ProcessUnity: Delivering Value in Third-Party Risk Management

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ProcessUnity

Delivering Value in Third-Party Risk Management

The modern business depends on, and is defined by, the governance, risk management, and compliance of third-party relationships to ensure the organization can reliably achieve objectives, manage uncertainty, and act with integrity in each of its third-party relationships. A haphazard department and document centric approach for third-party risk management compounds the problem and does not solve it. Organizations need to address third-party GRC with an integrated strategy, process, and architecture to manage the ecosystem of third-party relationships with real-time information about third-party performance, risk, and compliance and how it impacts the organization. It is time for organizations to step back and implement a third-party risk management strategy supported by a third-party risk information and technology architecture that delivers value to the business. This value can be measured in efficiency, effectiveness, and agility. A third-party risk management platform saves time and money and creates an environment where the organization can measure the effectiveness and efficiencies of resources.

ProcessUnity Vendor Risk Management (VRM) is a third-party risk management solution that GRC 20/20 has researched and evaluated that can manage third-party risk in complex, distributed, and dynamic business environments. ProcessUnity delivers a third-party management solution to identify, assess, and mitigate risk in third-party relationships across the organization. The solution can be deployed to manage specific third-party risks (e.g., information security, privacy, human rights) or can be implemented as an enterprise platform to manage the range of risks across all organization’s third parties. GRC 20/20 finds that the ProcessUnity VRM solution enables organizations to be efficient, effective, and agile in their third-party management strategy and processes. VRM is well suited for use in organizations of all sizes and industries that are looking for an efficient, effective, and agile approach to third-party management. 

GRC 20/20 interviewed ProcessUnity clients and through these interactions measured the economic value of ProcessUnity. GRC 20/20’s evaluation, research, and interactions with ProcessUnity clients has revealed that ProcessUnity delivers significant and measurable value in efficiency, effectiveness, and agility.

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  • The Third-Party Risk Management Challenge
    • The Modern Organization is an Interconnected Web of Relationships
    • The Inevitable Failure of Silos of Third-Party Governance
    • Defining Third-Party Risk Management
  • The Third-Party Risk Management Process
    • Third-Party Risk Management Process Structure
    • Third-Party Risk Management Information & Technology Architecture
  • ProcessUnity Vendor Risk Management
    • What ProcessUnity VRM Does
  • The Value of ProcessUnity VRM
    • Value: Third-Party Risk Oversight & Management
    • Value: Third-Party Onboarding
    • Value: Third-Party Ongoing Risk Assessment/Monitoring
    • Value: Third-Party Risk Reporting, Metrics & Analytics
    • Total GRC Value & Return
  • GRC 20/20’s Final Perspective
  • Appendix
    • Disclosures
    • GRC Value Perspective Methodology
  • About GRC 20/20 Research, LLC

Author

Michael Rasmussen – The GRC Pundit @ GRC 20/20 Research, Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 28+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.

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