Chartis’ annual analysis of Governance, Risk and Compliance (GRC) solutions for financial institutions notes an increasing need for integrated approaches to risk management across interrelated discipline categories.
SAI360 has been named a multiple Category Leader in Chartis’ GRC Solutions, 2021 Market Update and Vendor Landscape report. Based on Chartis' RiskTech Quadrant® methodology, the report assesses the structure and evolution of the GRC market and which solutions match specific buyers' needs based on their implementation strategies.
As one of the leading research and analysis firms on the global market for risk technology, Chartis is recognized for its expertise in the risk management and financial services industries.
SAI360’s GRC solutions secured Category Leader in eGRC, GRC Analytics, Internal Audit Management, Third-Party Risk Management, and Model Risk Management quadrants. In addition, SAI360 solutions are named Best of Breed for the Conduct Risk and Controls, and IT Risk Management quadrants.
“BWise (SAI’s)’s category leader position in the quadrant for eGRC – the next stage on from ‘traditional’ GRC – reflects its strong market positioning and key functionality that includes workflow and case management and control frameworks and integration.”
Maryam Akram, Senior Research Specialist
The Chartis report describes eGRC as a discrete category that consists of workflow and control platforms that manage enterprise risk. GRC is a “salient business concern” that is well worth investing in, the report states, with the Covid-19 pandemic highlighting this strengthening trend for GRC's evolution beyond audits and workflows.
GRC technology trends highlighted by Chartis in the report include the drive for greater automation, digitalization, and scenario analysis, and the use of data-driven technologies such as machine learning and natural language processing.
The report also highlights how the GRC space has been changing and expanding, driven by digital risk management. Industry drivers include efforts at financial institutions to consolidate GRC product use and take advantage of integration and communication benefits of a single enterprise GRC platform; digital transformation initiatives; and the pandemic's distributed operating environment and accompanying security concerns, data governance issues, and strain on infrastructure.
Together, these indicate that financial institutions seek a more comprehensive view of risk as a business priority while also responding to regulatory changes. “We believe that GRC as a whole is now a far more analytical discipline,” the report states. It also notes, “Substantial pressure is also coming from financial regulators on the issue of operational and infrastructure resilience.”
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