Risk Management is a process of identifying, assessing, and controlling threats of an organization’s capital and earnings. These threats could stem from a wide range of sources, which can include financial uncertainty, legal liabilities, natural disasters, accidents, and strategic management errors. IT security threats and data-related risks, and the risk management strategies to alleviate them, have become a top priority for digitized companies. As a result, Riskonnect, Inc. a privately held company was founded back in 2007 by three individuals, Bob Morrell, Antonio Dabraio and Roger Dunkin. The company offers a growing suite of cloud-based solutions that enable its users to make informed strategic decisions by tracking, analyzing, connecting, and mitigating risks throughout the entire organization, providing you with a holistic view of risk management. In 2017, the company was acquired by Thoma Bravo, a pioneer in the private equity industry.
Riskonnect differentiates itself through its lower total cost of ownership, simplicity in functionality, ease of configuration, internal deployment services and leveraging the SalesForce “Force.com” platform. Riskonnect’s highly configurable technology is ideal for forward-thinking organizations facing increased scrutiny and accountability for corporate governance, strategy and strategic risk. The organization’s solutions facilitate the ability to plan for and respond intelligently to all risks that could potentially harm an organization and its competitive position, damage corporate reputation and/or restrict strategic growth.
Riskonnect’s applications are built on a technology platform that its clients can trust. A platform that is secure, reliable and fast. It powers more than 100,000 businesses running in more than 4 million applications, counted by 2.5 million users every day. The Riskonnect platform, team of risk management technology and business executives, and its data services group, sets Riskonnect apart from all its contemporaries.
Delivering an Alternative Solution
According to Riskonnect, the risk and compliance sector has decent number of point solutions and few integrated risk management providers. The providers in the sector tend to have significant technical debt, an unsustainable cost model and a delivery model that is not fully SaaS based. As a result, Riskonnect delivers an alternative solution that is completely free from the pain points of other solution providers, who are not flexible, over-engineered, and often more expensive.
The company offers a single and unified technology solution that helps provide critical insights into all the strategic and operational risks across enterprises and what is being done to manage these risks to align with the risk tolerance of the company.
Riskonnect’s solutions are uniquely designed to work across every industry, including healthcare, retail, travel, and in the public sector. These solutions remove risk silos by providing a single view into all organization risk management processes. This eventually results in more and more refined risk management strategies as well as improved remediation processes. Riskonnect serves in areas such as: Enterprise Risk Management, Risk Management and Information Systems, Business Continuity Management, Vendor Risk Management, Internal Control Management, Governance and Regulatory Management, Audit Management, Health & Safety Management, and Healthcare- Clinical Safety and Risk Management.
A Dedicated Leader
Back in 2016, Jim Foster, CEO of Riskonnect, joined the company and brought-in wealth of experience of more than thirty years in the technology sector. To date, Foster has successfully led organizations in the enterprise, SMB, SOHO, and consumer markets. He hails from a highly diverse background, which include technology, product development, sales, marketing, and general management.
Additionally, Foster has massive twenty-five years of experience in shouldering P&L responsibilities, achieving double-digit revenue growth with consistent positive operating margins and has launched multiple highly successful product lines with operational management of companies or divisions from 20 to 3,000 employees. In 2013, Foster was recognized as Ernst & Young Entrepreneur of the Year in the Philadelphia Region and currently serves as the member of the Advisory Board for both Crown & Caliber and Hyde Park Capital.
As a former software executive, Foster brings a product-based approach to Riskonnect. The result of which is a continual dedication to product improvement, resulting in more reliable market solutions, expanded offerings, and higher customer satisfaction.
Drawing a Bright Future
Recently, Thoma Bravo, a pioneer in the private equity industry, which counts many brand name technology companies in its extensive portfolio, acquired Riskonnect. The company is expecting its growth and market impact to continue to rise up the ladder of success, thanks to the funding and operational expertise of Thoma Bravo.
In the near future, Riskonnect will continue to focus on developing new and innovative frameworks in order to combat enterprise risk, especially in the rapidly growing arenas of cyber and digital risks. Additionally, the organization will continue to work closely with its big partners and analysts including Forrester, Gartner, GRC 20/20, and RedHand in order to disrupt the integrated risk management marketplace with a solution that helps to enable quantifiable organization value.