PolicyHub, Ten Risk Manager Mitratech (Hitec Labs)


Overview


Hitec Labs is a long-standing player in the content management and policy and procedure management markets and, more recently, in the wider Governance, Risk and Compliance (GRC) space. The company started in the microfiche storage sector in the late 1980s, with a COLD offering, having acquired the IPR to an existing product. In the 1990s, it moved into imaging, which brought it into the Know Your Customer and anti-money laundering sectors. In August 2016, Hitec Laboratories was acquired by Mitratech. The acquisition of Hitec was the fifth acquisition for Mitratech in 2015-16, and the second major acquisition in the rapidly growing GRC market.


Company evolution


The COLD solution was DOS based and was designed to automatically archive computer generated output, as a direct replacement for microfiche. The initial customer base for Hitec tended to be in the banking and financial services sector, as this had the requirement to securely archive and retrieve huge quantities of computer generated output (reports, statements etc) for long periods of time.


The company built up an international customer base from an early stage, in part through a long-running partnership for its storage systems with Misys (or the forerunners to this). It particularly sold alongside the Kindle-derived Bankmaster core banking system. Hitec also has a number of customers with Misys’ IBM iSeries-based Equation (ten or so in London, mainly the operations of overseas banks) as well as alongside this supplier’s Trade Innovation trade finance system. A


common domestic UK combination has also been with the widely installed Attentiv lending system, a stalwart of the building society sector through several changes of ownership (now branded as the Mortgage Servicing Suite – MSS – and owned by Sopra). Hitec Labs has ten or so building societies as customers. In 2005 Hitec created and released one of the first policy management solutions on the market. Dubbed Conform, it was designed to provide regulated businesses with the certainty that mission critical policies and procedures were received, read and understood by employees, in the face of an ever increasing volume of compliance regulations. In 2009, Hitec acquired a competitor, PolicyMatter, and set about bringing together the functionality of this company’s PolicyMatter and Conform. This culminated, in 2011, in the release of PolicyHub. The offering has sold well since then, particularly as regulators have come to focus on whether policies and procedures are actually being adopted by staff, rather than merely applied at


Risk Management Systems & Suppliers Report | www.ibsintelligence.com 49


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180  |  Page 181  |  Page 182  |  Page 183  |  Page 184  |  Page 185  |  Page 186  |  Page 187  |  Page 188  |  Page 189  |  Page 190  |  Page 191  |  Page 192