Integration Delivers 24/7 Real-Time Risk Mitigation for Vendor Risk Management Posted March 15, 2016 in by Argos Risk
MINNEAPOLIS, MN AND CONCORD, MA – March 15, 2016 – Argos Risk and ProcessUnity today announced an alliance to integrate Argos Risk Online (ARO) with ProcessUnity's cloud-based Third-Party Risk Management solution. The integration allows organizations to automatically assess the overall financial health of third-party providers and key business partners as part of a comprehensive vendor due diligence process. Real-time monitoring and automated alerts notify risk managers of any changes to critical scores on an on-going basis, allowing them to proactively address negative impacts to vendor risk.
"Businesses are at tremendous risk if they are not armed with critical information regarding the creditworthiness and financial health of their third-party service providers and other business partners," said Lori Frank, Argos Risk President and CEO. "The integration of Argos Risk Online into ProcessUnity's Third-Party Risk Management solution empowers vendor managers to protect their businesses on many levels. This tool monitors the financial status of key business partners, sending alerts when there are factors warranting further investigation. Users can proactively evaluate the severity of the alert and determine the appropriate course of action. In addition, users are ensured they are meeting regulatory compliance standards. We are honored to partner with ProcessUnity to integrate ARO into their suite of solutions."
"Assessing financial viability is a key aspect to pre-contract due diligence and on-going vendor risk management. However, with hundreds or even thousands of third parties to research and monitor, organizations rarely have the time and resources to complete reviews manually," said Todd Boehler, Vice President of Product Strategy at ProcessUnity. "ProcessUnity's partnership with Argos Risk further extends our capabilities for third-party due diligence, allowing customers to automate the financial review process. The integrated service offering is extremely valuable to organizations implementing effective and efficient vendor risk management programs."
ProcessUnity's Third-Party Risk Management solution reduces the time and resource costs associated with identifying and mitigating risks posed by third-party service providers. The cloud-based service combines a vendor service catalog, automated assessment tools and interactive reporting capabilities in an extremely easy-to-use environment that allows organizations to eliminate manual tasks and focus on higher-value risk management activities.
Argos Risk Online (ARO) is the first online service to deliver an actionable, easy to understand solution that not only evaluates the credit and financial health of businesses, but also provides continuous monitoring and credit alerts. Argos Risk's proprietary methodology, Argonomics, applies powerful algorithms, based on multiple risk factors, producing scores that enable clients the ability to evaluate the overall financial health of their business relationships. This data is updated daily, alerting clients whenever there is a significant change or concern associated with any of their vendors. These daily alerts and updates are a critical competitive advantage, as the financial health of a business can change overnight.
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 Offer Management controls complex product offerings and strengthens client service experience. ProcessUnity is used by the world's leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.
About Argos Risk
Argos Risk, based in Minneapolis, Minnesota, specializes in web-based technology solutions for B2B credit risk management, enabling companies of all sizes to proactively manage and monitor risk. The Company's flagship solution, Argos Risk Online, does this by assessing risk scores of clients, vendors, partners, and competitors. The company's powerful algorithm, known as Argonomics, delivers data via real-time dashboards and daily alerts. Argos Risk monitors thousands of companies for clients in a broad array of industries including financial institutions, manufacturers, distributors, wholesalers and businesses of all types. For more information, visit www.argosrisk.com.