Firm Unveils Risk as a Service Platform
Posted by Colin Lambert. Last updated: March 29, 2023
Fintech RiskGrid has launched a cloud-based “as a service” risk assessment platform that is says helps financial services firms automate and standardise fragmented, cross-enterprise risk assessment practices, as well as to harness value and eliminate risk from internal risk assessment processes.
RiskGrid says it addresses the challenge of manual, static (and standalone), fragmented, and inconsistent risk assessment processes within financial firms, adding that as well as the manual burden of managing largely spreadsheet-driven risk assessment processes, a lack of collaboration and integration between disparate enterprise-wide processes makes it difficult to derive any actionable insights from the activity with respect to risk trends and proactive issue resolution.
The firm was founded by Steven Marshall, who spent almost 16 years at Nomura, most latterly as global head of XVA trading; he says, “Despite ever-evolving financial services regulation around operational and financial risk, most risk assessments carried out within firms generate no intrinsic value to a business. A lack of process standardisation and cross-enterprise transparency makes it hard for companies to proactively identify – and efficiently respond to – trends and insights garnered through traditional, backward-looking, manual risk assessment activities.
“Providing a single, comprehensive, aggregate and near real-time view of a firm’s risk, RiskGrid makes consistent, proactive, value-generating risk assessments more accessible to financial firms of all sizes, and enables them to more effectively anticipate and mitigate business risks,” he adds.