ClusterSeven Acknowledged as Best-of-breed Solution in the Chartis 2017 RiskTech Quadrant® for Enterprise GRC Solutions
ClusterSeven recognized for its advanced model risk governance capabilities
London, U.K., 03 April 2017 – ClusterSeven, the leading global supplier of strategic spreadsheet and end-user computing (EUC) management software, announced today that Chartis has acknowledged its solutions as best-of-breed in the 2017 RiskTech Quadrant® for enterprise GRC solutions. The research provider on global market for risk technology has also recognized ClusterSeven for its advanced model risk governance capabilities. ClusterSeven is included in the ‘best-of-breed’ category of the RiskTech Quadrants for IT risk management and audit management. Finally, the solutions have been called out for their operational risk management and third-party risk management capabilities too.
The Chartis RiskTech Quadrant evaluates vendors on their completeness of offering and market potential. For the various RiskTech Quadrant categories, the capabilities of solutions are evaluated based on a number of different criteria. Solutions’ ability to measure model risk, document model risk governance frameworks and integration of model risk controls with governance frameworks were key for the model risk governance RiskTech Quadrant. Out-of-box functionality for IT standards and frameworks, IT risk mapping to business risk, policy management and reporting and risk assessment and reporting were the major evaluation areas for inclusion in the IT risk management RiskTech Quadrant. For the audit management Quadrant, solutions were assessed for their audit scope definition, resource allocation/management, definition of execution requirements and mapping, prioritization and assessment of items.
“Spreadsheets and EUC models are a fundamental part of the GRC processes, and when used in an uncontrolled and unmonitored manner, the very objective of the processes – i.e. compliance, governance and risk reduction, is negated,” commented Chris Gomersall, CEO of ClusterSeven. “Due to the complexity of the GRC environment, a manual attempt to manage spreadsheets that are part of an overall business process is almost always ineffective. Automation, on the other hand, streamlines the process of reporting potential failings based on internal policies and best practice to ensure data accuracy and risk mitigation across the GRC landscape. We are delighted with the recognition our solutions have received in helping financial organizations overcome such issues.”
Peyman Mestchian, Managing Partner, Chartis, said, “Our analysis shows that ClusterSeven falls within the ‘best-of-breed’ category offering excellent capabilities across the GRC risk spectrum. Regulators are pushing organizations towards true enterprise GRC with emphasis on operational and conduct risk mitigation and model risk governance. Organizations deploy GRC platforms, but spreadsheets, which are intrinsic to GRC-related programs, fall outside their scope and hence the use of these applications is uncontrolled. GRC initiatives can be impacted due to the business-critical risk information that is held in spreadsheets not being adequately reflected in the compliance reporting.”
The Enterprise GRC Solutions – Market Update 2017 is available here for order or to download the executive summary: http://www.chartis-research.com/research/reports/enterprise-grc-solutions-market-update-2017.
Chartis is the leading provider of research and analysis on the global market for risk technology and is part of Incisive Media which has market leading brands such as Risk and Waters Technology. Chartis’ goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
RiskTech Quadrant®, RiskTech100® and FinTech QuadrantTM are registered trademarks of Chartis Research (http://www.chartis-research.com).
London-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets, user-built databases and modeling tools. ClusterSeven’s solutions provide departments such as finance, regulatory reporting, stress testing, operations and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy.
ClusterSeven was founded in 2003 and established a New York office in 2006. The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms. In June 2015, private equity firm Azini Capital Partners LLP acquired 100% of ClusterSeven and has provided additional investment to promote high quality product development and wider customer engagement.