RiskResolve adds risk measurement to QUMAS Compliance Suite
London — April 9th 2008 - FRSGlobal, a leading provider of worldwide risk and regulatory compliance reporting solutions, has today announced a partnership agreement and the integration of FRSGlobal's risk management capabilities with QUMAS Compliance Suite.
FRSGlobal RiskResolve provides risk management capability for the QUMAS Compliance Suite, bringing together two market leaders and the combined domain expertise in the compliance and regulatory risk and reporting arenas.
In the December 2007 Forrester Wave: Enterprise Governance, Risk and Compliance Platforms, Q4 2007 (in which QUMAS was named a leader) analysts evaluated the combined product suite and noted that the platform "was one of the top scorers in policy and procedure management, loss and investigations management".
"Many global organisations - regardless of size - focus on a common set of compliance initiatives that target different yet overlapping areas of the firm," said David Coad, VP Americas of FRSGlobal. "Addressing these regulatory challenges holistically and incorporating them as part of a broader risk management program improves controls, should ultimately improve the bottom line through reduced operating losses and lower earnings volatility."
"With the introduction of the QUMAS Compliance Suite, we now offer an enterprise solution that incorporates best-in-breed risk management functionality within a unified and consistent framework. This enables organizations to manage all of their governance, risk and compliance activities with a single solution," said Kevin O'Leary, CEO of QUMAS. "Organizations can build a proactive regulatory defense as well as confidently predict where potential exposure lies in their organisations as it relates to risk. The visibility gained and assurance required to make risk-informed decisions remove any guesswork and enable them to deploy resources accordingly."
"With GRC being on the agenda of most institutions, the combination of QUMAS and FRSGlobal RiskResolve is a unique answer to the market" says Stephan Schmitz, Product Manager ORM, FRSGlobal. "It allows the documentation of risk appetite, losses, risks, controls and procedures in a single suite. But most importantly, corrective measures resulting from operational losses can now be followed up proactively, from the definition of the action up to its documentation within the corporate procedure manual. With the combination of their two products, FRSGlobal and QUMAS are able to close the loop of GRC, integrating business unit input and Board follow-up and validation of governance, risk and compliance related issues and actions."
FRSGlobal is the leading provider of global risk and regulatory compliance reporting solutions and has more than a decade of industry expertise, currently providing coverage for 30+ countries. FRSGlobal's solutions are used in over 1,000 financial organisations. 25% of R&D annual expenditure is dedicated to researching regulations and meeting with regulators, which results in an unparalleled Centre of Regulatory Excellence (CoRE) that supports clients by providing up-to-date regulatory information and reports.
FRSGlobal's FinancialAnalytics enables institutions to address major regulatory, compliance and risk requirements globally. FRSGlobal's coverage includes both local prudential and global reporting (IFRS/FiNREP, Basel II/CoREP and MiFID) - this is done by leveraging a common DataFoundation to harness financial intelligence across an enterprise, while maintaining the country-specific requirements of local regulators.
FRSGlobal's RiskResolve is a highly configurable enterprise software solution that provides a unified, consistent framework for defining, measuring and managing risks, internal controls, Key Risk Indicators, Loss events, actions, SOX controls and compliance mandates, while enabling institutions to reduce their operational losses.
FRSGlobal has offices in North America (Boston, Charlotte and Toronto), Europe (Amsterdam, Brussels, Dublin, Lisbon, London, Luxembourg, Madrid and Paris) and APAC (Hong Kong, Pune and Singapore).
About QUMAS - www.qumas.com
QUMAS is the leader in Enterprise Governance, Risk and Compliance (GRC) with more than 250 customer deployments and over a decade of experience helping companies in highly regulated industries provide a proactive regulatory defense.
The QUMAS solution facilitates an informed, risk-based response to GRC challenges across the organization. QUMAS solutions channel and focus resources, providing better overall governance and predictability of business performance as well as meaningful reporting to stakeholders.
For more information visit http://www.qumas.com.
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