RISKGRID has launched a cloud-based ‘as a service’ risk assessment platform to enable financial services firms to automate and standardise fragmented, cross-enterprise risk assessment practices.
The new platform is designed to harness value and eliminate risk from internal risk assessment processes. RISKGRID says it will address the challenges of manual, static, fragmented and inconsistent risk assessment processes within financial firms.
According to the platform, managing largely spreadsheet-driven risk assessment processes can prove manually burdensome for firms.
In addition, a lack of collaboration and integration between disparate enterprise-wide processes is making it difficult to derive actionable insights from the activity, with respect to risk trends and proactive issue resolution.
RISKGRID’s solution aims to enable fast and effective deployment of fully automated risk assessment frameworks that standardise cross-enterprise methodologies and processes, supporting stakeholder and regulatory risk management and reporting obligations, as well as maximising operational efficiency and organisational transparency.
Commenting on the launch, RISKGRID founder and CEO Steven Marshall says: “Despite
ever-evolving financial services regulation around operational and financial risk, most risk assessments carried out within firms generate no intrinsic value to a business.
“A lack of process standardisation and cross-enterprise transparency makes it hard for companies to proactively identify — and efficiently respond to — trends and insights garnered through traditional, backward-looking, manual risk assessment activities.”
He adds: “Providing a single, comprehensive, aggregate and near real-time view of a firm’s risk, RISKGRID makes consistent, proactive, value-generating risk assessments more accessible to financial firms of all sizes, and enables them to more effectively anticipate and mitigate business risks.”
