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 (SAI360’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,” said Maryam Akram, Senior Research Specialist at Chartis Research.
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 RiskTech 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.