Chicago — While consensus is not the most common commodity in the insurance industry, most agree that year ahead will entail greater scrutiny of risk management practices, as both regulators and rating agencies are expected to cast a keener eye on an insurers.
This situation is no doubt amenable to risk management vendors, many of who are doing brisk business. One such is, Waltham, Mass.-based OpenPages, a provider of enterprise governance risk and compliance (GRC) management solutions. The company is reporting strong growth in customer acquisition and revenue heading into 2009. Specifically, OpenPages' second half 2008 bookings for its GRC offering increased by more than 50% over the first half of the year.
Michael Duffy, CEO & president of OpenPages, says he expects this trend to continue as companies look to better manage risk across the business, reduce loss and improve operating performance in the coming year.
"We believe that 2009 will be the year that enterprise GRC platforms go mainstream,” he says.
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