MEGA International, the global leader in process excellence and enterprise architecture, today said that within three months of launching its comprehensive Governance, Risk and Compliance solution, the company qualified for citation in a major independent market research report on operational risk management systems.

The report, written and published by Chartis Research, a leading provider of research and analysis on the global market for risk technology, is entitled Operational Risk Management Systems 2007: the second wave has arrived. The report positions MEGA International in the Component ORM Applications segment of the market.

“MEGA International is now regarded by Chartis Research as a qualified vendor of new ‘second wave’ operational risk management solutions (ORM) for this important and fast-growing market,” said Lucio de Risi, founder, president and CEO of MEGA International. “We agree with the Chartis report that companies are recognizing the need to integrate ORM systems within an overall and strategic enterprise risk management framework,” he said. “These companies see that systems must be more than tactical. Increasingly, they also perceive that greater business benefits may be gained by investing in ORM and ERM as part of an overall business strategy.”

The Chartis report lists key elements in making a business case for investment in ORM.

The report also states that, besides a ‘scalable business model’ and sustained and profitable growth, to be successful in the ORM market a software vendor must offer a flexible technology architecture, continual innovation, a scalable sales and marketing strategy, and domain expertise, ‘where software is only part of the solution’.

“Based on these factors MEGA has all the sector experience, financial resources, strategic vision, comprehensive methodologies and consultancy expertise, and a full range of robust and powerful software solutions,” said de Risi. He added that the company also has a global presence to support customers: “Our aim is to provide customers with a long-term service that will evolve with their needs, and support them over the lifetime of their projects, anywhere in the world.”

The MEGA International Governance, Risk and Compliance (GRC) Suite

The MEGA GRC Suite associates a set of complementary tools based on a common platform designed to help business managers strategically and operationally achieve more efficient corporate governance, operational risk and internal control management, and address vital internal and external compliance requirements.

With automated control and alerts, and communication, the new solution enables managers to reduce, mitigate or eliminate their operational risks in the context of projects such as meeting quality standards and complying with mandatory regulations and best practices.

Besides ensuring multi-compliance support, an added benefit of the MEGA GRC Suite is improved performance at the operational level, through the implementation of preventive and corrective action plans that support risk management.

The Chartis Research ORM report

The latest report considers the demand and supply sides of the market, forecasting that: “the worldwide operational risk management (ORM) market will grow at a compound annual growth rate of nine per cent to reach $1.55B by 2011 (financial services sector only).”

The report covers the main market, including a focus on the financial services sector, with information about regulatory requirements and competitive suppliers in the market. Updated forecasts on market size, vendor rankings and best practices are examined. The report also states that “Chartis expects ORM systems to become an integral part of every financial institution’s enterprise risk and performance management system and to reach maturity in 2012”.

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