Mitratech Adds ClusterSeven MRM to its Data Privacy and Information Governance Solutions Portfolio
Provides GRC professionals with a powerful model risk management solution for businesses that rely on models for core business processes.
AUSTIN, TX – February 25, 2020 – Mitratech, a leading provider of legal and compliance software, today announced the addition of ClusterSeven MRM to its industry-leading Enterprise Compliance Suite of data privacy and information governance solutions. The Model Risk Management product helps users better understand the capabilities and limitations of their predictive risk models, allowing them to be used more effectively in spotting problems at an early stage and identifying inefficiencies.
ClusterSeven MRM solves a serious problem that plagues traditional GRC or risk management systems: their lack of flexibility. This leads many businesses to resort to manual model risk management controls, consuming a great deal of time and expense for both users and management. Moreover, manual controls sometimes lack the full transparency required by regulators and auditors, at a time when there’s greater regulatory pressure and complexity than ever to deal with.
To meet that need, ClusterSeven MRM supplies enterprises with a comprehensive, specialized solution for managing model risk, whether to manage the business, develop new products, or complying with regulations like SR11-7, SS3 18, TRIM, or initiatives like the UK’s Operational Resilience. This enables them to create, maintain, and validate an enterprise-wide model inventory for supporting supervisory guidance and business objectives, as well as setting policy and documentation standards and easily sharing auditable information.
An efficiency benefit? Using ClusterSeven MRM to build automated model risk management workflows and task management processes utilizing our proactive monitoring and alerting capabilities free modelers to concentrate on more vital work, while task time is accelerated and errors are reduced.
As Mark Delgado, Managing Director, GRC for Mitratech, explains, “We’re solving a very real challenge in the marketplace by taking our expertise in EUC management and quickly delivering tangible, impactful results to model managers.”
ClusterSeven, a London-based firm recently acquired by Mitratech, provides unique and innovative tools for discovering, managing and monitoring “Shadow IT” – the hidden, sensitive End User Computer (EUC) applications, spreadsheets, data assets and other applications that lie outside of IT’s control but that an organization relies upon. With ClusterSeven, users can efficiently identify, track, audit, inventory and manage EUCs to identify and mitigate risk using easy-to-use dashboards, regular reports, and exception alerts. All without affecting the agility EUCs can bring to the business or user productivity.
ClusterSeven serves customers in the capital markets, retail banking, asset management, hedge fund, insurance, energy, and pharmaceutical sectors, as well as audit firms.
Mitratech’s Enterprise Compliance Suite (ECS) gives compliance teams the capabilities to manage and mitigate Information-based risk that extends from top-level information governance all the way down into everyday operations:
- GRC teams will be able to manage obligations under thousands of ever-changing regulations.
- Translate obligations quickly and easily into policies and procedures they can rapidly create, review, communicate, and capture attestation to.
- Get visibility into and improve governance and control of the hidden, sensitive applications, spreadsheets, data assets and more that exist across a business but are outside of IT control.
- Collate, manage and mine data and business-critical content via a secure “single source of truth” central repository.
- Embed policy and information governance best practices in operational processes throughout the enterprise via workflow automation.
Mitratech is a proven global technology partner for corporate legal, risk, and compliance professionals, offering a proven portfolio of end-to-end solutions that spread operational best practices throughout the enterprise, standardizing processes and accelerating time-to-value. That helps legal and GRC teams rise to the challenge of serving the evolving needs of the modern, dynamic enterprise. For more info, visit mitratech.com.