**London**: ProcessUnity has unveiled an enhanced Global Risk Exchange, designed to simplify the third-party risk assessment process. Featuring over 18,000 verified vendor assessments, the platform aims to reduce operational friction and improve risk management efficiency for organisations and their vendors.
ProcessUnity, a firm specialising in third-party risk management, has launched an upgraded version of the Global Risk Exchange, which it claims is the largest and most trusted library of third-party risk assessment data globally. The new platform aims to revolutionise the third-party assessment process by reducing operational friction for both organisations and their vendors, thus streamlining onboarding and expediting assessment cycles.
In a statement, ProcessUnity CEO Sean Cronin remarked, “The Global Risk Exchange makes the third-party assessment process easier for everyone involved while better protecting organisations’ sensitive data and business operations.” He added that the platform’s assessment data aims to eliminate unnecessary assessment requests that different organisations impose on the same vendors, considerably lightening the workload for risk management teams.
Currently, the Global Risk Exchange features over 18,000 verified vendor assessments and more than 360,000 curated vendor risk profiles. This vast dataset enables third-party risk management teams to reduce assessment times, decrease back-and-forth communication with vendors, and gain clearer insights into the risks linked to each vendor. With substantial assessments completed for 87% of the most frequently requested vendors, the Global Risk Exchange provides organisations with tools to manage their vendor portfolios more effectively.
The upgrade comes in response to a growing number of third parties requiring assessments, an issue that many organisations face as they struggle to keep up with both onboarding and ongoing assessments. The platform allows vendors to complete the assessment questionnaire once and share the information seamlessly with requesting organisations, thereby reducing repetitive data requests.
Future enhancements set to be introduced include the “Evidence Evaluator,” an AI-driven tool that rapidly scans relevant documentation and previously completed questionnaires to generate quick responses to assessment queries. This development is expected to expedite the assessment process and alleviate unnecessary tasks for risk management teams and vendors alike. Additionally, the “Assessment Autofill” feature will enable vendors to automatically complete the platform’s questionnaire by drawing on data from their existing assessments, enhancing both the speed and quality of responses.
Cronin stated, “The Global Risk Exchange is the world’s most trusted ecosystem for third-party risk management,” asserting that the platform empowers users to make more informed risk decisions while safeguarding their vendor portfolios.
The Global Risk Exchange is integrated with ProcessUnity’s Third-Party Risk Management Platform, allowing teams to automate processes effectively and leverage the extensive risk data available. With a flexible configuration system, organisations can tailor their risk management strategies to swiftly address emerging threats and improve collaboration with vendors.
As businesses today increasingly recognise the significance of managing third-party risk—related to cybersecurity threats and operational vulnerabilities—developments like the Global Risk Exchange are becoming crucial in modern risk management frameworks.
Source: Noah Wire Services
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