Enterprise GRC Solutions 2012

<p>In 2012, organizations continued to expand usage of enterprise governance, risk, and compliance (EGRC)&nbsp;software. With so many governance, risk, and compliance-related stories in the news this year (LIBOR, BP,&nbsp;HSBC), this is probably not a shock. Following the financial crisis, it is perhaps not surprising that the focus&nbsp;of the drive to improve GRC has been on financial institutions. However, the pressure from regulators and&nbsp;shareholders on organizations in energy, healthcare, and other non financial sectors is also increasing.</p>

<p>While in the financial services sector the emphasis is on quantitative&nbsp;risk analysis and financial risk measurement, non-financial services &nbsp;firms have focused on qualitative and subjective approaches. However, there is an increasing trend towards cross-fertilization of skills and techniques between financial and non-&nbsp;financial industries. Financial institutions are embedding more and more qualitative approaches (particularly&nbsp;around operational risk management), while non-financial firms (e.g. those in the energy, commodities, and telecommunications sectors) are adopting more quantitative techniques for enterprise GRC.</p>

<p>At the same time, firms are reversing last decade’s trend towards greater centralization of GRC. With greater&nbsp;decentralization of GRC responsibilities, firms are accordingly shifting their GRC investment from the second&nbsp;and third lines of defense (risk functions and audit function) to the first line of defense (front?office).</p>

<p>Firms also increasingly see GRC as a crucial input into their business that will direct strategy and help to&nbsp;determine executive compensation. Firms are also more aware of the threat from interrelated risks and need&nbsp;technology systems that can help them discover these linked risks. As a result, risk management is increasingly&nbsp;integrated with business strategy and execution processes. Forward-thinking firms are looking to leapfrog&nbsp;competitors by effectively identifying, analyzing, monitoring and responding to risk exposures and turning&nbsp;compliance into an opportunity to add value.</p>

<p>The strategic profile of Chief Risk Officer (CRO) and Chief Compliance Officer (CCO) is rising and CROs and&nbsp;CCOs increasingly report directly to the board or CEO. Their higher profile has increased pressure on them to&nbsp;improve risk management initiatives and has resulted in greater demand for EGRC software. To achieve their&nbsp;goals, firms need robust technology systems. This report covers the specific technologies required for firms&nbsp;to improve their GRC processes, including enterprise GRC platforms, continuous monitoring and assessment&nbsp;functionalities, collaborative feedback systems, policy and procedure management, regulatory change&nbsp;management, and real-time risk intelligence.</p>

<p>The report also covers the competitive landscape for EGRC solutions. Organizations are expanding usage&nbsp;of GRC software, but remain unsatisfied with current solutions. Many vendors advertise “enterprise GRC solutions”, but there is significant confusion among risk technology buyers as to whether vendors really have all&nbsp;the necessary functionalities for ‘G’ ‘R’,and ‘C’. The plethora of competing claims made by risk technology&nbsp;vendors can make&nbsp;it difficult for buyers to decide which solution best suits their GRC requirements.</p>

<p>This report uses Chartis’s RiskTech Quadrant™ to explain&nbsp;the structure of the market. The RiskTech&nbsp;Quadrant™ uses a comprehensive methodology of in-depth independent research and a clear scoring system&nbsp;to explain which technology solutions meet an organization’s needs. The RiskTech Quadrant™ does not&nbsp;simply describe one technology solution as the best enterprise GRC solution; it has a sophisticated ranking&nbsp;methodology to explain which solutions would be best for buyers, depending on their implementation strategies&nbsp;and business needs.</p>

<p>This report covers the leading vendors offering Enterprise GRC solutions, including ActiveRisk, BPS Resolver,&nbsp;Chase Cooper, Cura Technologies, Detica NetReveal, EMC-RSA, Enablon, IBM, MEGA, MetricStream,&nbsp;NASDAQ OMX-BWise, NICE Actimize, Oracle, Palantir, Protiviti, SAI Global, SAP, SAS, Software AG,&nbsp;Thomson Reuters, Wolters Kluwer FS,Wynyard, and YarcData.</p>

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• Topics
• Quantitative Methods
• AI & Machine Learning
• Programming Languages
• Workflow/RPA
• GRC and Operational Risk