June 30th 2015. All three sales regions (UK, USA and EMEA) met their targets and the company achieved its prime matrix, including Existing
increased recurring revenues and profitability.
customers continued to upgrade their DS32 Enterprise Content Management (ECM) systems to the latest DSX technology platform, and many Governance Risk & Compliance (GRC) customers either expanded the use of their PolicyHub deployments or added our OpRiskControl (Risk Management) solution. During the year they welcomed over 40 new customers, many for our GRC solutions. Major software releases for each of their core products DataStoreDSX, PolicyHub, OpRiskControl and Incident Manager, were made during the year, providing both existing and new customers with enriched functionality.
In June 2016, Hitec moved to its new headquarters in the
US, in Needham, Massachusetts. The office will implement and market Hitec’s Governance, Risk and Compliance (GRC) and Information Management solutions across the United
States, Canada and Caribbean. The new office was in line with the company’s North America expansion strategy. Hitec Laboratories was acquired by Mitratech in August. The acquisition of Hitec was the fifth acquisition for Mitratech in 2015-16, and the second major acquisition in the rapidly growing GRC market. The combined organization’s clientele spans over 1,200
corporations besides 12,000 law firms, with 25% of them in EMEA and APAC. Total employee strength of the entity is around 400 employees, with operations in North America, Europe, and Australia. Owing to the acquisition, Mitratech is able to offer a more comprehensive total risk management portfolio.
User experiences
Swansea Building Society has both PolicyHub and Ten Risk Manager. With PolicyHub, it decided to automate around key operational policies such as anti-money laundering, KYC and anti-bribery. This included managing updates of documents and version controls. The system generates reports that monitor staff agreement to policies and procedures, thereby providing compliance for auditing and regulatory checks. Alongside this, the risk system replaced spreadsheets and stemmed from Swansea’s need for a more advanced risk management solution to ensure compliance. Among UK operations of foreign banks with the risk and policy systems are the likes of Turkish Bank (Ten Risk) and Ghana
International Bank (PolicyHub). Both banks have the Hitec systems alongside Temenos’ T24 core banking system. Turkish Bank had around 400 identified risks but lacked accountability and participation from stakeholders in the bank, with the risk register in the format of a single, large Word document. Ten Risk was taken to gather, analyse, monitor and communicate the information. It is now used by senior managers and others for risk, compliance and auditing. There is a risk matrix within Ten Risk which is used to monitor risks, providing a Red, Amber and Green (RAG) status. Where a risk needs to be reassessed, there are automatic reminders. This is across operational risks, unassessed risks, and categories of risk, such as liquidity, asset management and premises. Ghana International Bank had manual processes to communicate policies and procedures. The aim was to remove errors and
ensure that policies were being read and understood. The system was easy to implement, according to the bank, but it significantly improved the bank’s adherence to regulatory compliance.
Functionality of PolicyHub Creating, updating, managing and communicating policies. Automated knowledge assessments, audit and reporting.
Functionality of Ten Risk Manager
Central repository of corporate risk information for analysis and reporting. It supports standards such as ISO 31000; Sarbanes- Oxley; Information Security Risks to ISO 27000; and the requirements of FCPA/UKBA and BS 10500.
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