"This industry award (GRC value award) underscores the strategic importance that businesses are increasingly attaching to managing their third parties and the complexities that this entails," said CEO Greg Dickinson.
Somerville, NJ (PRWEB) September 30, 2013
Hiperos, the leading provider of the industry’s first automated, intelligent Software as a Service (SaaS) solution for third party management, today announced that it has been honored with a 2013 GRC Value Award. Introduced by GRC 20/20 Research, the inaugural industry award recognizes real-world implementations for Governance, Risk Management and Compliance programs and processes that have returned significant and measurable value to an organization. Hiperos, a pure-play third party management vendor, won top honors out of a field of traditional GRC vendors, winning the GRC Value award in the Third Party Management category. Solution providers and GRC practitioners were evaluated in more than 16 categories, including: Third Party Management, Audit Management, Compliance Management, and Risk Management.
"Hiperos has demonstrated proven business value in third party management, by enabling organizations to systematically address risk and introduce and enforce controls in a way that protects the business, protects customers and, at the same time, encourages growth," said Michael Rasmussen, Chief GRC Pundit for GRC 20/20. "It is imperative that we recognize today’s successes as a milestone toward and the need to advance GRC maturity. GRC is part of an 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."
Today, the use of and reliance on third parties has become an integral part of a business’ corporate strategy and inextricable to a company’s ability to successfully meet its goals. At the same time, the current regulatory environment is forcing businesses to rethink how they manage their previously existing corporate risk, compliance, and governance obligations as well as the plethora of continuous new regulations. Chief concerns center around a corporation’s inability to adequately manage their third parties and keep pace with changes in the business environment, while addressing their regulatory obligations in the most cost effective and efficient manner possible.
Compared to one decade ago, regulatory compliance requirements have now permeated outside the organizational four walls, redirecting a longstanding internal focus on financial compliance to an external focus on third parties. Built specifically to address third party management, Hiperos helps businesses realize the value and opportunity of their third party relationships by pro-actively understanding and managing their risk. This includes current high-profile compliance requirements such as anti-corruption and FCPA, Conflict Minerals, FATCA and a myriad of regulations that are specific to the financial services sector, including those from the OCC and CFPB.
Hiperos 3PM™ solution was a standout among other submissions for their implementation at a regional bank holding company. After implementing Hiperos’ 3PM solution, the bank realized significant and measurable value. The bank holding company continues to reap improved efficiencies from the Hiperos’ third party management solution. Following is a sample of the quantifiable metrics that the Hiperos banking customer achieved:
- Tripled the number of its third party investigations without any increase in headcount. The number of days needed to assess the inherent risk of a third party also dropped dramatically — from 7.55 in 2011 to 5.22 in 2012 to 3.95 in 2013.
- Compliance assessment – the average number of days to complete assessment went from 66.78 in 2011 to 23.3 in 2012, a 65.01 percent decrease in the number of days. For the same period, the bank reported a 58.44 percent increase in volume.
- Information security – the average number of days to complete assessment went from 37.12 in 2011 to 16.93 in 2012, a 54.39 percent decrease in number of days. For the same period, the bank reported a 20.88 percent increase in volume.
"I would like to acknowledge what an honor it is to be in such good company with other notable GRC vendors. We are thrilled that Hiperos won top honors in the Third Party Management category of the GRC Value Awards," said Greg Dickinson, CEO Hiperos. "This industry award underscores the strategic importance that businesses are increasingly attaching to managing their third parties and the complexities that this entails. Without the appropriate processes and procedures in place, companies are essentially only addressing a fraction of their total risk profile and exposing themselves to reputational damage, regulatory failures and, ultimately, loss of revenue and shareholder value."
More information about all award recipients can be viewed by visiting GRC 20/20’s blog at: http://www.grc2020.com/index.php/blog.
Hiperos simplifies the complexity of Third Party Management. Through its flagship SaaS (Software as a Service) solution, Hiperos 3PM™, Hiperos helps companies avoid a value shortfall and fully realize the benefits of using third parties to maximize the value and minimize the risk around brand reputation, achieve regulatory compliance and optimize the customer experience. Hiperos’ clients include many of the world’s leading companies such as Aetna, AON, Astra Zeneca, AXA, Bank of Montreal, CA Technologies, Charles Schwab, Huntington Bank, Mondelez, Microsoft, PNC Bank, State Street, Thomas & Betts, TD Bank, and United Technologies. For more information, visit http://www.hiperos.com.
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.
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