SOURCE: ProcessUnity

ProcessUnity

November 10, 2014 10:06 ET

ProcessUnity Introduces Third-Party Risk Management Solution for Community Banks

Cloud-Based Application Streamlines Vendor Assessments and Facilitates Regulatory Reporting

CONCORD, MA--(Marketwired - Nov 10, 2014) - ProcessUnity today introduced Vendor Cloud Community Bank Edition (CBE), a new version of its flagship vendor risk management solution aimed at helping smaller financial institutions identify and remediate risks posed by third-party service providers. 

Vendor Cloud CBE automates third-party risk activities while capturing key supporting documentation that ensures compliance and fulfills regulatory requirements. Key features include:

  • Vendor Services Catalog - creates a central repository of vendor information, key documentation and related risks
  • Configurable, Online Vendor Questionnaires - simplify the assessment process for organizations and their suppliers
  • Dynamic Reporting - provides real-time visibility into the state of third-party risk and demonstrates to regulators the existence of an effective program

As a cloud-based application, Vendor Cloud CBE does not require hardware or IT support. Users access the secure system through their web browser. Simple import templates allow organizations to migrate their existing content.

"When it comes to third-party risk, community banks face the same level of regulatory pressures as larger financial institutions, but have fewer resources to manage their programs," said Sean Cronin, General Manager, Risk Management Solutions at ProcessUnity. "Vendor Cloud Community Bank Edition delivers automated assessment tools and reporting capabilities that spreadsheets and homegrown databases simply cannot provide. The end result is elimination of busy work, a focus on higher-value risk mitigation activities and a repeatable, reliable program that stands up to regulatory scrutiny."

Availability and Pricing

Vendor Cloud CBE is available immediately at a special introductory price specifically designed for financial institutions that manage less than $1 billion in assets. The annual subscription includes training, technical support, five user licenses and the ability to manage up to 300 vendors.

For more information or to schedule a live demonstration, visit www.processunity.com.

About ProcessUnity

ProcessUnity is a leading provider of cloud-based applications for risk management and service delivery 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. For public companies and regulated industries, ProcessUnity Risk Suite delivers effective governance and control, vendor risk mitigation, and regulatory compliance. For benefit plan administrators and other financial service firms, ProcessUnity Service Delivery Risk Management (SDRM) controls complex product offerings and strengthens client service experience. ProcessUnity is used by the world's leading financial service firms and commercial enterprises. The company is headquartered outside Boston, Massachusetts and is funded by Rose Park Advisors and other private investors. For more information, visit www.processunity.com.

Contact Information

  • For additional information on ProcessUnity, contact:

    Jill Colna or Jeff Lavery
    SVM Public Relations
    401-490-9700
    Email Contact
    Email Contact