Third-Party Risk Management

Quick-to-Deploy, Cloud-Based Solution Streamlines Your Vendor Risk Management Program

ProcessUnity Vendor Cloud is a software-as-a-service (SaaS) application that identifies and remediates risks posed by third-party service providers.

Combining a powerful vendor services catalog with risk process automation and dynamic reporting, Vendor Cloud streamlines third-party risk activities while capturing key supporting documentation that ensures compliance and fulfills regulatory requirements.

THE CLOUD-BASED SOLUTION AUTOMATES KEY PHASES OF THE THIRD-PARTY RISK MANAGEMENT LIFECYCLE, INCLUDING:

Establish an enterprise-wide process to introduce potential providers

Learn More

Establish objectivity in the pre-contract assessment process

Learn More

Automate distribution and assessment of periodic vendor reviews

Learn More

Equip vendor risk assessment teams with the testing procedures required to evaluate the effectiveness of third-party control execution

Learn More

Vendor contract reviews turn contract obligations into measurable standards

Learn More

Create a centralized repository for vendor contract management information

Learn More

Track vendor SLAs and report on key performance indicators

Learn More

Manage concerns from identification through remediation

Learn More

Vendor Service Catalog

At the heart of Vendor Cloud is the vendor service catalog, a central repository of vendor information, key documentation and related risks. Organizations can capture and maintain critical information for all of their third parties, including:

  • Contract information and terms
  • Fee structures
  • Performance information
  • Vendor policies
  • Insurance and liability coverage
  • Financial condition information
  • Data loss provisions
  • Supporting documentation

Risk managers can pre-load vendor data from spreadsheets and databases with simple import templates. Integration with key enterprise applications and content providers brings all critical data together, powering comprehensive evaluations for third- and even fourth-party partners. With roles-based security, organizations are assured that sensitive documentation – contracts, service-level agreements, privacy documents, information security policies, etc. – are protected.

Powerful, Automated Assessment Tools

Vendor Cloud provides powerful capabilities that automate tedious tasks and free risk managers to focus on higher-value mitigation strategies.

 

Automated questionnaires put an end to inefficient paper surveys and spreadsheets and simplify the assessment process for both organizations and their partners. Risk managers create, schedule and deploy questionnaires with any number of sections, questions and response types. Organizations can accelerate their vendor risk program using Vendor Cloud’s complete assessment content, which includes sample vendor questionnaires, hundreds of categorized questions and process workflows. For more established programs, ProcessUnity allows risk managers to easily import their existing content and methodologies.

 

Third and fourth parties complete questionnaires electronically within Vendor Cloud through a secure link, where they provide responses and comments, and can attach supporting documentation. Question guidance provides vendors with additional support to ensure completed questionnaires are comprehensive and accurate.

 

Vendor Cloud tracks the overall assessment status and overdue questionnaire responses. The system automatically generates notifications based on specific responses and provides analyst instructions for the review process.

 

Analysts use Vendor Cloud to add their findings, track issues to resolution, and create and monitor remediation projects. Alerts and notifications ensure all parties understand where follow-on actions are required.

Interactive Dashboards & Reports

Vendor Cloud reporting capabilities provide real-time visibility into the state of third-party risk and demonstrate to 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.

Pre-configured reports track critical vendor and service risk information, including:

  • Vendor Criticality
  • Assessment Progress
  • Assessment Findings
  • Assessment History
  • Projects
  • Issues
  • Document Requests
  • Action Items
  • Compliance Ratings

Extensive custom reporting capabilities allow risk managers to create role-specific reports and dashboards through a simple-to-use interface. With ProcessUnity, organizations gain program-level reporting that manual methods simply cannot provide.

Effectively and Efficiently Govern Third-party Relationships

ProcessUnity Vendor Cloud helps organizations effectively and efficiently manage the risk, cost and complexity of critical vendors throughout the entire relationship – onboarding, contracts, due diligence, performance monitoring, quality and service level management. With a single system for vendor-risk information and powerful automation, organizations streamline end-to-end third-party risk management processes for enterprises, vendors and assessors. Management-level reporting reduces operational exposures, surprises and losses while ensuring results stand up to regulatory scrutiny.

Effectively and Efficiently Govern Third-party Relationships

ProcessUnity Vendor Cloud helps organizations effectively and efficiently manage the risk, cost and complexity of critical vendors throughout the entire relationship – onboarding, contracts, due diligence, performance monitoring, quality and service level management. With a single system for vendor-risk information and powerful automation, organizations streamline end-to-end third-party risk management processes for enterprises, vendors and assessors. Management-level reporting reduces operational exposures, surprises and losses while ensuring results stand up to regulatory scrutiny.

Ready to Learn More?

Schedule a Live Demonstration Today

Schedule Demo