BOSTON–(BUSINESS WIRE)– ProcessUnity, provider of comprehensive end-to-end third-party risk management and cybersecurity solutions to leading enterprises, today announced the completed integration of the Global Risk Exchange (formerly CyberGRX). The newly introduced capabilities provided via the integration, coupled with the company’s foundational workflow platform, elevates ProcessUnity to the industry’s only all-in-one risk platform for modernizing third-party risk management (TPRM). Now, via a single combined offering, risk executives can positively transform their TPRM program from labor intensive, static and limited coverage to continuous monitoring and mitigation across the entire third-party ecosystem.
Today, businesses compete as digital ecosystems, which requires continuously onboarding more vendors, partners and third parties. This influx has exacerbated cyber risk and introduced additional dimensions of risk such as ESG, geopolitical and financial. Despite increased demands for TPRM, the human, technical and capital resources within most organizations remain unchanged. A lack of modernization within TPRM programs impacts risk teams’ ability to appropriately assess its third-party ecosystem – often focusing primarily on third parties categorized as high risk. According to Forrester, 69% of risk decision-makers identified their TPRM program as manual. “Even more concerning: Just 30% indicated that their organization’s TPRM program evaluates at least half of its existing third-party relationships.” (Forrester, The Third-Party Risk Management Platforms Landscape, Q4 2023)
The exponential increases in third parties and stagnant TPRM resources reveals a vulnerability that no business is exempt from, and it is driving procurement, risk management and cyber executives to think differently about how they approach TPRM. Today, ProcessUnity actively provides the foundation for organizations and third parties across the globe to shift from managing assessments to actually mitigating risk. The company’s all-in-one platform for third-party risk combines the power of:
TPRM Automation: With a single, configurable platform, ProcessUnity helps organizations manage the increasing complexity of supply chains and third-party relationships with tools to identify and assess the risks associated with each external party, monitor third-party performance and ensure external control effectiveness.
Universal Data Core: Third-Party Risk Management, by nature, involves dealing with vast amounts of data. Managing these data sets, derived from multiple sources, can be a daunting task. ProcessUnity simplifies this process by providing a unified platform where all data related to third-party risk can be stored, analyzed and managed efficiently in a single system of record.
Global Risk Exchange: With over 15,000 standardized, attested risk assessments, validated by strategic audit partners, and cyber risk data on nearly 300,000 third parties the Global Risk Exchange is a significant breakthrough in Third-Party Risk Management. The library includes assessments of large, hard-to-assess third parties that typically don’t respond to assessment requests. This vast array of evaluations not only accelerates the TPRM process but also enhances its efficacy.
AI-powered TPRM Teams: When applied to TPRM, AI empowers teams with more reach, more consistency and the insights needed to identify and mitigate potential risks efficiently. ProcessUnity’s suite of AI tools — Auto Inherent Risk, Predictive Risk Profiles and Policy Evaluator — elevate human performance and ensure uniformity in risk assessments.
“We’ve seen tremendous success in TPRM modernization as a direct result of our solutions,” said Sean Cronin, CEO, ProcessUnity. “We are proud to enable organizations of all sizes and maturity levels to gain visibility into every single third-party in their ecosystem, calculate criticality based on inherent risk, make data-driven decisions, adapt and scale their program accordingly over time and elevate human performance with artificial intelligence. Through these efforts, we are not only changing the lives of CISOs and TPRM executives and teams, but also producing immeasurable benefits to companies by minimizing loss, building trust and freeing up critical resources.”
Serving as the force multiplier across a TPRM program, ProcessUnity enables executives to eliminate tradeoffs, achieve data-driven control, automate prioritization, elevate the performance of teams and scale up/down to conquer complexity and market conditions. Independent research validated that TPRM leaders who use ProcessUnity report a 50% reduction in oversight time, an 85% reduction in onboarding time for third parties, an 85% reduction in post-contract risk assessments and a 90% reduction in time producing reports.
ProcessUnity has been recognized as a leader in The Forrester Wave™: Third-Party Risk Management Platforms, Q2 2022 and was named winner in the 2023 Black Unicorn Awards by Cyber Defense Magazine.
Ready to start your journey towards mature third-party risk management? Join the movement.
ProcessUnity is a leading provider of cloud-based applications for third-party risk and cybersecurity performance management. The ProcessUnity platform unifies how organizations assess, measure, and mitigate risk through automation. Built by a team of risk experts and implemented within the world’s leading enterprises, ProcessUnity solutions align programs and people to create a well-rounded defense against critical business risks. Headquartered outside of Boston, Massachusetts, ProcessUnity has earned recognition from leading analyst firms, customers and partners. For more information, visit http://www.processunity.com/.