Business owners usually aren’t clairvoyant to every complication their company will face as it continues to grow. While predicting the future is impossible for most, strategies to anticipate what some of those potential roadblocks could be are essential for success. Providing enterprises with software to help keep threats to their business at a minimum, risk management solution Riskonnect announced Monday it acquired Sword GRC to enhance its platform.
Atlanta-based Riskonnect serves customers spanning industries including healthcare, retail, manufacturing, transportation and financial services. Both Riskonnect and U.K.-based Sword GRC work to help enterprises achieve end-to-end visibility to reduce risk and improve their organization’s performance. By joining forces, the two are pursuing a mutual goal of accelerating global growth and better serving their customers.
“Enterprise risk is severe and pervasive. Threats lurk everywhere and constantly evolve,” Jim Wetekamp, Riskonnect’s CEO, told Built In over email. “At any given time, a typical enterprise faces third-party, financial, cyber, ESG, compliance and IT risks at the same time.”
With so many facets to monitor, risk and compliance professionals are able to use Riskonnect and Sword GRC’s solutions to consolidate risk information and collaborate to prevent or mitigate the impact of those risk events, according to Wetekamp. The platform works to help users understand threats and how they connect to one another as well as what impact they could potentially have across the business.
“Traditional methods of managing risk have repeatedly come up short over the last 18-24 months,” Wetekamp continued. “You simply can’t manage risk in silos, manually or without credible and actionable intelligence.”
In acquiring the U.K.-based governance, risk and compliance company, Riskonnect will fully integrate Sword GRC’s Active Risk Manager solution, incorporating the additional project risk capabilities into its integrated risk management product. Since Sword GRC has more than 300 customers around the world in sectors like aerospace and defense, energy and government, the acquisition will enable Riskonnect to expand its service into new verticals.
As Sword GRC counts more than 150 employees based in the U.S., U.K. and Asia Pacific regions, the deal enables Riskonnect to grow into new geographic locations as well. The combined company employs over 700 people, Wetekamp said.
Riskonnect’s immediate goal is to successfully complete the integration of both companies’ products, people and processes. However, as it continues to fuel double-digit growth, according to Wetekamp, Riskonnect is also hiring risk management talent. The company currently lists open roles on its site spanning engineering, marketing, UX and more based in Atlanta.