July 20, 2018 | Written by: Alistair Rennie
Categorized: FinTech | IBM RegTech Innovations
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When IBM acquired OpenPages in 2010, it was widely recognized as a pioneer and market leader in governance, risk and compliance software. Initially founded in 2002 to address the opportunity created by the Sarbanes Oxley Act, OpenPages’ client adoption was so strong over the coming years that by 2005, OpenPages was ranked 29th on the Inc. 500 list of the fastest-growing private companies in the country.
Since the acquisition in 2010, IBM has continued to drive innovation and leadership in risk and compliance and industry leaders have taken note. Last month we announced the latest evolution in GRC – OpenPages with Watson 8.0 which was launched at the Watson Financial Services Summit for RegTech in New York City. Media coverage of the milestone release was very positive including high profile articles in Forbes and American Banker. With the new release of OpenPages, IBM is redefining GRC through innovation and investment in new technologies—from AI and analytics, to User Experience Design (UXD), to regulatory content and unparalleled domain expertise and advisory services.
On July 16, Gartner published the 2018 Magic Quadrant for Integrated Risk Management and IBM was once again positioned in the leader’s quadrant for its OpenPages solution. OpenPages is one of 16 vendors evaluated in Gartner’s report, and is positioned the furthest for “Completeness of Vision.” The report states that, “The IRM market is the largest of all the solution provider markets covered by Gartner in the security and risk management (SRM) software ecosystem. It also ranks third highest in terms of estimated profitability margin. As a result, this is one of the most dynamic software markets within our coverage and looks to be one to watch for the next several years”.
The report comes on the heels of IBM proudly accepting two distinguished RegTech Awards for “Best AI Solution for Regulatory Compliance” and “Best Regulatory Alert Management Solution” at an awards ceremony on May 3rd in London.
Over the years, OpenPages with Watson has long been considered by clients and industry observers as the market’s most powerful, flexible and scalable GRC solution. With the launch of OpenPages with Watson 8.0, IBM will transform the way risk and compliance professionals work by empowering business users with increased efficiency, confidence and business value.
Accolades aside, what I’m most proud of is the recognition of the value that we bring to clients in need of solutions for regulatory compliance and risk management.