ProcessUnity accelerates third-party assessments

ProcessUnity announced the next generation of the Global Risk Exchange. This platform transforms the third-party assessment process, reducing friction for both organizations and their third parties while streamlining vendor onboarding and accelerating assessment cycles.

“The Global Risk Exchange makes the third-party assessment process easier for everyone involved while better protecting organizations’ sensitive data and business operations,” said ProcessUnity CEO Sean Cronin. “Our assessment data eliminates the duplicative assessment requests multiple organizations place on the same third parties and removes a significant amount of assessment work third-party risk teams need to perform.”

Targeted data to reduce risk management burdens

Constantly expanding, the ProcessUnity Global Risk Exchange today offers more than 18,000 attested vendor assessments and more than 360,000 curated vendor risk profiles. Third-party risk teams leverage the data in the Exchange to streamline assessment cycles, minimize the back and forth between vendors, and deliver increased transparency into risks associated with each vendor in an organization’s network.

With completed assessments and curated profiles for 87% of the world’s most requested vendors, Global Risk Exchange customers can:

• Eliminate pre- and post-contract assessment backlog
• Prioritize their entire vendor portfolio with automated inherent risk scores
• Secure assessment data for large, hard-to-assess vendors and fourth parties

Innovative features and future enhancements

With the increasing volume of third parties requiring assessments, organizations often struggle to match the scale and pace of onboarding and ongoing assessments. The Global Risk Exchange alleviates these challenges by enabling teams to focus on critical tasks without sacrificing efficiency.

For vendors, the Exchange eliminates the burden of responding to repetitive data requests—vendors complete an assessment questionnaire once and seamlessly share it with the organizations that request it.

In the coming months, ProcessUnity will introduce multiple game-changing features on the new Exchange platform, including:

• Evidence evaluator,an AI-powered tool that scans relevant evidentiary documents (SOC 2 reports, ISO 27001 certifications, etc.) or previously completed due diligence questionnaires to generate responses to assessment questions in seconds. Evidence Evaluator significantly accelerates the assessment process by reducing busy work for TPRM teams and their third parties.
• Assessment autofill enables third parties to automatically complete the Global Risk Exchange questionnaire using intelligent AI to generate responses from their existing assessments and evidence documents. This tool improves the timeliness and quality of third-party responses, removing friction and ensuring assessment data aligns with other risk documentation, while eliminating the need for lengthy manual documentation review.

“The Global Risk Exchange is the world’s most trusted ecosystem for third-party risk management,” said Cronin. “We enable everyone to go faster, make better risk decisions, and safeguard more of their vendor portfolio.”

Integrated third-party risk management

The Global Risk Exchange seamlessly integrates with the ProcessUnity Third-Party Risk Management Platform, enabling TPRM teams to efficiently automate processes and act on the expansive third-party risk data in the Exchange.

With pre-built configurations, or customizable options that can easily be arranged to meet an organization’s specific needs, third-party risk management teams rely on ProcessUnity to quickly respond to emerging threats and vulnerabilities, manage their entire risk program from a single platform, and improve vendor collaboration.