ProcessUnity, a provider of cloud-based applications for risk and compliance management, just released new features and enhancements across 38 key application areas.
The improvements are designed to further reduce administrative tasks and maximize overall program and user effectiveness for third-party risk management, policy and procedure management, product and service offer management and other GRC disciplines, the company said.
The new features include:
- Service-Level Agreements (SLAs) and Metrics Tracking – The Summer 2016 Release introduces new capabilities that allow customers to track the performance of various entities, including vendors for third-party risk management and clients/plans for offer management. ProcessUnity allows customers to create a standard library of SLAs and apply them to specific entities.
- Customer-Defined Subject Areas – Organizations with unique processes and/or parallel risk and compliance initiatives can take advantage of ProcessUnity’s Customer-Defined Subject Areas to quickly and easily implement solutions based on specific requirements.
- Microsoft Word Connector – Direct integration to Microsoft Word helps organizations streamline management and regulatory reporting. Customers can create Word document templates and easily incorporate ProcessUnity data using functionality similar to mail merge.
- Third-Party Risk Management Enhancements – Customers gain the ability to send special instructions or templates to vendors via questionnaire attachments. New questionnaire preview capabilities let clients test scoring algorithms before deploying surveys.
KPMG launches third party intelligence engine
KPMG Spectrum has launched its Third Party Intelligence Engine so businesses can take pre-emptive action against third-party disruption.
According to KPMG, the technology not only monitors and reports third-party vulnerability, but projects its impact well into the future. This helps companies prevent disruption and other revenue-losing events.
Third Party Intelligence draws on data sources including financials from thousands of third parties in 90 countries, as well as millions of news feeds, websites, and blogs from 48 countries.
Instead of filtering and presenting data to clients, sophisticated algorithms pinpoint and project vulnerability trends in individual third parties and the countries in which they operate. This makes Third Party Intelligence’s insight actionable – a key differentiator from risk data providers who leave this analysis to the client, KPMG says.
To learn more, visit www.kpmgspectrum.com/3pie
Lockheed Martin, Interset join forces
Lockheed Martin now has a commercial cyber partnership with Interset’s insider threat detection solution, the company said this week.
According to Lockheed Martin, the Interset Threat Detection Platform uses machine learning, patented predictive analytics and risk-based scoring to automate the process of sifting through terabytes of events to detect and surface true inside threats.
Interset’s easy-to-comprehend approach and intuitive user interface details insider attacks in context, visually depicting threat stages and calculating risks as attacks unfold, the companies said.
The solution is designed to clearly detail the environment of an attack, capturing and correlating forensic data for incident validation and offering integrated incident response workflows for rapid reaction to unfolding attacks.
Gresham adds advanced remittance advice capability
Gresham, developer of real-time financial transaction control and enterprise data integrity solutions, has upgraded its Cleriti Account Receivables Management offering.
The technology lets banks offer receivables management services to their corporate customers; the upgrade now receives and processes remittance advices, whether in email, excel, Word or .pdf format.
Clareti ARM combats challenges through its integration with Enterprise Document Management Systems & Content Management Systems, allowing remittances to be both pushed and pulled from these systems for an auditable trail.
Banks must be able to pinpoint who each and every payment is to and from, and which invoice each payment refers to. Without this information, regulation often decrees that this money is sent back. Not only does this disrupt the streamlined experience for the customer, but it also presents a liquidity issue.
The intelligent engine in Clareti ARM can intelligently identify both who is paying and what they are paying for with the tiniest amount of remittance information.
For the first time a bank now has complete insight into the receivables process of its customers, bringing the ability to price (e.g. invoice factoring) at the optimal level and build innovative insight based products.
“Since the financial crisis, Transaction Banking has emerged from the shadows and is now a strategic area of focus for many banks,” said Bill Blythe, Gresham’s business development director.
“As corporates are charged with more efficient management of working capital, liquidity and risk, banks are seizing the opportunity to maximize these ‘sticky relationships’, in line with regulatory requirements. These developments present significant new revenue opportunities for the Transaction Bank.”
EY survey: Coordinated risk management remains a struggle
A recent Ernst & Young survey shows that asset managers continue to struggle with the implementation of a coordinated risk management approach across their organization, despite risk governance becoming a CEO- and board-level priority for asset managers.
The survey, “Risk management gaining prominence: a risk survey of global asset management firms,” indicates:
- Of 40 global asset management firms surveyed with headquarters in the United States, a mismatch exists between the importance placed on coordination across functions involved in risk and governance and the actual level of coordination.
- Eighty-two percent of respondents said coordination across functions is very important, yet only 21 percent said the coordination level is high.
- Regulatory and compliance risk is a priority for 79 percent of risk managers, up from 50 percent in the first survey conducted in 2012. Technology and data security is also a priority for 79 percent, up from 27 percent in the 2012 survey.
- Ninety-seven percent of respondents said they had increased their focus on technology and data security over the past three years.
- However, 35 percent said they are still under-resourced in this area, requiring firms to request additional budget for personnel and tools.