Wolters Kluwer Financial Services today announced that Operational Risk & Regulation has named the company's enterprise Governance, Finance, Risk & Compliance solution, ARC Logics, the publication's 2014 GRC Platform of the Year. Each year, the publication honors organizations that demonstrate innovative thinking and provide useful solutions to address operational risk challenges faced by the financial industry as well as excellence in operational risk management across the financial sector.
According to Operational Risk & Regulation, "The challenge with GRC for many companies has been to move from a collection of legacy systems, silos and spreadsheets to a more unified approach. Wolters Kluwer Financial Services has kept itself, and therefore its clients, well ahead of the game when it comes to making sure its platform covers all the regulatory angles financial institutions now find themselves facing."
"This important win underscores the strong momentum Wolters Kluwer, along with its Financial Services and Audit, Risk & Compliance businesses, have achieved in providing organizations with the unique and comprehensive mix of expertise, technology and services they need to manage critical areas like GRC," said Brian Longe, CEO for Wolters Kluwer's Financial & Compliance Services division.
"The recognition by Operational Risk & Regulation underscores the continued commitment we've made to developing solutions that address our customers' most pressing finance, risk and compliance concerns," said Raffi Festekjian, president and CEO of Wolters Kluwer Financial Services' Finance, Risk & Compliance business. "We're pleased the publication has chosen to honor this commitment along with our mission to empower risk management professionals with the tools they need to make smart, forward-looking decisions that help drive the long-term success of their organizations."
The top recognition follows Wolters Kluwer Financial Services recently being named as a Category Leader and a top-rated eGRC provider for the financial services industry in the Chartis 2014 RiskTech Quadrant® on Enterprise GRC Solutions.
Wolters Kluwer Financial Services' ARC Logics solution is used by more than 900 banks, insurance companies and asset managers to support their risk, compliance and audit processes. ARC Logics is an enterprise GRC platform that allows financial organizations to manage a single area of risk or work within a holistic GRC framework, including compliance , operational and financial risk management, audit, and governance functions. This is a modular or suite-based solution, which also makes it scalable. Wolters Kluwer Financial Services' financial risk analytics tools and the TeamMate audit tool are also included as part of the GRC solution.