ProcessUnity has launched the Global Risk Exchange, a platform designed to streamline third-party risk assessments by offering a centralized library of assessment data. The platform aims to reduce duplicated assessments requested by multiple organizations from the same third parties, facilitating vendor onboarding while lowering the assessment backlog for third-party risk teams.

“The Global Risk Exchange makes the third-party assessment process easier for everyone involved while better protecting organizations’ sensitive data and business operations,” stated ProcessUnity CEO Sean Cronin. He noted that this initiative will alleviate the workload placed on third-party risk teams.

The Global Risk Exchange currently houses over 18,000 vendor assessments and around 360,000 curated vendor risk profiles. This extensive data allows teams to streamline assessment processes, minimize vendor interactions, and enhance risk visibility across the vendor network. Furthermore, this platform covers 87% of the most requested vendors, enabling clients to address assessment backlogs, automate risk scoring, and secure data for the most complex vendors.

As organizations face an increasing number of third parties needing assessments, the Global Risk Exchange assists teams in managing their priorities without compromising efficiency. It simplifies the process for vendors who can submit a single assessment that can be shared with multiple organizations.

Upcoming features planned for the platform include Evidence Evaluator, which uses AI to analyze related documentation and expedite assessment responses, and Assessment Autofill, which automatically populates questionnaires using existing information. These enhancements are expected to improve the assessment process for third-party risk management teams.

In addition to facilitating assessments, the Global Risk Exchange integrates with ProcessUnity’s Third-Party Risk Management Platform, allowing teams to automate processes and access critical risk data efficiently.