The two companies have collaborated to provide RiskStatusNet™, a software tool and integrated methodology to help organizations achieve strategic objectives and meet senior management and board oversight requirements for risk.
“It’s incredibly exciting working with BPS Resolver, to bring RiskStatusNet™ software and the RiskStatusOversight™ assessment and reporting approach to the global market,” Leech said. “We believe RiskStatusNet™ truly represents ‘Next Generation Assurance.’ The approach has been specifically designed to help senior management and boards of directors meet their new risk management and risk oversight responsibilities.”
For BPS Resolver, the partnership is a great opportunity to provide clients with a new approach that combines Leech’s innovative approach to Risk Management with the efficiency and reliability of the GRC Cloud software.
“We’re thrilled to be working with Tim and the Risk Oversight team,” said James Patterson, COO, BPS Resolver. “The RiskStatusNet™ approach is unique in the market and will offer clients a true marriage of business performance and risk management.”
Leech, who is recognized globally as a thought leader, innovator, and provocateur in the risk and assurance fields, notes that RiskStatusNet™ is optimized for today’s industry compared to traditional risk management processes which have not delivered on promised benefits .
“Traditional approaches to risk and control management have not proven highly effective at identifying risks that have sometimes proven to be entity threatening,” Leech said. “Traditional internal audit has been good at identifying unmitigated risks but not very effective at helping management ‘optimize’ their risk treatments. RiskStatusNet™ and the RiskStatusOversight™ assessment and learning systems have been specifically designed to radically outperform traditional ERM and internal auditing methods – giving organizations dramatically more bang for their buck.”
About Tim Leech
Tim J. Leech is managing director, global services at Risk Oversight, Inc. (riskoversight.ca). He has provided training and consulting services and technology to public and private sector organizations in Canada, the United States, Europe, South America, Africa, the Middle East and Asia. Tim and his daughter Lauren co-authored a 2011 paper published in the International Journal of Disclosure and Governance titled “Preventing the Next Wave of Unreliable Financial Reporting: Why Congress Should Amend Section 404 of the Sarbanes-Oxley Act,” which was presented to U.S. Congressional Committees and to the SEC. 20 Most recently, he authored and published a white paper titled,“Board Oversight of Management’s Risk Appetite and Tolerance” challenging traditional approaches to enterprise risk management practiced around the world. His latest article, Board Oversight of Management’s Risk Appetite and Tolerance is scheduled for release on December 6th, 2012.
About BPS Resolver
BPS Resolver (bpsresolver.com) is the global leader in Governance, Risk and Compliance (GRC) software, with more than 300 clients in 40 countries. For over a decade, BPS Resolver’s proven integrated solution has enabled organizations to gain significant efficiencies, and address their business, audit, risk and compliance issues more effectively. Their GRC suite is among the broadest and most comprehensive platforms in the industry, spanning Finance & Internal Control (SOX, 52-109, A-123), Legislative Compliance, Internal Audit, Risk Management, Group Assessment & Identifications Workshop Tools, Incident Management and more. It is an exceptionally flexible system, with a highly configurable central repository and reporting engine, allowing you to easily adapt to the ongoing changes to regulatory and business requirements. Tying it all together, the powerful and easily configurable Workflow engine can provide substantial benefits and efficiencies by automating and streamlining your organization’s manual processes.