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6/22/2009
04:15 PM
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MEGA Expands GRC Solution With Risk Management Capability

MEGA GRC Suite will contain an expanded risk quantification and analytics component based on Bayesian scenario calculation

RAYNHAM, Mass., June 22, 2009 " MEGA, a leader in governance, risk, and compliance (GRC) software solutions, has integrated a powerful mathematical tool to measure risk exposure into its MEGA GRC Suite, making it the first time such a capability has become part of a comprehensive GRC solution.

The MEGA GRC Suite will contain an expanded risk quantification and analytics component based on Bayesian scenario calculation, a proven, but advanced means to produce the complex operational risk models that experts agree are the best way to measure risk exposure and aid in decision making.

The Bayesian modeling technique provides a simple, yet robust way of combining existing data and knowledge in the form of probabilities, while keeping uncertainties in the data and knowledge explicit. These principles are used to model complex real-world problems in a unified framework.

The measurement and modeling of operational risk has become more essential within many industries, but especially for banks and insurance companies that must adhere to the Basel II and Solvency II regulations, which require alignment of capital reserves with potential risks. As those regulations are adopted by more countries, banks and insurers around the world will need the means to meticulously measure risk exposure.

"This new capability will provide operational risk managers with more detailed and reliable information about a company's risk exposure," noted Lucio de Risi, CEO, MEGA. "These improved estimations of potential risks will help executives make better business decisions about corporate priorities, to help reduce the company's exposure to possible liabilities."

Operational risk management has become a standard practice in many industries, but there has been a shortage of sophisticated tools with comprehensive methods to produce operational risk models that supply the important data that executives need to make business decisions.

Operational risk managers, corporate executives, and board members will be interested in this progressive addition to the MEGA GRC Suite because it adds yet another innovative capability to help enterprises accurately and swiftly identify and manage risks. The MEGA GRC Suite includes three business solutions " GRC Risk, GRC Compliance and Control, and GRC Audit " that help corporations solve pressing issues in risk identification and control, compliance, and audit.

This year, the MEGA GRC Suite was named as the best solution for integrated risk management and control by Yphise, an independent company that conducts research to help organizations make sound IT investment decisions for boosting their business performance.

The new risk quantification and analytics component will be available in the MEGA GRC Suite in July.

About MEGA MEGA provides enterprise architecture, business process analysis, and governance, risk, and compliance solutions, with 70,000 users worldwide. Clients include AT&T, DirecTV, Morgan Stanley, NASA, Nissan, and Wyeth, and the US Departments of Agriculture, Homeland Security, and Transportation. www.mega.com

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