BOSTON, September 29, 2015 – MEGA International received the 2015 GRC Innovation Award today from GRC 20/20 Research for innovation in risk management with its solutions for model risk management.
“The awards recognize technologies that are revolutionizing the GRC market,” explained Michael Rasmussen, founder of GRC 20/20 and a leading expert in GRC. “The winners demonstrate thought leadership that takes GRC in new directions.”
“GRC 20/20 has evaluated and verified the innovation found in MEGA‘s solutions and sees this as a compelling offering for model risk management,” noted Rasmussen. “MEGA’s unique approach makes organizations more efficient, effective and agile in keeping inventories and documentation of how models should function. GRC 20/20 is recognizing MEGA with the 2015 GRC Innovation Award for the best risk management technology innovation.”
MEGA’s solutions for model risk management help companies reduce the risks associated with modeling and model testing that is typically used in developing new products or company processes. Enterprises, especially those in the financial services industry, develop intricate models for complex planning. Over time, they may lose track of the large number of models or the business contexts, or they can’t keep up with changing information and environments. At that point, companies may not be able to trust the reliability of their models.
“Large financial organizations have an immense need to maintain control of the models they use to build new products. For them, model risk means product risk,” explained Lucio de Risi, CEO, MEGA. “Our solutions for model risk management can help them avoid these risks and gain confidence in their models.”
The solutions leverage the ability of MEGA's offerings to capture business and enterprise knowledge (via business models) and model logic (modeling the models), and put the models in their actual use case and business context. The solutions also provide "classic" GRC capabilities, such as model testing, model control and model business value assessment.
“Unlike other GRC software, our offerings combine enterprise architecture (EA) and GRC capabilities to create rich solutions that can tackle model risk, a growing concern in the financial services community,” added de Risi.
MEGA’s HOPEX solutions aid companies in their digital transformation journey by providing a united view of the business, its strategies, assets, processes and risks. These solutions eliminate silos of information, helping executives make decisions that lead to business transformation. Programs that link risk management with EA have become important business assets. When integrated, these previously separate, but parallel activities help enterprises consolidate information, eliminate duplicate resources and activities and reduce costs.
The company has long been recognized for its innovation in business solutions by industry analysts. In 2013, MEGA was recognized by GRC 20/20 with the GRC Technology Innovator Award for its integration of EA and GRC capabilities in one platform. Gartner, Inc. has named MEGA as a leader in its EA Magic Quadrant reports for six consecutive years. The company has also been cited as a leader by Chartis Research and Hypatia Research Group.