ProcessUnity, a leading provider of comprehensive third-party risk management and cybersecurity solutions, has announced the successful completion of the integration of the Global Risk Exchange, formerly known as CyberGRX. The integration of Global Risk Exchange’s capabilities with ProcessUnity’s foundational workflow platform, allows ProcessUnity to emerge as the only all-in-one risk platform in the industry for modernizing third-party risk management (TPRM).
This integration offers new capabilities to enhance ProcessUnity’s existing platform, enabling risk executives to transform their TPRM program from labor-intensive, static, and limited coverage to continuous monitoring and mitigation across the entire third-party ecosystem. In today’s digital business environment, organizations continuously onboard more vendors, partners and third parties, increasing cyber risk, as well as introducing additional dimensions of risk such as ESG, geopolitical and financial. Despite these growing demands for TPRM, the resources within most organizations remain unchanged. This lack of modernization impacts risk teams’ ability to assess their third-party ecosystem effectively.
According to Forrester, 69% of risk decision-makers identified their TPRM program as manual, with only 30% indicating that their organization’s TPRM program evaluates at least half of its existing third-party relationships. The exponential increase in third parties and lack of modernization within TPRM programs creates vulnerability for all businesses, prompting procurement, risk management and cyber executives to rethink their approach to TPRM.
ProcessUnity’s all-in-one platform for third-party risk management implements features such as TPRM Automation to manage the increasing complexity of supply chains, a Universal Data Core for storage, management, and analysis of data related to third-party risk, and the Global Risk Exchange with over 15,000 standardized, attested risk assessments validated by strategic audit partners. Additionally, ProcessUnity’s AI-powered TPRM Teams provide organizations with the tools needed to identify and mitigate potential risks efficiently.
The company’s CEO, Sean Cronin, has emphasized the tremendous success they’ve seen in TPRM modernization, enabling 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.
ProcessUnity’s solutions have resulted in tangible benefits for companies, including minimizing loss, building trust, and freeing up critical resources. Independent research validated reductions in oversight time, onboarding time for third parties, post-contract risk assessments, and time producing reports.
As a result of its groundbreaking solutions, ProcessUnity has been recognized as a leader in The Forrester Wave™: Third-Party Risk Management Platforms and was named a winner in the 2023 Black Unicorn Awards by Cyber Defense Magazine.
For organizations looking to mature their third-party risk management, ProcessUnity offers a path towards a well-rounded defense against critical business risks. The company’s cloud-based applications enable organizations to assess, measure, and mitigate risk through automation, aligning programs and people to conquer complexity and market conditions effectively.
Overall, ProcessUnity’s integration of the Global Risk Exchange’s capabilities has positioned them as an industry leader, providing organizations with the tools they need to adapt to today’s evolving digital ecosystem and mitigate the increasing risks associated with third-party relationships. With a commitment to innovation and modernization, ProcessUnity continues to solidify its position as a leading provider of comprehensive TPRM and cybersecurity solutions.