Gartner Magic Quadrant for Enterprise Governance, Risk and Compliance 2013
So, Gartner published its Magic Quadrant on Enterprise Governance, Risk Management and Compliance (GRC) again. Always interesting to see how external analysts view the market. Good to see, the number of Leaders has gone down from 9 to 7, and of course even better for us that NASDAQ OMX BWise is among the leaders. And we intend to stay there, and we have some great plans to make that work.
NASDAQ OMX has a unique position in the GRC marketplace. For many vendors, its just another interesting software package in a rapidly growing market. For some, it may be an investment. But for NASDAQ OMX its intrinsically strategic. Remember, NASDAQ OMX is all about providing capital to stimulate growth and innovation. In big terms, it aims to protect the free market economy. There is one big requirement for providing capital in any situation, and that is the factor of TRUST. No trust, no capital. So companies need to be providing transparency and (proof of) integrity. And this is exactly what GRC is all about.
One thing needs to be clarified. In the report, Gartner speaks about the sometimes high level of customizations. At NASDAQ OMX BWise we differentiate between customization and configuration, both called customization by Gartner:
Customization: custom-specific code to accommodate a customer specific requirement. Upgrading is intrinsically difficult, expensive or even practically impossible.
Configuration: setting parameters to accommodate a customer specific requirement. Upgrading is always possible, regression is the responsibility of the software vendor.
NASDAQ OMX does not do customization: not, ever. Yes, we do configuration. And, in some situations, quite a bit. We try to stick to best practices by deploying rapid deployment solutions which helps reduce configuration needs. But some firms simply have very specific requirements. But customization: never.