Demand for company’s governance, risk and compliance solutions spike during Covid-19 disruption and increased banking and credit union sector consolidation
SEATTLE, March 16, 2021 (Newswire.com) – Growing banks and credit unions across the country are turning to Quantivate, a leader in software for governance, risk and compliance (GRC), to give them the edge they need to be market leaders. Demand for Quantivate’s SaaS platform has spiked, with the number of deployments climbing by more than 300% during 2020 to more than 1,000 today.
The last year has seen a record number of consolidations in the financial sector, as well as institutions looking to protect against risk in response to natural disasters and the COVID-19 pandemic.
“Quantivate’s market footprint has grown to more than 1,000 discrete installs right in the middle of the biggest disruption to our society and to our nation’s economy,” said CEO and Founder Andy Vanderhoff. “This tells us that we’re offering the right solutions at the right time. There’s no better time to address governance, risk management and compliance than when unexpected events threaten normal business motions.”
“Another outcome from the impact of the disruptions we have seen in the last 18 months is an increase in sector M&A,” Vanderhoff continued. “Across our customer base, we see that while all financial institutions need to prioritize how they provide oversight, manage risk and comply with regulations, the acquiring side and those that get the best valuations have the most mature approach to GRC. Quantivate uniquely provides solutions that disrupt the traditional economics of achieving high maturity GRC, enabling our bank and credit union customers to achieve their goals at right-sized budget, timeframe and effort compared to other market alternatives.”
Quantivate took the strategic approach of developing an application platform with shared data and workflows across the offered business continuity, vendor management, enterprise risk management, IT security, audit management, regulatory compliance, policy management and complaint management applications. This platform allows financial institutions to choose if they want to start by adopting departmentally aligned solutions then scale to full suite capability as they mature.
“Integrating governance, risk and compliance is smart business. It results in effective oversight, streamlined processes, and even higher profitability and customer retention. We founded Quantivate with those goals in mind,” Vanderhoff said. “Looking across our customer base, we can clearly see the institutions with the most mature approach to GRC are the ones that grow the fastest, lead in M&A and achieve high GRC maturity at a much lower and predictable cost to their business.”
Quantivate has provided web-based Governance, Risk and Compliance software and service solutions to organizations of all sizes since 2005. Since then, the company has grown to feature a full suite of GRC modules, including Business Continuity, Vendor Management, Enterprise Risk Management, IT Risk Management, Internal Audit, Regulatory Compliance, Policy Management and Complaint Management. Our GRC solutions have helped thousands of companies transform the way they manage risk, improve compliance and strengthen governance.