ClusterSeven recognized for its advanced model risk governance capabilities
ClusterSeven, the leading global supplier of strategic spreadsheet and end-user computing (EUC) management software, announced today that Chartis has acknowledged its solutions as best-of-breed in the 2017 RiskTech Quadrant® for enterprise GRC solutions. The research provider on global market for risk technology has also recognized ClusterSeven for its advanced model risk governance capabilities. ClusterSeven is included in the ‘best-of-breed’ category of the RiskTech Quadrants for IT risk management and audit management. Finally, the solutions have been called out for their operational risk management and third-party risk management capabilities too.
The ChartisRiskTech Quadrant evaluates vendors on their completeness of offering and market potential. For the various RiskTech Quadrant categories, the capabilities of solutions are evaluated based on a number of different criteria. Solutions’ ability to measure model risk, document model risk governance frameworks and integration of model risk controls with governance frameworks were key for the model risk governance RiskTech Quadrant. Out-of-box functionality for IT standards and frameworks, IT risk mapping to business risk, policy management and reporting and risk assessment and reporting were the major evaluation areas for inclusion in the IT risk management RiskTech Quadrant. For the audit management Quadrant, solutions were assessed for their audit scope definition, resource allocation/management, definition of execution requirements and mapping, prioritization and assessment of items.
“Spreadsheets and EUC models are a fundamental part of the GRC processes, and when used in an uncontrolled and unmonitored manner, the very objective of the processes – i.e. compliance, governance and risk reduction, is negated,” commented Chris Gomersall, CEO of ClusterSeven. “Due to the complexity of the GRC environment, a manual attempt to manage spreadsheets that are part of an overall business process is almost always ineffective. Automation, on the other hand, streamlines the process of reporting potential failings based on internal policies and best practice to ensure data accuracy and risk mitigation across the GRC landscape. We are delighted with the recognition our solutions have received in helping financial organizations overcome such issues.”
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PeymanMestchian, Managing Partner, Chartis, said, “Our analysis shows that ClusterSeven falls within the ‘best-of-breed’ category offering excellent capabilities across the GRC risk spectrum. Regulators are pushing organizations towards true enterprise GRC with emphasis on operational and conduct risk mitigation and model risk governance. Organizations deploy GRC platforms, but spreadsheets, which are intrinsic to GRC-related programs, fall outside their scope and hence the use of these applications is uncontrolled. GRC initiatives can be impacted due to the business-critical risk information that is held in spreadsheets not being adequately reflected in the compliance reporting.”
The Enterprise GRC Solutions – Market Update 2017 is available here for order or to download the executive summary: http://www.chartis-research.com/research/reports/enterprise-grc-solutions-market-update-2017.