ProcessUnity Vendor Risk Management Platform to Power HCL Managed Services for Third-Party Risk ManagementProcessUnity Vendor Risk Management Platform to Power HCL Managed Services for Third-Party Risk Management
ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today announced that HCL Technologies will leverage the ProcessUnity Vendor Risk Management platform to power its third-party risk managed services program for its global clients. The combination of HCL’s 3PAS™ (3rd Party Assessment and Management Services) and ProcessUnity VRM will create a mature and complete service to help organizations proactively identify, manage and mitigate risks while implementing proper governance, risk and compliance processes.
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HCL’s “Vendor Assessment-as-a-Service” will provide customers with a centralized view of their entire third-party risk landscape. The unique “pay-per-assessment” approach will provide cost and resource flexibility for both large and mid-size enterprises, allowing them to reduce assessment backlog and employ HCL’s subject-matter experts for harder-to-assess vendors. The ProcessUnity VRM platform will provide HCL customers with real-time insights into the state of third-party risk as work is completed.
“Since the start of the pandemic, businesses have relied more on third parties for operational efficiencies, requiring a laser focus on these providers’ risk and compliance practices. This partnership enables HCL to enhance the third-party risk services that we provide under our 3PAS model to our global clients with availability of our pre-built process frameworks combined with the finest SaaS based VRM platform from ProcessUnity,” said Renju Varghese, Fellow & Chief Architect, Cybersecurity & GRC Services at HCL Technologies.
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“As companies continue to outsource more of their key business functions and face more regulatory pressures, it’s getting harder to keep pace with the sheer volume of vendor assessment work that needs to be done to ensure the organization is protected,” said Todd Boehler, Senior Vice President of Strategy at ProcessUnity. “Our partnership with HCL gives organizations scalable options for reducing the assessment workload and taking advantage of vendor risk management experts that may not be available inside the company.”
ProcessUnity Vendor Risk Management protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors from initial due diligence and onboarding through termination. Through automation and standardization, ProcessUnity customers reduce busy work, streamline regulatory reporting and improve overall visibility into vendor performance.