i-flex Solutions Ltd has announced that on January 31, 2007, ReveleusTM, a business of the Company and a leading global provider of analytical applications for the financial services industry has announced the availability of the Reveleus Governance, Risk and Compliance (GRC) framework, a comprehensive approach to implement a governance structure, manage enterprise risk, and enable regulatory compliance.
This framework brings together a direct measurement and surveillance capability unique to the financial services industry with the more traditional Risk & Control Self Assessment approach. With the Reveleus GRC framework, financial institutions will gain a higher degree of operational insight and improve business performance by avoiding the traditional "band-aid" approach. A comprehensive GRC framework solves two pressing risk and compliance challenges faced by financial institutions worldwide - "hidden costs" of multiple systems and the duplication of processes that are not only expensive to maintain, but also hinder the ability to holistically manage the impact of external and internal risk and compliance events.
"With a financial services industry focus, our GRC Framework and GRC Solutions Experts fill an important gap in the current market. It empowers executive management with a process oriented approach that ensures compliance with multiple regulations and better measurement of risk," said S Ramakrishnan, CEO of Reveleus and Mantas. "Our solutions go beyond the ‘now’ such as MiFID in the EU, Reg NMS in the US and Basel II globally and work well into the future because we have the proven ability to help financial services clients adapt to both the internal and external drivers of change."
Reveleus' leadership in Enterprise Risk Management & Compliance combined with Mantas’ industry-leading behavior detection platform offers the ideal framework to "future-proof" financial institutions allowing them to address governance, risk and compliance through a single platform.
According to the 2006 Forrester Report - Overcoming Risk and Compliance Myopia the GRC software platform market has grown from $ 85 million in 2002 to $ 590 million on today and Forrester projects that it will expand to $ 1.3 billion by 2011.