CONCORD, Mass., April 06, 2021 (GLOBE NEWSWIRE) -- ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today launched ProcessUnity Vendor Identity Intelligence (VII), the newest addition to the ProcessUnity Vendor Intelligence Suite. VII seamlessly and automatically incorporates searches for verified third parties and their ownership structures into ProcessUnity’s Vendor Risk Management platform to enable best-in-class Know Your Vendor (KYV) capabilities for enhanced third-party due diligence, vendor assessments, issue management and ongoing monitoring processes.
“Businesses worldwide need access to verified data that helps them accurately identify and evaluate their third parties or suppliers, including who ultimately owns these entities. With more outsourcing, comes more risk of doing business with bad actors, and today’s anti-bribery and corruption regulation is only increasing,” said Todd Boehler, Senior Vice President of Strategy at ProcessUnity. “Incorporating this targeted intelligence into our best practice vendor risk program accelerates onboarding, risk assessments, and proof of compliance so that organizations can make better business decisions regarding their third-party relationships.”
With the launch of Vendor Identity Intelligence, ProcessUnity delivers a prepackaged, turnkey solution that provides greater visibility into the onboarding and continuous monitoring processes of the vendor risk lifecycle. ProcessUnity VII combines search and unique business identification capabilities with ProcessUnity’s Best Practices Program to deliver pre-built workflows, notifications, reports and dashboards to support each stage of the vendor risk lifecycle from initial onboarding to ongoing due diligence and monitoring.
Key benefits of ProcessUnity Vendor Identity Intelligence include:
- Accurate Onboarding: VII ensures vendor due diligence is performed on the correct third party, eliminating expensive re-work during the onboarding process.
- Detailed Ownership Profile: Key beneficial ownership data for verified third parties can be used for anti-bribery and corruption screening to provide a complete picture of upstream compliance.
- Real-Time Issue Management: Intelligent automation identifies issues based on a vendor’s ownership profile. Coupled with screening integration, an immediate risk assessment can be performed that triggers an issue management and remediation process against flagged results.
Visit https://www.processunity.com/vendor-identity-intelligence-dun-bradstreet/ to learn how ProcessUnity’s VII helps customers mitigate third-party risks across the globe.
About ProcessUnity
ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. The company is headquartered outside Boston, Massachusetts. For more information, visit http://www.processunity.com.