One of the initial key steps in onboarding a vendor is determining the level of inherent risk, as this determines the depth of due diligence the company must conduct on a vendor. Although all third-party vendors must be onboarded, they do not merit equal attention. Vendors that provide essential services, or hold sensitive data, carry a high degree of inherent risk, and must be scrutinized as such.
ProcessUnity VRM automates the vendor onboarding and due diligence process.
Users can easily view inherent risk and residual risk ratings to begin due diligence.
ProcessUnity Vendor Risk Management helps organizations determine which third parties carry meaningful risk that requires more than a cursory review, through the following:
ProcessUnity VRM has built-in simple, standardized questionnaires that helps to determine whether or not the vendor requires deeper due diligence, consisting of a set of internal yes/no questions in which affirmative answers add a pre-defined number of points to a risk score.
An intelligent intake process acknowledges differences in risk that merit different degrees of review, prioritizes the vendors who require further investigation and reduces costly and time-consuming analyst input. Intake automation also helps to streamline processes, ensuring that all vendors have been properly assessed to the required level.
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