Signet Jewelers selects BWise for Risk Management
London, UK, New York, NY and ‘s-Hertogenbosch, Netherlands, September 22, 2010 – BWise, the global leader in Governance, Risk and Compliance (GRC) management software, announced today that it has welcomed Signet Jewelers Limited, the world’s largest specialty retail jeweler, as a new global customer. The company has purchased BWise primarily for its Risk Management capabilities. With BWise as their GRC platform, Signet is able to fully manage all risk categories and to better streamline its compliance processes. Signet chose BWise for its integrated and holistic view on risk and the usability of the overall BWise GRC platform.
Management strategy focus: reduce business risks
The reduction of business risk is a key objective for Signet. By implementing BWise, Signet is able to replace its in-house tools and manual processes and move towards a more standardized and efficient risk management approach across all its divisions. The implementation of BWise will address all of Signet’s key risks including, strategic, compliance, operational and financial risks. As an SEC filer, Signet is also keen to implement BWise’s SOX functionality as a second phase in 2011. Signet also sees potential benefit in the use of the Internal Audit module, also provided as part of the BWise GRC platform.
Diamonds are forever
Robert Pijselman, CEO of BWise, said: “We are proud to welcome Signet as a new customer. Around the globe, important retail organizations are choosing GRC platforms like BWise to get a better grasp on their key risks. The BWise platform’s process management-based approach is suitable to retailers but also relevant to many other industries. Signet’s choice is a further example of the importance of an integrated solution for GRC.” Evros Hadjisavva, Signet’s Group Business Risk Assurance Manager, agreed on the benefits of an integrated solution. “It is a strategic choice for Signet to select an integrated GRC solution such as BWise. With a consistent and integrated overview in one GRC platform we are better able to manage the Group’s key risks and assurance processes and enhance our Board reporting capabilities.”
Signet is the world’s largest specialty retail jeweler and operated 1,893 stores at July 31, 2010; these included 1,345 stores in the US, where it trades as “Kay Jewelers,” “Jared The Galleria Of Jewelry” and under a number of regional names. Signet also operated 548 stores in the UK division, where it trades as “H.Samuel,” “Ernest Jones” and “Leslie Davis.” Further information on Signet is available at www.signetjewelers.com. See also www.kay.com, www.jared.com, www.hsamuel.co.uk and www.ernestjones.co.uk.