Nowadays, corporations are beginning to understand the importance of integrated risk management solutions, but there is still a lot of work to be done both in the implementation of these solutions as well as the proper education of employees and executives. The rise of digital risk and the speed that brings to risk has pushed many corporations to bring risk management to the forefront of their priorities, creating opportunities for many vendors in this space. Riskonnect, Inc., a provider of the true Integrated Risk Management solutions, is responsibly grasping this demand with its futuristic solutions that exceed today’s risk demands while continuing to explore emerging risk areas.
Exclusive Solutions from Trusted Expert
Riskonnect is the trusted, preferred source for enabling organizations to anticipate and manage strategic and operational risks across the enterprise. Riskonnect offers a growing suite of cloud-based solutions that enable clients to make informed strategic decisions by tracking, analyzing, connecting and mitigating risks throughout the entire organization, and providing clients with a holistic view of risk management.
“We differentiate ourselves through our lower total cost of ownership, simplicity in functionality, ease of configuration, internal deployment services and leveraging SalesForces’ Force.com platform,” Riskonnect explains about their distinctive offerings and service model.
About the Leader of Riskonnect
Jim Foster is the CEO of Riskonnect. He joined Riskonnect in 2016, bringing with him more than 30 years of progressive experience and success in the technology sector. Foster has successfully led organizations in the enterprise, SMB, SOHO and consumer markets. His highly diverse background includes technology, product development, sales, marketing and general management.
He has 25 years of P&L responsibility, achieving double-digit revenue growth with consistent positive operating margins and has launched multiple highly successful product lines with the operational management of companies or divisions from 20 to 3,000 employees. Foster was recognized as the 2013 Ernst & Young Entrepreneur of the Year in the Philadelphia Region and currently serves as a member of the Advisory Board for both Crown & Caliber and Hyde Park Capital.
As a former software executive, Foster brings a product-focused approach to Riskonnect. The result is a dedication to continual product improvement, resulting in more reliable market solutions, expanded offerings, and higher customer satisfaction.
Significant words by Foster about Digital Risk Management and its Challenges
“Digital risk management continues to stand out as one of the biggest challenges facing enterprises, many of which lack formal training or policies. With the emergence of cloud-based technologies, companies are now more susceptible to cybersecurity threats than ever before, which can be detrimental to brands,” Foster explains about the current challenges of the industry.
“But cybersecurity is only one component of digital risk. Another area where we see companies struggle is with social risk. As today’s society is one where everyone has a video camera in their pocket, a single misstep by your organization can turn into a social media frenzy. Enterprises need to start looking beyond their traditional risk areas to recognize the impact that digital risks can have on their organization and, most importantly, develop remediation strategies to combat these risks,” Foster asserts about newer digital risks possibilities.
Insightful Journey of Riskonnect
Riskonnect started ahead of the curve, as an enterprise risk management solution provider before most organizations could see past traditional risks management information systems. Because many of Riskonnect’s initial clients were still maturing in their risk management processes, Riskonnect had to alter their initial trajectory to provide offerings that could meet client needs at each stage of their risk management journey.
As a result, Riskonnect developed a comprehensive collection of risk offerings to account for the traditional risk and claims management issues their clients were facing. Working within their Salesforce-based Platform as a Service model, Riskonnect has thrived. As their client’s risk strategies continue to evolve, they are now able to offer them a full gamut of integrated risk management solutions.
Riskonnect was founded in 2007 and is an independent and privately held organization as part of the Thoma Bravo family.
Outstanding Strategies towards Success
Riskonnect differentiates itself from the market through its depth and breadth of servicing the integrated risk management spectrum as demonstrated by double-digit year over year growth and an industry-leading customer retention rate. Riskonnect is a true cloud-first, data-centric platform that reaps the benefits as the only globally significant integrated risk management vendor leveraging the technical advantages of the Force platform. As a result, Riskonnect flex, scale and adapt at a level of agility that is unmatched in the industry.
Earlier this year, Thoma Bravo, a pioneer in the private equity industry that counts many brand name technology companies in its portfolio, acquired Riskonnect. Riskonnect expects its growth and market impact to continue to rise, amplified by the funding and operational expertise of Thoma Bravo.
Riskonnect will continue to focus on developing innovative frameworks to combat enterprise risks, especially in the cyber and digital risk areas, which are two rapidly emerging risk areas for enterprises.
Additionally, Riskonnect will continue to work closely with their Big 4 partners and Analysts (e.g. Forrester, Gartner, GRC 20/20, RedHand, etc.) to continue to disrupt the integrated risk management marketplace with solutions that truly enable quantifiable organizational value.