FRSGlobal RiskResolve provides risk management capability for the QUMAS GRC Suite, bringing together two market leaders and their 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 âwas one of the top scorers in policy and procedure management, loss and investigations managementâ.
âMany global organisations â regardless of size â focus on a common set of compliance initiatives that target different yet overlapping areas of the firm,â said David Coad, VP Americas of FRSGlobal. âAddressing 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.â
âWith the introduction of the QUMAS GRC Suite, we now offer an enterprise solution that incorporates best-in-breed risk management functionality within a unified and consistent framework. This enables organisations to manage all of their governance, risk and compliance activities with a single solution,â said Kevin OâLeary, CEO of QUMAS. âOrganisations can build a proactive regulatory defence 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."
âWith GRC being on the agenda of most institutions, the combination of QUMAS and FRSGlobal RiskResolve is a unique answer to the marketâ says Stephan Schmitz, Product Manager ORM, FRSGlobal. âIt allows the documentation of risk appetite, losses, risks, controls and procedures in a single suite. 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.â