ATLANTA--(EON: Enhanced Online News)--Modulo, a leading provider of Technology Governance, Risk and Compliance (GRC) solutions, today announced the company has been awarded with the 2013 GRC Value award in the Risk Management category by GRC analyst firm GRC 20/20. Modulo was recognized for the implementation of its Modulo Risk Manager software with a large regional financial services company. The Inaugural GRC Value Awards recognize real-world implementations for Governance, Risk Management and Compliance programs and processes that have returned significant and measurable value to an organization.
“Modulo has demonstrated proven business value in Risk Management with its program for a large regional financial services organization”
Award recipients are written up and acknowledged in the GRC 20/20 blog at: http://www.grc2020.com/index.php/blog. Solution providers and GRC practitioners were evaluated in the following categories: Enterprise GRC, 3rd Party Management, Audit Management, Business Continuity, Compliance Management, Control Monitoring/Assurance, Environmental Health & Safety, Fraud, IT Security Risk Management &Compliance, Identity & Access, Insurance & Claims Management, Investigations, Legal, Policy Management and Risk Management.
“Modulo has demonstrated proven business value in Risk Management with its program for a large regional financial services organization,” said Michael Rasmussen, Chief GRC Pundit for GRC 20/20 and internationally recognized expert. “It is imperative that we recognize today’s successes as a milestone toward advancing GRC maturity. In achieving maturity, GRC is part of the organization’s strategy and operations and supported by a range of technology, knowledge and services - enabling the organization to achieve greater efficiency, effectiveness, and agility in GRC processes and broader business operations.”
The company used Modulo Risk Manager to help it comply with HIPAA, PCI and SOX; as well as its consolidation of 350 independently chartered bank branches, with 6,700 employees and a heterogeneous environment spanning a variety of operating systems, servers, application platforms and legacy systems for each back-end core banking platform. Benefits from the first phase of its Modulo Risk Manager implementation included:
- Creating efficiencies and consistency by unifying silos of data into one automated governance, risk and compliance program
- Completed 40 percent more risk assessments without adding any additional resources
- Finished risk assessments two months ahead of schedule
- Accomplished twice as much work with the same resources
- Attained a complete picture of the company-wide risk posture for improved business decision making
The second phase of the implementation, now in progress, is developing and integrating processes for GLBA compliance assessments, business continuity management and vendor risk management.
"We are honored to be selected for the 2013 GRC Value Award, marking continued momentum for Modulo in North America, and are excited to see GRC 20/20 recognizing the maturity of the GRC market,” said Stephen Gant, Managing Director of North America for Modulo. “Financial services organizations are challenged every day to ‘do more with less’ in a complex and changing regulatory and technology environment. We commend this company for its GRC ROI and vision to evolve its information risk practice into a broader, more mature operational risk discipline in order to get a complete picture of the organizationʼs risk posture.”
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 at http://www.grc2020.com/ and follow on Twitter at @GRCPundit.
Modulo is a leading global enterprise provider of Technology Governance, Risk and Compliance (GRC) management solutions. Hundreds of organizations around the world leverage the award-winning Modulo Risk Manager™ as a flexible and affordable approach to manage risk, compliance, and business continuity across the enterprise and extended enterprise of third-party relationships. Customers span the financial, health care, retail, manufacturing, higher-education, telecom, energy and government sectors and include BASF, BC Hydro, Commercial Bank of Dubai, Microsoft, New York University Medical Center, Synovus Financial, and Schlumberger. Modulo has earned industry recognition as a 2012 Innovator of the Year and “5-Star” product review rating for three consecutive years by SC Magazine.