Forrester recently conducted an independent evaluation of governance, risk and compliance technology vendors. In this report, The Forrester Wave™: Governance, Risk, And Compliance Platforms, Q1 2018, Riskonnect was named a leader, including receiving the highest possible scores in eight evaluation criteria, including end user experience, integration capabilities and risk and controls management.
The Forrester Wave is one of the most respected analyst reports, helping organizations make informed technology purchases. For the report, Forrester conducted a rigorous 23-criteria evaluation of 14 GRC technology vendors. In addition to this review of current GRC offerings, the report also offers a look at GRC trends, such as regulatory compliance issues and emerging risks.
Here are our five key takeaways from the report.
Download the full report for more detailed product evaluations, feature comparisons and industry analysis. Download your free copy here.
1. ‘Riskonnect GRC includes support for 72 languages, strong workflow, and extensive dashboarding and reporting.’
Forrester ranks vendors in four categories. These categories are challengers, contenders, strong performers, and leaders. Riskonnect was recognized in the leaders category. According to Forrester, “Riskonnect is an appealing option for Salesforce.com users and deserves a look on its own for its solid GRC capabilities.”
Riskonnect leverages the Force.com platform for its functional foundation,” says the Forrester report. “Riskonnect built its GRC offering on the Force.com platform, which in essence means the engineers of Salesforce actively work to develop and maintain the product’s underlying capabilities.”
Forrester also noted that Riskonnect’s use of the Force.com platform “… allows Riskonnect to focus on use case development, content, and analytics for GRC.”
2. Pure SaaS GRC vendors viewed as business partners
“Customers of SaaS GRC vendors note that these companies are hyperengaged and help them improve their GRC program with a continuing business relationship well beyond implementation,” Forrester states in the report.
Being a partner rather than just a provider has always been the aim of Riskonnect. We want to help clients reach their long-term GRC goals and continue to introduce innovative products to support their initiatives and provide the best user experience possible.
As a pure SaaS offering, we are positioned to deliver agile, low-code configurable solutions with speed and at a lower total cost of ownership in comparison to providers that are not pure SaaS. Learn more about our Force.com platform.
3. Regulatory fines are skyrocketing
“With the uncertain regulatory landscape, managing compliance is becoming a challenge for most risk managers,” says Forrester in the report.
To help our clients successfully ensure regulatory compliance, our Regulatory Compliance Management solution includes functionality that helps automate processes, improves data integrity and enhances visibility of regulatory adherence across the organization.
For example, with automated control updates from the Unified Compliance Framework, organizations are able to conduct side-by-side comparisons between old and new regulations.
Eliminating documents and spreadsheets stored in email and streamlining highly manual compliance processes result in better implementation and reduce the chance of errors.
4. Key differentiators are cloud, analytics and customer support
“Vendors that can provide cloud, analytics, and customer support position themselves to deliver successful risk management programs to their customers,” Forrester states in the report.
A cloud-based platform, Riskonnect scored well in both the analytics category and ability to provide excellent client support. In 2017, we introduced Riskonnect Insights, which provides the intelligence needed to power effective integrated risk management, by surfacing, connecting and communicating risk information in ways that drive faster, smarter business decisions.
5. New risks are being introduced all the time
“The shared economy business model stands out because of its amplified regulatory, strategic, and operational risks,” says Forrester in the report.
With Riskonnect’s acquisition of Aruvio, we have immediately enhanced and expanded our suite of GRC solutions to help simplify and automate all your current compliance and risk management initiatives and easily adapt to those that arise in the future.
We would be remiss if we didn’t thank all our clients, partners, and global community who have helped Riskonnect grow. We’re more motivated than ever to help integrate all risk management efforts across your organization through our solutions to reduce costs and enhance value.
Learn more about vendor management: 8 Tips for Successfully Managing Vendors.