ProcessUnity announces 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 an 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.
“We've seen tremendous success in TPRM modernization as a direct result of our solutions,” says 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.”
Key Takeaways:
- 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. 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.
