Riskonnect Strengths, Domain Expertise, and Key Differentiators
Riskonnect provides risk management, elevating the maturity and sophistication of Enterprise Risk Management (ERM) and bolstering the performance and scalability of Risk Management Information Systems (RMIS) on a global scale.
Empowering executives to make informed, forward-looking decisions, Riskonnect provides real-time, comprehensive risk information across the entire enterprise. The company is dedicated to developing an expanding suite of risk management technology solutions, including Riskonnect GRC and Riskonnect RMIS. These products cater to a spectrum of risk management needs, addressing traditional insurance risks while also focusing on strategic, enterprise-wide considerations that could impact an organization's shareholder value.
Riskonnect Recent Developments
October 2023 saw the unveiling of a fresh collaboration as Riskonnect announced its partnership with Control Risks, a global specialist in risk consultancy. Control Risks has become a part of Riskonnect’s PartnerKonnect program, contributing to the initiative of assisting clients in enhancing organizational resilience through technology that consolidates all dimensions of enterprise risk management.
April 2023 witnessed Riskonnect unveiling a significant addition to its Enterprise Risk Management (ERM) solution with the introduction of Risk Bow Tie Analysis for Governance, Risk, and Compliance (GRC). This innovative feature automates the generation of Bow Tie diagrams and establishes risk relationships within the solution. This enhancement simplifies the integration of Bow Tie analysis into companies' risk management initiatives, facilitating broader engagement in the communication of risk across various audiences.
In April 2021, Riskonnect unveiled the most recent iteration of its platform, named Riskonnect 2021.1. This release brings forth a range of improvements, with a particular focus on enhancing capabilities within the Governance, Risk, and Compliance (GRC) suite. These additions are specifically tailored to assist financial services organizations in the UK in fortifying resilience and enhancing decision-making processes. Additionally, the update introduces several new features within Riskonnect's Healthcare Patient Safety and Risk Management Solution, offering healthcare organizations tools to enhance event reporting and overall risk management.
In August 2020, Riskonnect introduced a novel feature within its Healthcare Patient Safety and Risk Management solution, designed to assist customers in meeting the Ongoing Professional Practice Evaluation (OPPE) standard. This upgraded platform provides healthcare organizations with the necessary tools to consistently gather data and generate reports on the professional performance of practitioners.
Riskonnect has launched a complimentary coronavirus tracker to assist customers in managing evolving COVID-19 risk exposure. This feature empowers companies to gain a precise understanding of their risk exposure concerning the virus, facilitating quicker and more informed decision-making in terms of risk mitigation and management.
Riskonnect Mergers and Acquisitions (M&A) Activities
In February 2022, Riskonnect completed the acquisition of Sword GRC, a distinguished UK-based software company specializing in project and enterprise risk management solutions, previously under the ownership of Sword Group.
This strategic acquisition marks a significant step in advancing Riskonnect's Integrated Risk Management (IRM) approach. It uniquely integrates project risk into its platform, providing customers with the capability to consolidate all facets of enterprise risk seamlessly within a unified framework.
November 2021 saw Riskonnect disclosing a fresh investment from TA Associates, a global private equity firm. The existing majority investor, Thoma Bravo, intends to maintain a substantial equity stake in the company. Specifics regarding the transaction were not made public.
October 2021 saw Riskonnect's acquisition of ICIX, a California-based company specializing in value chain governance. ICIX enables businesses to effectively manage, monitor, and verify Environmental, Social, and Governance (ESG) performance. This strategic acquisition propels Riskonnect's global expansion, enhancing its Integrated Risk Management (IRM) product suite to cater to the escalating risk and compliance requirements of the rapidly growing ESG market.
March 2020 marked the acquisition of Xactium by Riskonnect, a GRC software provider based in the UK that has transformed the approach to evaluating and managing enterprise risk and compliance. This strategic move is poised to expedite Riskonnect's global expansion, fortify its capabilities in financial services and project risk management, and provide its customer base with artificial intelligence (AI) and analytics technology for Governance, Risk, and Compliance (GRC). The integration of Xactium and Riskonnect offers customers from both entities access to new capabilities, harness innovative technology, and tap into an expanded global network of service professionals with expertise across diverse industries.
Riskonnect Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Riskonnect applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Riskonnect and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Riskonnect, customers.
Riskonnect Overview
1701 Barrett Lakes Blvd., Suite 500
Kennesaw, GA, 30144, United States
1 770-790-4700
https://www.riskonnect.com/
Ownership: - Thoma Bravo
Number of Employees: 525
Functional Markets: ERP Services and Operations, TRM,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Riskonnect Key Enterprise and Cloud Applications
Riskonnect,
Riskonnect Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Riskonnect Revenue Breakdown By Type, $M:
Riskonnect Enterprise Applications Revenues By Functional Markets, $M:
Riskonnect Enterprise Applications Revenues By Verticals, $M:
Riskonnect Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Riskonnect Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Riskonnect Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Riskonnect Customers
No. of Riskonnect Customers: 2000
No. of Riskonnect Enterprise Applications Customers: 2000
No. of Riskonnect Cloud Customers: x
No. of Riskonnect Cloud Subscribers: x
Established in 2007, Riskonnect caters to a diverse clientele of 2,000 customers spread across six continents. Among its notable clients are Ameriprise Financial, ConAgra Foods, CornerStone Staffing, Ferguson, IASIS Healthcare, Kaiser Permanente, Savage, SNAP-ON, and various other organizations.
Riskonnect Market Opportunities, M&A and Geo Expansions
January 2023 saw Riskonnect unveiling a fresh integration with Salesforce Net Zero Cloud, aimed at augmenting its Environmental, Social, and Governance (ESG) capabilities. Accessible on Salesforce AppExchange, this integration facilitates the seamless incorporation of ESG, governance, risk, and compliance data gathered in Riskonnect directly into Salesforce Net Zero Cloud. Moreover, Riskonnect customers now have the opportunity to harness the robust features of Net Zero Cloud's solution for carbon emission data collection, aiding in footprint assessment and establishing science-based targets.
Re-platforming of Marsh ClearSight was made evident with a new product that was developed to address the unmet needs of the RMIS market: an intuitive platform that brings together users, tools, and data for more efficient workflows and deeper insights to help organizations evaluate, mitigate, and manage risk. Marsh ClearSight’s solution stands on three key pillars: clearer data by integrating all data into a single database; clearer analytics to address critical issues with powerful insights where and when you need them; and clearer collaboration to collaborate intra-, inter-, and supra-company right from the platform, making business processes more efficient.
Riskonnect Risks and Challenges
Riskonnect underwent significant transformations within its leadership, introducing new executives such as a CEO, CMO, CHRO, and a Senior Vice President for Customer Success. These changes may pave the way for the development of a fresh Go-To-Market strategy.
Riskonnect Ecosystem, Partners, Resellers and SI
November 2023 witnessed a collaboration between Riskonnect and Protiviti Member Firm for India. This strategic partnership serves to broaden Riskonnect's global influence by supporting Indian companies in consolidating all facets of risk through the implementation of integrated risk management technology.
April 2023 marked the introduction of a collaborative effort as Riskonnect announced its partnership with Wissda, a U.S.-based consulting organization specializing in risk and compliance transformation along with IT services. Together, Wissda and Riskonnect are dedicated to assisting organizations in establishing a comprehensive, data-driven, and scalable foundation for risk management technology and programs. This collaborative effort aims to foster collaboration and consolidate all facets of risk management under a single, unified platform.
February 2023 saw Riskonnect unveiling improvements to its Business Continuity and Resilience solution in collaboration with OnSolve, a critical event management provider specializing in helping organizations mitigate physical threats and maintain agility during crises. Through this partnership, Riskonnect will utilize OnSolve’s Risk Intelligence to offer a new Threat Intelligence module. This module enables resilience leaders to monitor global threats in real time, facilitating quicker and more effective responses to critical events.
In October 2022, Riskonnect unveiled a strategic partnership with LineSlip Solutions, a leading provider of insurance technology dedicated to the extraction and management of insurance program data. This collaboration involves the direct integration of LineSlip's advanced AI technology into Riskonnect's sophisticated Risk Management Information System (RMIS) solution.
This integration empowers customers to adopt a more strategic and proactive approach to insurance management, unlocking additional value within the Riskonnect platform.
Adobe, A.M. Best Company, Conga, Cognos, Reed Group, Salesforce, and Willis Group Holdings are among the esteemed partners affiliated with the organization.
Riskonnect Cloud Infrastructure Insights
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- Riskonnect Public Cloud and Infrastructure (IaaS)
- Riskonnect Platform (PaaS)
- Riskonnect Application Delivery
- Riskonnect Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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