BPS and RiskBusiness announce integrated GRC platform

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NEW YORK - BPS and RiskBusiness International have announced a vendor-consultancy strategic partnership to produce an integrated governance risk and compliance (GRC) platform. The combined offering by GRC software vendor BPS and global enterprise risk advisory RiskBusiness will embed the RiskBusiness risk and control content libraries and taxonomy within the BPS software suite.

"We strongly believe a common risk language is the basis from which to integrate audit, compliance and risk processes. The addition of this content gives our clients a sound platform from which to set up, configure and grow our product," says Lloyd Hardin, executive vice-president of sales and marketing at BPS. He added: "Without establishing the language and technology to practically integrate the various risk disciplines, GRC is just a hollow objective."

The RiskBusiness taxonomy is used as a multi-dimensional tool to provide libraries of risk-related content to form the basis of an audit, risk or compliance programme. The taxonomy control types rely on a three-tiered hierarchy aimed at producing comprehensive control analysis and scoring.

"To bring together the collective disciplines of risk management, compliance and audit requires a commitment to break down the boundaries and inefficiencies between these siloed functions," says Jonathan Davies, RiskBusiness' managing director for the Americas. "The real benefit of this transformation is the greater clarity of risks, empowering management to take control enhancement actions."

The BPS suite is designed to manage compliance, internal audit and operational risk. The combined platform is designed to provide an out-of the-box capability to map and manage risks, processes and controls. It also integrates with the key risk indicator library's taxonomy of risks, processes, products and service types.