To contract a vendor is to initiate a relationship: when you don’t know who you’re really dealing with, you expose your enterprise to risks that can have enduring consequences. Vendor onboarding helps to understand all the potential risks a provider may bring into your organization.
ProcessUnity Vendor Risk Management automates the vendor onboarding process, establishing a single, standardized, easily accessible and enterprise-wide process for introducing a potential provider into your vendor database.
Automatically classify vendors based on the services provided and their level of data access during vendor onboarding.
Based on the services provided and the level of data access, ProcessUnity VRM automatically determines vendor criticality.
Quickly and easily build vendor self-assessments from a library of questions during vendor onboarding.
With ProcessUnity Vendor Risk Management, any line of business that requests a new vendor relationship can:
Not all vendors merit the time and expense of a deep vendor onboarding process. ProcessUnity queries the requestor with key questions that probe for relative risk, focusing the vetting on the two key areas: confidentiality and criticality. By assessing risk, ProcessUnity VRM ensures that vendors with genuine risk potential receive sufficient vetting, while not wasting enterprise time and resources on low-risk providers.
During the vendor onboarding process, ProcessUnity VRM assembles all vendor profiles into one consolidated database, alerting requestors to previously established vendor relationships within a given provider category.
Traditional spreadsheet-based vetting processes fail to distinguish differences in vendor activity, responsibility or risk potential, often imposing the same set of questions regardless of relevance. ProcessUnity VRM applies category and risk considerations to assemble sets of relevant questions for each vendor, eliminating hundreds of time-wasting queries during vendor onboarding.
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