The evaluation takes into account product and technology capabilities of vendors as well as their organizational capabilities
PALO ALTO, Calif., June 16, 2015 /PRNewswire/ — MetricStream, a market leader in Governance, Risk, and Compliance (GRC) Apps, announced that it has been positioned by Chartis as a "Category Leader" in the 2015 Chartis Research RiskTech Quadrant®, as part of the Chartis Operational Risk Management Systems for Financial Services 2015 report. According to Chartis, "Category leaders are considered to be risk technology vendors that have the necessary depth and breadth of functionality, technology, and content, combined with the organizational characteristics to capture significant market share by volume and value."
According to the report, "A recent Basel Committee review of operational risk management practices of 60 systemically important banks in 20 jurisdictions revealed that "banks have made insufficient progress" in implementing the principles introduced in 2003 and revised in 2011." The report continued, citing that "98% of the top 50 operational risk losses in the last 12 months were due to conduct risk, and the aggregated value of these 50 loss events is estimated to be $60bn."
Risk management has emerged as a top priority for financial services organizations who are looking to strengthen, streamline, and simplify their risk and compliance initiatives. Managing risk in an effective and efficient manner requires a pervasive enterprise-wide risk management infrastructure, which is imperative for organizations that have business operations and third parties spread across geographies.
Peyman Mestchian, Managing Partner at Chartis said, "MetricStream has expanded its position in the Leaders Category by meeting end user demands for flexible and integrated ORM solutions. As regulatory requirements, compliance costs, and operational complexities continue to increase, integrated GRC has become a key focus for both financial and non-financial firms. A centralized GRC platform proves to be beneficial because it allows comprehensive aggregation and visualization of enterprise data, using a robust and flexible technology architecture."
This report serves as an update to the Chartis Operational Risk Management Systems 2014 report, and highlights the increasing demand for connected or integrated solutions with capabilities for operational risk, compliance, finance, performance, anti-financial crime and governance. The report also states that a significant number of financial institutions have replaced or are looking to replace their older operational risk management systems that were implemented before 2010.
"We are delighted to be recognized by Chartis as a Category Leader in the 2015 Chartis RiskTech Quadrant®, as part of the Chartis Operational Risk Management Systems for Financial Services report," said Gaurav Kapoor, Chief Operating Officer at MetricStream. He continued, "Amidst our increasingly mobile, global, social, and complex operating environment, we are seeing the operational risk function work a lot more closely with business and risk groups outside of the traditional operational risk responsibility. MetricStream is committed to making GRC simple by integrating, automating and streamlining risk management and compliance processes across the organization."
About MetricStream
MetricStream is the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream's customers include UBS, Societe Generale, Pfizer, Philips, Cummins, Kellogg's, Mondelez International, SanDisk, and NetApp. MetricStream also owns and operates the www.ComplianceOnline.com portal – the largest GRC advisory network and one of the largest GRC communities. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).
About Chartis
Chartis is the leading provider of research and analysis on the global market for risk technology. Its goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. Chartis helps clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. RiskTech Quadrant® and RiskTech100® are registered trademarks of Chartis Research limited – (www.chartis-research.com).
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