Posted: 19 February 2013 | Source: Chartis Research
In 2012, organizations continued to expand usage of enterprise governance, risk, and compliance (EGRC) software. With so many governance, risk, and compliance-related stories in the news this year (LIBOR, BP, HSBC), this is probably not a shock. Following the financial crisis, it is perhaps not surprising that the focus of the drive to improve GRC has been on financial institutions. However, the pressure from regulators and shareholders on organizations in energy, healthcare, and other non financial sectors is also increasing.
The drive from improved enterprise GRC has focused on a number of trends:
The strategic profile of Chief Risk Officer (CRO) and Chief Compliance Officer (CCO) is rising and CROs and CCOs increasingly report directly to the board or CEO. Their higher profile has increased pressure on them to improve risk management initiatives and has resulted in greater demand for EGRC software. To achieve their goals, firms need robust technology systems.
This report covers the specific technologies required for firms to improve their GRC processes, including enterprise GRC platforms, continuous monitoring and assessment functionalities, collaborative feedback systems, policy and procedure management, regulatory change management, and real-time risk intelligence. This report also covers the enterprise GRC capabilities and market position of Wolters Kluwer Financial Services, a leading worldwide provider of finance, risk, compliance and audit technology solutions and services.
Chartis believes Wolters Kluwer FS to be one of the leading vendors in the enterprise GRC marketplace.
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