A new report from Aite Group looks at governance, risk, and compliance (GRC) technology platforms and their market penetration into and potential utility for asset managers, pensions, asset servicing firms, and broker/dealers. Based on Aite Group interviews with asset management and brokerage vendors, chief compliance officers, and their staffs, the report looks at the level of adoption of GRC platforms for these client markets and considers the benefits platform implementation may bring to firms.
The GRC platform provides a single repository of critical information that allows an organization to document, monitor, manage, test, and report on its own policies, processes, key business risks, issues, controls, and corrective action plans across a hierarchy of business entities. Numerous solutions on the market address individual risk and compliance pain points for firms, but GRC platforms aggregate information and create a central point of oversight for risk and compliance management. Non-financial-services corporations and large banks commonly use these solutions; however, they are much less widely utilized by investment, pension, asset servicing, and broker/dealer markets. Utilization by those markets is primed to grow as the regulatory environment expands and vendors hone their products to address market needs.
“In the coming years, GRC platforms will make inroads toward asset managers, pensions, asset servicers, and broker/dealers as vendors begin to demonstrate focused expertise within these markets,” says Denise Valentine, senior analyst with Aite Group and author of this report. “As vendors build their client base in these sectors, the solution will evolve with client input. Ultimately, GRC platforms will boast greater domain content and open APIs for simple connectivity and fast-tracked implementations.”
The report profiles and compares GRC platforms offered by Avanon, BWise, Dynasec, eFront, MetricStream, Protiviti, RSA Archer, Thomson Reuters, and Wolters Kluwer. It also provides details on other vendors of interest: GRC-Systems, Miratech Holdings, IBM’s OpenPages, and Oracle.
D.C.