CEO Corner: Pushing Forward During the Pandemic – Mitratech Acquires CMPG
During our recent Virtual Summit for the risk and compliance management community, one of our panelists made a compelling point about whether an enterprise should stand pat right now or push for change.
As Richard Smith observed, it’s understandable how some companies have gone into “shutdown mode” during the COVID-19 crisis. But as he also explained, a disruption like this can also be an evolutionary opportunity. An organization might be able to use this time to make changes or improvements they’ve held off on for whatever reason.
Sometimes, as our client Dan Condon pointed out, “our hand’s been forced” by the circumstances. The pivot to a remote workforce has created new challenges that companies must now address in areas like workforce collaboration and data privacy, and has aggravated other employee policy issues. But it might simply be a chance to follow through on a vision for the future.
In Mitratech’s case, we’ve been listening to our client community and are today announcing a new acquisition aimed at meeting their needs right now, but it’s one that’s part of a vision for providing integrated risk and compliance management in support of Business Continuity Transformation™ that can help them sustain themselves through tomorrow’s disruptions.
Meeting a rising need
By acquiring CMPG, LLC, a U.S.-based leader in providing innovative risk management software, and adding its products to our Enterprise Compliance Suite, we’re able to provide risk management professionals with an even more comprehensive, single-source set of solutions.
One immediate need we’re able to help them address, thanks to the inclusion of CMPG’s VendorInsight® solution, is for a third-party risk management tool capable of helping them monitor and mitigate risk across their vendor and supplier networks.
In highly regulated industries like financial services and insurance, this is critical, as it’s where they face the greatest risk. After having devoted resources and elbow grease to mitigating internal risk, a company doesn’t want to find itself at the mercy of a vendor’s compliance errors, or mistakes by that vendor’s own subcontractors. Nor should it have to suffer if a supplier becomes financially unstable or bankrupted, dragging down your own operations.
That’s why the demand for third-party risk management products is growing, and why it was incumbent on us to integrate the right solution into our ECS.
On another front, CMPG’s Procipient® solution is an Enterprise Risk Management solution that uses pre-built enterprise risk framework templates. This really streamlines risk management of your business, including the processes and applications that are essential to your operations.
Supporting a long-term transformation
But we shouldn’t be making an acquisition like CMPG in a reactive way, just to take advantage of market momentum in a particular sector. In our eyes, it has to be done in support of a long-term vision for client success.
That vision involves supporting their evolution toward a more robust, resilient, and agile framework for business continuity. COVID-19 has absolutely driven home the need for that evolution, and we’re able to say that our clients have been able to put our existing solutions to use in quickly addressing the challenges they’ve faced these past several months.
The products and support CMPG has provided over the past twenty-plus years are perfectly in tune with that vision. We’re excited to be able to bring them to our clients, and we’re equally excited at the prospect of how they’re another stepping stone on the way to turning that vision into an everyday reality.