**Concord, MA**: ProcessUnity’s Global Risk Exchange platform, launched in February, has seen rapid growth with a 50% increase in unique users and over 10,000 automated risk profiles. It aims to revolutionise TPRM by reducing assessment fatigue and enhancing collaboration between customers and third parties.
Concord, MA – As businesses face an increasingly complex landscape of third-party risk, ProcessUnity’s recently launched Global Risk Exchange aims to redefine the approach to third-party risk management (TPRM). Since its introduction in mid-February, the platform has seen significant growth in user engagement, indicating a strong demand for its assessment data among customers and third parties.
According to the company, the Global Risk Exchange has experienced a 50% increase in unique users and added over 10,000 automated risk profiles during its first month of operation. Other metrics reveal a doubling of individual user engagement, as well as a tripling of requests for third-party risk data. The platform has also reported a substantial increase in the sharing and validation of assessment profiles among users.
Rachel Mimken, Vice President of Exchange Strategy and Operations at ProcessUnity, remarked on the growing collaboration between customers and third parties. Speaking to PR.com, she noted, “In the face of increased scrutiny, regulation, and speed of business, we are seeing more and more commitment from customers and third parties to come together to solve this community assessment challenge.” She emphasized the effectiveness of the collaborative approach offered by the Global Risk Exchange.
The platform aims to alleviate the burden of repetitive assessments faced by third parties by allowing them to create a single comprehensive risk profile. This profile can be shared with multiple organisations, which helps to lessen assessment fatigue while fostering trust and transparency.
With over 370,000 automated risk profiles and the ability to onboard new third parties instantly, ProcessUnity claims that the Global Risk Exchange provides customers with 100% risk coverage across their portfolios. Early users of the platform have reported significant reductions in the time required for risk assessments—up to 75% less time for inherent risk assessments and 80% faster completion of third-party risk reviews.
The integration of the Global Risk Exchange with ProcessUnity’s existing TPRM platform potentially enhances capabilities for managing onboarding, due diligence, and emerging threats throughout the third-party lifecycle. This cohesion is expected to provide security teams with a unified platform that combines speed, accuracy, and efficiency in managing third-party risks.
As organisations navigate the complexities of managing third-party relationships, ProcessUnity’s innovative approach may present new opportunities for risk management that prioritises both efficiency and thoroughness.
Source: Noah Wire Services
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