ProcessUnity Vendor Cloud

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ProcessUnity Vendor Cloud

Enabling Third Party Risk Management

Organizations operate in a field of ethical, regulatory, and legal landmines. The daily headlines reveal companies that fail to comply with regulatory obligations. Corporate ethics is measured by what a corporation does and does not do when it thinks it can get away with something. Compliance management boils down to defining – and maintaining – corporate integrity.

Yesterday’s compliance program no longer works. Boards desire a deeper understanding of how the organization is addressing compliance, whether its activities are effective, and how they are enhancing shareholder value and providing assurance on the integrity of the organization. Oversight demands are changing the role of the compliance department to an active, independent program that can manage and monitor compliance from the top down. The breadth and depth of compliance bearing down on companies today requires a robust compliance program operating in the context of integrated processes and information.

Effective compliance requires technology that has a robust system of record that proves a state of compliance and documents any changes made, thus providing a complete audit trail. In order for compliance to be an active and living part of the organization and culture, intelligent organizations are implementing a comprehensive compliance technology architecture.

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Description

ProcessUnity Vendor Cloud

Enabling Third Party Risk Management

Executive Summary

When the organization approaches third party management in scattered silos that do not collaborate with each other, there is no possibility to be intelligent about third party performance, risk management, compliance, and impact on the organization. An ad hoc approach to third party management results in poor visibility across the organization, because there is no framework or architecture for managing third party risk and compliance as an integrated framework. It is time for organizations to step back and define a cross-functional strategy to define and govern risk in third party relationships that is supported and automated with information and technology.

ProcessUnity Vendor Cloud is a third party management solution that GRC 20/20 has researched and evaluated, that is capable of managing third party risk in complex, distributed, and dynamic business environments. Vendor Cloud delivers a third party management solution to identify, asses, 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 third parties of the organization. GRC 20/20 finds that the Vendor Cloud solution enables organizations to be efficient, effective, and agile in their third party management strategy and processes. Vendor Cloud 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.

Table of Contents

  • Increasing Exposure to Third Party Risks
    • The Modern Organization is an Interconnected Mesh of Relationships
    • Inevitable Failure of Silos of Third Party Governance
  • ProcessUnity Vendor Cloud 
    • Enabling Third Party Risk Management
    • What ProcessUnity Vendor Cloud Does
      • ProcessUnity Vendor Cloud Enables Third Party Management Lifecycle
      • Foundational Capabilities in ProcessUnity Vendor Cloud
      • Benefits Organizations Can Expect with ProcessUnity Vendor Cloud
    • Considerations in Context of ProcessUnity Vendor Cloud
  • About GRC 20/20 Research, LLC
  • Research Methodology

Author

rasmussenMichael 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 23+ 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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