring
Automatically tier vendors based on configurable inherent risk questionnaires and scoring; use inherent risk to scope vendor risk assessments and determine due diligence frequency.
Inherent Risk Scoring & Vendor ClassificationVendor Intelligence Suite
Seamlessly incorporate cybersecurity ratings, financial health scores, ESG data and more into vendor risk reviews to confirm assessment responses and monitor third parties in between periodic due diligence.
Vendor Intelligence SuiteIntegration & Connectors
Simplify integrations and connections to internal systems and external expert content including ERP platforms, procurement applications and other governance, risk and compliance systems.
Integration & Connectors
Effective & Efficient Third-Party Risk Management
Powerful Assessment Tools
Intelligent questionnaires put an end to inefficient surveys and spreadsheets and simplify the assessment process for both organizations and their partners. Inherent risk scores and vendor criticality tiers automatically determine the assessment scope. Preferred responses score vendor submissions in real-time, identifying issues and highlighting where vendor risk managers should focus their time.
Third-party risk teams can leverage ProcessUnity’s built-in assessment content – which includes hundreds of categorized questions and process workflows – or, they can easily import their existing content and methodologies. Organizations can also take advantage of ProcessUnity’s integration with the Standard Information Gathering questionnaires (SIG Lite and SIG Core) from Shared Assessments.
Third and fourth parties complete assessment questionnaires via a secure, online portal. Vendors provide answers to a variety of question types and can easily attach policies and supporting documentation on a question-by-question basis. Delegation capabilities allow vendors to distribute questions to multiple contacts in their organization and SIG integration provides the ability to upload a completed questionnaire with a single click.
ProcessUnity Vendor Risk Management significantly streamlines the third-party risk assessment process for both customers and their vendors, allowing organizations to vet more vendors, more thoroughly, while reducing vendor fatigue and improving response quality.
Interactive Dashboards & Reports
ProcessUnity provides real-time visibility into the state of third-party risk and demonstrates to executives and regulators the existence of a consistent, reliable and repeatable program. Interactive dashboards give management visibility into ongoing risk assessment progress, the status of remediation activity and vendor ratings. Drill-down capabilities allow risk managers to quickly find the details in areas of concern.
Extensive custom reporting capabilities allow risk managers to create role-specific reports and dashboards through ProcessUnity’s point-and-click interface. With ProcessUnity, organizations gain program-level reporting that manual methods simply cannot provide.
Pre-configured reports track critical vendor and service-risk information, including:
- Vendor Criticality
- Vendor Assessment Status
- Assessment Findings
- Issues
- Document Requests
- Action Items
- Contract Review Status
- Risk by Geographic Location
- Compliance Ratings
Integration with Cybersecurity Ratings, Financial Health Scores & External Expert Content
Third-party risk teams can incorporate industry-vetted content to augment initial vendor assessments and to signal potential issues in between periodic due diligence. With a variety of pre-built connectors to cybersecurity rating tools, financial health metrics, watch lists, negative news feeds and more, ProcessUnity provides customers with additional insights into vendor preparedness, stability and performance.
Learn more about ProcessUnity’s pre-built connectors that can enhance and augment Third-Party Risk Management programs.
Flexible Deployment Options + Unparalleled Configuration = Future-Proof Deployments
ProcessUnity Vendor Risk Management supports organizations of all sizes and program maturity. Our pre-built, out-of-the-box Best Practices Configuration offers smaller vendor risk teams a quick-to-deploy, complete program based on hundreds of successful customer deployments. Organizations with the most demanding and complex requirements can take advantage of ProcessUnity’s unparalleled configurability to implement a program that 100% matches their specifications.
No matter how ProcessUnity is deployed, customers always have the flexibility to make changes to their implementation as their programs change and mature over time, future-proofing their Vendor Risk Management investment.
Request a Demo: ProcessUnity Vendor Risk Management
Hundreds of organizations worldwide rely on ProcessUnity VRM to make Third-Party Risk Management more effective and efficient. Schedule your personalized demo of our award-winning software and start your journey to a more mature, automated vendor risk management program today!
Request a Demo: ProcessUnity Vendor Risk Management
