The Governance, Risk and Compliance (GRC) market has made huge advances over the past decade or so. The three disparate elements of GRC have come together to make those functions more efficient and effective, and a major new market has emerged, supplying GRC tools and GRC solutions to organisations keen to reap the benefits of this more joined-up approach.
IT GRC software has been used particularly in the Financial Services (FS) sector. Increased compliance requirements, a post-financial crisis of 2008need to demonstrate that FS firms are well-governed, and a whole host of new business risk has created a perfect storm in FS for GRC software vendors.
But these vendors primarily supply their GRC tools and GRC solutions to the bigger FS firms. At Oxial we work with organisations such as Barclays and BNP Paribas, but it is vital for mid-sized FS firms to mitigate risk and manage compliance too.
GRC tools and GRC solutions are just as relevant to the mid-market as they are the massive multinational FS organisations – arguably even more so. This is why.
Mid-sized FS firms cannot ignore compliance requirements
The past decade has undoubtedly seen a sharp increase in the volume and complexity of compliance and regulatory requirements that FS firms must manage. These include legislation familiar to most in FS, such as MiFID II, MiFIR, EMIR and Basel III, as well as more general data privacy legislation, such asGDPR.
All FS firms, irrespective of size need to comply with this legislation. The challenge for mid-sized firms is that they mostly lack the resources of the bigger FS organisations. Larger businesses are more used to managing risk and compliance, have bigger teams and can invest in the best GRC tools to help ensure that they remain on the right side of compliance requirements.
But what options are available for a mid-sized FS firm, that knows and understands the that they must be compliant, but which lack the resource to work with the bigger GRC software vendors?
GRC SaaS is ideal for the mid-market
For any organisation that fits this description, the answer lies in working with SaaS such as Oxial, a more agile and dynamic GRC solution that suits the requirements of a mid-sized bank or FS provider.
Because mid-sized FS firms are generally lacking in compliance personnel, people thathave an understanding of the exact nature of global regulatory requirements, they need far more support from their GRC software vendor than a bigger firm might. This is an area in which Oxial excels. Not only is our IT GRC tool among the best-in-class, but we work with some of the most experienced and knowledgeable consultants in the world.
Our partnerships with organizations such as EY and BDO, mean that mid-sized FS firms get all the support they need and can be reassured that compliance requirements will be met. It’s also a highly cost-effective solution. We have a highly competitive pricing model which means that FS firms can deploy our technology without the major investment that comes when working with more of the more traditional GRC software vendors.
Mid-sized firms have to adhere to regulatory compliance just as much as those larger firms, yet they often do not have anywhere near the technology budget for GRC. What budget they do have is often spread across the business, meaning that compliance and risk teams can be left to fend for themselves, using analogue tools such as Excel to manage requirements across multiple countries and continents.
But by working with a GRC tool such as that supplied by Oxial, organisations have access to leading GRC tools but within a price that is realistic to their size. Crucially, it is also a GRC solution that can be implemented quickly and without disruption or hassle to the FS firm in question.
It stands to reason that mid-sized FS firms that are interested in a GRC tool want it to be up and running as quickly as possible, and also that it needs to be easy to use for everyone concerned. Oxial does exactly this, and can be implemented and operational within weeks.
GRC tools and the building of trust
Finally, mid-sized FS firms have made significant market inroads because of their innovative digital services, agility and focus on the customer experience. They can deliver all this in ways that traditional banks cannot, restricted by legacy systems and a lack of dynamism.
However, as traditional FS firms begin to develop their own digital services, or engage in partnerships with third parties that can help them, so the trust that they have built up over the years will come into play. Customers trust legacy banks in a way that they are yet to with mid-sized and emerging firms, but GRC tools can play a role in helping build this trust.
Demonstrating compliance with a range of legislation, proving that the business is managed responsibly and in the right way, and that the bank cares about its customers and also the data it holds on those customers is essential. And it can all be achieved via the use of a SaaS GRC solution such as Oxial.
If you are a mid-sized FS firm that could benefit from a cost-effective, agile and highly effective GRC tool, then why not drop us a line?
