Extends Artificial Intelligence Capabilities for Analyzing Third-Party Risk Data
ProcessUnity announced it has acquired Artificial Intelligence and Natural Language Processing technology from ISMS Solutions (“ISMS”), a premier provider of technology-assisted compliance solutions. The patented technology will extend ProcessUnity’s market-leading Third-Party Risk Management platform, allowing organizations to assess large volumes of vendor due diligence responses.
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“Organizations spend a significant portion of their overall effort reviewing and verifying vendor assessment questionnaires and the associated policies and procedures that accompany them. It’s a labor-intensive process that lacks uniformity across teams,” said Sean Cronin, Chief Executive Officer at ProcessUnity. “Our acquisition of the ISMS technology will apply meaningful artificial intelligence capabilities to vendor due diligence data, quickly comparing and scoring assessment information against established industry standards.”
ProcessUnity will incorporate the ISMS technology into its Third-Party Risk Management software platform to allow organizations to rapidly review vendor due diligence responses. In addition to assessing more third parties more effectively in less time, the technology will ensure consistency across vendor risk reviews.
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Peter Chung, Managing Director at Marlin, and Hemal Patel, Principal at Marlin, added, “ProcessUnity has identified a compelling use case for artificial intelligence that solves one of the toughest tasks associated with pre- and post-contract vendor due diligence. We’re excited to add ISMS’ capabilities to the ProcessUnity platform and extend the company’s leading position in the market.”
Massumi + Consoli LLP served as legal advisor to ProcessUnity. TD Securities served as financial advisor, and Loeb & Loeb LLP served as legal advisor to ISMS Solutions.
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