Conducted among leading financial institutions across North America, Europe and Asia, respondents were asked to rank their top five companies across eight compliance categories including GRC, Compliance Monitoring and Spreadsheet Control.
Jeremy Wood, Director of Finsbury Solutions, comments, âItâs a testament to our market leading products and commitment to customer service that we have maintained our high ranking in this yearsâ survey.
âThe last twelve months has continued to prove challenging for the financial services sector. Combined with the demands of tighter regulation and financial scrutiny there is growing demand for our spreadsheet control solutions. The results of the Operational Risk & Regulation annual compliance software rankings clearly illustrate that our solutions continue to be seen as some of the most trusted in the marketâ.
Finsburyâs market leading solutions allow organizations to address the issues of operational risk and compliance that are inherent in the use of business critical spreadsheet applications. Spreadsheets are commonly used in financial reporting applications which are subject to regulations requiring an effective system of internal control. Examples of such legislation include the Sarbanes Oxley Act, Solvency II, Basel II, NAIC Model Audit Rule and similar regulations in France, Japan and other countries. Financial industry regulation such as Solvency II and the credit rating agencies consider the level of operational risk in a business. Companies have the potential to reduce their cost of capital and improve their credit rating by improving control over spreadsheet applications.
The Operational Risk & Regulation Software Survey 2010 rankings were compiled from a survey conducted over four weeks in April 2010. The survey was sent to readers of Operational Risk & Regulation from around the world and was also promoted through Risk.net. Respondents were asked to rank their top five companies across eight categories. The results were compiled by Incisive Research, a subsidiary of Incisive Media.