LONDON & NEW YORK--(BUSINESS WIRE)--ClusterSeven, a leading provider of end-user computing (EUC) management solutions, today announced that it has been ranked as a best-of-breed vendor in the Chartis Operational Risk Management Systems for Financial Services RiskTech Quadrant® for 2015. According to Chartis, “best-of-breed vendors have best-in-class point solution capabilities together with organizational characteristics to capture significant market share in the chosen target markets.” ClusterSeven is ranked higher in the 2015 quadrant when compared to the 2014 quadrant due to an increase in its customer base and the release of a new solution that provides oversight and control to financial models.
ClusterSeven’s Enterprise Spreadsheet Manager (ESM), Access Database Manager (ADM), and Inventory Management System (ISM) products were recognized for market potential and completeness of offering. In the 2015 report that contains the RiskTech quadrant, Chartis states: “ClusterSeven helps customers manage enterprise GRC for this risk class, while providing additional functionality for user productivity and data insight.”
Chartis provides research and analysis on the global market for risk technology. To compile the rankings Chartis utilizes a transparent and comprehensive scoring system based on a number of sources including vendor evaluation forms, end-user surveys, interviews with subject matter experts, customer reference checks, and vendor briefing sessions.
“High profile operational risk failures resulting from spreadsheet errors have led to increasing regulatory focus and fines in this area,” stated Peyman Mestchian, Managing Partner at Chartis. “ClusterSeven provides a set of solutions that enable financial institutions to reduce and control spreadsheet risk.”
“As the market continues to evolve we are investing in bringing to market innovative solutions that are easy to use and implement,” said Ralph Baxter, CEO and founder of ClusterSeven. “All of our solutions are designed to compliment and coexist with enterprise level GRC and Operational Risk management solutions.”
Chartis is the leading provider of research and analysis on the global market for risk technology. Its goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. Chartis helps clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
RiskTech Quadrant® is a registered trademark of Chartis Research limited.
Chartis Research is authorized and regulated by the Financial Conduct Authority (FCA) for providing investment advice - (www.chartis-research.com).
London-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets and user-built databases. These technology assets are sometimes called the ‘dark matter’ of IT as they are often forgotten or ignored. ClusterSeven’s solutions give functions such as finance, risk and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy. ClusterSeven was founded in 2003 and established a New York office in 2006. The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms.