30 Oct 2007, Victoria Pennington, Operational Risk & Regulation
LONDON – A recent survey of chief information officers by IDG Research Services has found that almost 40% of firms are spending more time on risk, compliance and security-related activities than they did a year ago. More than 40% say their greatest challenge in this area is prioritising and measuring potential risks.
The survey, commissioned by software provider and consultancy firm BearingPoint, found the next greatest challenge for firms is to define a risk, compliance and security strategy. Taking the findings into account, BearingPoint has rolled out its first global and cross-industry software portfolio. The BearingPoint Risk, Compliance and Security (RCS) Solution Suite aims to help clients become “risk-sensitive enterprises” by working with them to detect and manage potential threats before they affect their business.
The introduction of a cross-industry portfolio is a new approach for BearingPoint. The RCS Solution Suite will enable it to deliver its integrated portfolio of services more rapidly to a global audience, with the additional flexibility to tailor its services to address the needs of each individual client. It features risk services that span specialty risk solutions for specific business areas, including credit, operational and market risk, and broad regulatory program that help clients comply with risk management regulations. It also offers compliance solutions that address financial and accounting regulations, privacy and contracting processes, and customer compliance. Security services include information security and identity management, leveraging technologies such as radio frequency identification, and biometrics.
“By developing, selling and delivering an integrated risk, compliance and security portfolio, we can leverage the full breadth and depth of our capabilities to better serve all our clients – regardless of their industry or location across the world,” says JR Reagan, managing director at BearingPoint and global solution leader for risk, compliance and security. “This approach strengthens our competitive position and allows us to invest in our best ideas and biggest opportunities, and to scale them more broadly.”
Even the most conservative organisations face security threats, financial risk, operational challenges, regulatory hurdles and compliance issues. Rather than viewing this as a threat, BearingPoint believes that a strategic and consistent risk, compliance and security management program can give companies a sustainable competitive advantage over those that fail to effectively manage risk.