BPS, a leading provider of enterprise governance, risk and compliance (GRC) software solutions and RiskBusiness International Limited (RBI), the global operational risk advisory firm, today announced a strategic partnership to embed the RiskBusiness Risk and Control Content Libraries and Taxonomy within the BPS Suite.
The RiskBusiness Taxonomy is a multi-dimensional tool providing users with comprehensive libraries of risk related content that are essential to form the backbone of a robust Audit, Risk or Compliance program. The Taxonomy Control Types are expressed in a three tier hierarchy that allow for more thorough control analysis and scoring.
The BPS Suite is a comprehensive offering used to manage compliance, internal audit and operational risk needs across the enterprise. Integration between the two products will offer clients an out-of-the-box library of risks, processes and controls mapped into standard industry categories necessary to document the business environment from an Audit, Compliance or Risk Management perspective. The Taxonomy also integrates with the KRI Library's taxonomy of risks, processes and products and service types.
"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, EVP of Sales & Marketing at BPS. He added: "Without establishing the language and technology to practically integrate the various risk disciplines, GRC is just a hollow objective."
Jonathan Davies, RiskBusiness' Managing Director responsible for the Americas adds: "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. The real benefit of this transformation is the greater clarity of risks, empowering management to take control enhancement actions".