December 15, 2020
(Des Moines, Iowa – Dec. 15, 2020) – ViClarity, the governance, risk and compliance (GRC) technology platform delivered to the credit union marketplace by audit and consulting firm PolicyWorks, has been recognized as one of the world’s leading regtech solutions. This is the second time the platform, created by PolicyWorks Global CIO John Ogie Sheehy, has earned a spot on the RegTech 100. The list is curated by specialist research firm RegTech Analyst, which monitors the regtech space for innovative providers addressing the challenges of regulatory pressures within financial services.
PolicyWorks acquired ViClarity in February 2020 as part of a strategy to expand services for credit union compliance and risk management teams. PolicyWorks and ViClarity coming together has enabled the newly combined organization to meet a growing need for technology integration within the credit union GRC space.
“There are several trends accelerating the growth of the regtech industry, and each spiked dramatically as COVID-19 changed nearly every aspect of business,” said Miriam De Dios Woodward, PolicyWorks global CEO. “2020 threw a wrench into many of the plans governance, risk and compliance leaders made at the outset of the year. Having to coordinate with multiple departments and board members remotely, consulting with lending on loan modifications, accommodating sick or quarantining team members – each of these circumstances and so many others made day-to-day GRC operations a challenge. Technology was a big help, however. We’re extremely proud to have been able to deliver ViClarity to the doorsteps of our credit union partners this year. The timing couldn’t have been better, and we’re looking forward to introducing the platform to new users in 2021, as well as helping existing users expand into additional solutions as the complexity of GRC increases.”
In contrast to similar platforms, ViClarity offers a fast onboarding and the ability to add new solutions, such as vendor management, enterprise risk management or policy management, over time. It’s a unique approach that Sheehy says is well-suited to the needs of GRC pros, many of which are new to software selection and integration. “Our partners appreciate the ability to start small, test and learn and scale out as their needs expand,” said Sheehy.
According to RegTech Analyst, identifying the innovators who would be a part of the 2021 100 RegTech list was a more competitive process than ever before. A panel of analysts and industry experts voted from a list of more than 1,000 companies. ViClarity was selected for the number of solutions available across multiple industry sectors in addition to financial services, as well as the platform’s customization capabilities. Rapid expansion of users across the U.S. and Europe was another important factor considered by the judges.
Credit unions interested in learning more about ViClarity are encouraged to contact PolicyWorks for a demo at https://www.policyworksllc.com/viclarity.cfm. They may also access their copy of “Compliance Technology Organizes Chaos of Compliance,” the story of one credit union’s 2020 experience with the platform.