ProcessUnity incorporates industry risk intelligence into third-party risk processes
ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, extended its Vendor Risk Management automation platform with new capabilities to incorporate industry risk intelligence into third-party risk processes.
The ProcessUnity Vendor Intelligence Suite uses program automation to seamlessly integrate cyber ratings, financial health data, watchlist ratings and more into ProcessUnity Vendor Risk Management to provide organizations with a comprehensive view into the health of their vendor ecosystem.
“The ProcessUnity Vendor Intelligence Suite accelerates the utilization of AI and robust, aggregated content into third-party risk management programs, allowing executives to gain near real-time understanding of what their vendors are doing at any given moment,” said Todd Boehler, Senior Vice President of Strategy, ProcessUnity.
“Stakeholders can accelerate their risk-based decision making without spending a fortune on technology and consulting. Other technologies are either too rigid, too expensive, or produce too many false positives to provide value in the short and long term.
“ProcessUnity provides seamless program automation that helps ensure vendors are being monitoring appropriately and effectively, providing that much-needed peace of mind for third-party risk managers.”
ProcessUnity Vendor Cyber Intelligence (VCI) with BitSight, the Standard in Security Ratings, is the first of the ProcessUnity Vendor Intelligence Suite, integrating BitSight’s leading cybersecurity ratings with ProcessUnity’s vendor risk platform.
Part virtual analyst, part system watchdog, VCI with BitSight assists third-party risk teams with both pre-and post-contract vendor due diligence. During vendor onboarding and throughout the vendor relationship, BitSight security ratings combined with the ProcessUnity assessment engine provide continuous insight into the validity of the vendors’ cybersecurity posture and overall risk to the business.
“ProcessUnity Vendor Cyber Intelligence with BitSight gives third-party risk managers continuous visibility into the cyber security performance of their vendors within their overall vendor risk management program,” said Dave Fachetti, Executive Vice President of Strategy at BitSight.
“This new offering provides critical insights into a third party’s cybersecurity posture, enabling risk professionals to make faster and more informed risk decisions.”
Vendor Cyber Intelligence with BitSight includes the following components:
- Onboarding – Third-party managers will be more informed of cybersecurity ratings during the onboarding process, providing a more comprehensive view into the third party’s security posture and reducing onboarding time through due diligence integration.
- Assessment – Over 350 risk vector mappings to 80+ SIG questions delivers posture analysis on a per-question basis, reducing analyst review time and providing more informed analyst reviews. Ratings also offer validation and high-quality data for analysis to aid in key decision-making processes.
- Issue management – Real-time updates for proactive risk management reduces the time third-party risk managers take in tracking and remediating issues in ongoing monitoring.
- Continuous monitoring – The system actively monitors cybersecurity ratings and notifies risk teams when a score drops below a certain threshold, providing a real-time view into the cyber posture of a vendor.
ProcessUnity and BitSight collectively help organizations effectively and efficiently identify and remediate the risks posed by third-party service providers through ProcessUnity Vendor Risk Management and the BitSight Security Ratings Platform.