Strategic Risk Associates, LLC (SRA), a leading provider of Enterprise Risk Management (ERM) application software for the banking and financial services industries, today announces a strategic partnership with The GRC Sphere (http://grcsphere.org/), a member-based Industry Benchmarking Consortium based in Harvard, Massachusetts.
Strategic Risk Associates, LLC (SRA), a leading provider of Enterprise Risk Management (ERM) application software for the banking and financial services industries, today announces a strategic partnership with The GRC Sphere (http://grcsphere.org/), a member-based Industry Benchmarking Consortium based in Harvard, Massachusetts. The strategic partnership addresses a range of “Cognitive BenchmarkingTM” information services, and communities of practice (which serve as a mechanism to foster industry collaboration) for companies that have or will deploy SRA’s ERM Watchtower application.
Under the terms of the joint development and marketing agreement, the companies will offer two types of shared industry intelligence that has not been available heretofore and, is being driven by the demands of the Consortium. The first is the ability to provide key performance measurement data, dynamically, using a real-time dashboard running on ERM Watchtower. The second need is the ability to offer member services that promote collaboration across communities of industry peers.
The key business objective of this Strategic Partnership is to drive a quantum leap in management performance for those functions, and individuals, involved with risk, loss and threat-related data management work by helping them to:
- Set common standards for industry collaboration;
- Improve the means by which industry risk, loss, and threat information are collected, reported and further enhanced by functions such as cognitive computing and predictive risk analytics.
- Leverage a unique, patent-pending capability to aggregate, tag and report on risk, loss and threat information.
- Address top Cybersecurity Convergence frameworks as a sustainable competitive advantage for enhancing strategic shareholder value.
The companies are working to define additional requirements for SRA’s ERM Watchtower application and implement changes to enhance the application so that it is “benchmarking ready”. In parallel with this effort, the partners plan on building an integrated Cognitive BenchmarkingTM system that is capable of feeding dynamic benchmarking data which is segmented by NAICS and SIC codes to the banks and financial service accounts that use ERM Watchtower. This development plan will allow members of The GRC Sphere to share high quality, anonymized, industry benchmarking data, dynamically.
“Companies want to understand how well they perform with process and practice management activities. Now, they will be able to do so using a range of Key Performance Indicators (KPI’s), Key Risk Indicators (KRI’s), Key Control Indicators (KCI’s) and Key Performance Questions (KPQ’s), that make up a Cognitive Benchmarking program initiative”, said Michael Glotz, Founding Partner and President of SRA. “Shared industry intelligence involves all of these data types and others. Our customers can now tell us what their business objectives are, and guide us on which data types that they want to benchmark. We can share the (non- proprietary) requirements with other customers to see if they, too, have similar needs. The bottom line is to vet the requirements and then involve our customer constituencies in joint development funding pools to rush the top benchmarking priorities to those customer accounts that need them. That’s where industry peer collaboration comes into play.”
“GRC Sphere provides us with an independent information service resource that meshes extremely well with our current advisory and professional services”, said Mr. Glotz. “Their member-based business model and collaborative community services are an ideal adjunct to enhance our market position. Together, we can help companies around the world to address the challenges of aggregating risk, loss and threat data. Our joint goal is to transform data into powerful industry intelligence that can be consumed without any legal, data privacy or security concerns.”
Phil Wilson, Executive Director of GRC Sphere commented further, “our organizations’ joint vision is that industry benchmarking information services, coupled with solid peer collaboration, produces a new level of shared industry intelligence which is a mission-critical driver for Continual Process Improvement (CPI). In addition, our banking members need to address the Basel Committee on Banking Supervision’s standard number 239 (BCBS 239) on Risk Data Aggregation and those member firms outside of the banking sector have a similar challenge. This is the flexible management and aggregation of risk, loss and threat data. We were attracted to SRA because it is well known across the banking and financial services sectors that SRA’s patented risk management application offers one of the few BCBS 239 architecture that is capable of meeting the standard’s guidance. We are excited to have found the perfect partner to help our emerging member-based organization cultivate a world-class closed-loop control architecture that industry benchmarking information services are known for and which has been documented in producing a 6.8% increase in gross margin.
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About Strategic Risk Associates
Strategic Risk Associates is a national consulting and advisory firm specializing in the banking and financial services industry in the areas of Enterprise Risk Management; Merger and Acquisition Due Diligence; Strategic and Capital Plans; Credit Risk Management including Loan Reviews, Stress Tests, Credit Training, and Process Improvements; Internal Audit; Bank Integration; Regulatory Support for Bank Exams, MOUs, and Enforcement Actions; Management and Board Assessments; Information Technology Strategy, Risk, and Security; and Board of Director Training, Succession Plans, and Staff Augmentation. SRA leaders have direct banking, specialty finance, and regulatory experience.
About The GRC Sphere
The GRC Sphere is a newly emerging member-based Industry Benchmarking Consortium spanning the domains of Governance, Risk and Compliance (GRC) and Work Excellence (WE). The mission of the organization is to reinvent the strategic vision and value of GRC to foster progressive “Way’s-of-Thinking” and “Way’s-of-Working”. Our consortium, GRCsphere.org, serves executives, finance, accounting and GRC pros around the world. We’re based in the United States, but our perspective is truly global, in nature. We invite you to join us by contacting us at MemberSupport@GRCsphere.org.