Gaurav Gaur, President & Co-FounderCompanies today rely heavily on third-party vendors to manage business functions such as HR, IT, and finance. The benefits of these vendor partnerships, however, are outweighed by the adverse outcomes due to security issues and other concerns. In this complex, interconnected supply chain of vendors, it is crucial for any business to measure the risks associated with a prospective vendor. While the tools available in the market use internet sources to validate vendors, what remains obscure is the impact of the vendor collaboration on the outcome and overall productivity. Moreover, legacy solutions such as spreadsheets and emails only strain the workflow and add to inflexibility. Companies demand a turnkey vendor risk management solution that will help them establish strong alliances with genuine third-party vendors.
Gaurav Gaur, a veteran in the realm of enterprise risk and vulnerability management, has had first-hand experience of the ordeal that a vendor and their partner company go through before an alliance. Gaur and his partner took it upon themselves to take the challenge head-on and founded ProcessBolt. As a prolific enterprise risk management solution provider, ProcessBolt equips companies with its feature-rich SaaS platform to assess third-party vendors objectively. “We make vendor risk assessment transparent and collaborative that allows clients to establish an environment of trust with vendors, based on actionable data,” says Gaur.
ProcessBolt’s SaaS platform provides enterprises with accurate, measurable objective data from within the vendor environment and the freedom to create a customizable vendor assessment program. The ‘assessment designer’ feature in the SaaS platform provides a drag and drop functionality to easily design unique assessment questionnaires, risk scoring methodologies, and decision trees. While assessment designer helps fine-tune the risk assessment approach, the platform’s ‘workflow designer’ makes it possible for companies to customize the configuration of their internal workflows with vendor risk assessments.
On the receiving side, third-party vendors can leverage ProcessBolt’s SaaS platform to expedite the assessment process through automation, reducing the time taken by 80 percent.
Vendors can gather historical assessment information and develop a unique organizational assessment profile fingerprint within ProcessBolt, which can be used by vendors to be prepared for and automate future risk assessments.
We make vendor risk assessment transparent and collaborative that allows clients to establish an environment of trust with vendors, based on quantitative information
To fill the knowledge gaps within an enterprise and its prospective vendor partners, ProcessBolt provides managed services. “Our managed services deliver value by enabling vendors to improve their performance in areas such as policy administration, compliance documentation, and other aspects of risk assessments.” says Gaur.
What makes ProcessBolt a game changer in the market is that unlike its competitors, the client onboarding process is extremely short and primarily self managed. ProcessBolt’s clients range from Fortune 100 on the enterprise side to Fortune 10,000 on the vendor side. For instance, ProcessBolt recently helped a large company reduce their average risk assessment timeframe by 90 percent. Despite having a global vendor partner network, the client used to rely on spreadsheets for vendor risk assessment. With the ProcessBolt platform, the client was able to automate their vendor risk assessment process and reduce the resources and effort required for vendor risk assessments by half.
With a vendor footprint in more than 30 countries, ProcessBolt has been thriving in the market since its genesis. The company aims at tripling its client base by the end of 2019. Primarily focused on the area of vendor risk management, ProcessBolt is looking forward to facilitating an unprecedented number of collaborations between vendors and enterprises, which would allow clients to glean accurate and actionable insights on their third party risk posture.