Argos Risk and ProcessUnity today announced an alliance to integrate Argos Risk Online 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. “The integration of Argos Risk Online into ProcessUnity’s Third-Party Risk Management solution empowers vendor managers to protect their businesses on many levels,” said Argos CEO Lori Frank.
This tool monitors the financial status of key business partners, sending alerts when certain factors warrant 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.
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.