grc industry

GRC Industry

Regulations and mandates continue to proliferate in industries like healthcare, life sciences and financial services.  Governments are increasingly focused on enforcing compliance with regulations such as HIPAA, HITECH and FDA rules.  This compliance liability is a specific form of risk that organizations must manage.  Quality metrics are gaining an increased importance, often driven by the same regulators.  Avior’s heritage in risk and compliance allows us to provide innovation solutions in these areas.

Avior provides an enterprise platform that is used across many industries to ease the pain and cost of a manual, typically spread sheet based, compliance processes. Software platforms that address these problems are grouped together as the Governance, Risk and Compliance (GRC) software market.  There are a number of distinct subsets of the market, like IT GRC which address compliance of IT systems and processes.  The market is further complicated as many vendors do not directly compete, but offer specialized solutions.  Avior focuses on highly regulated industries that have obligations to manage risk, compliance and quality with large groups such as provider networks in healthcare and supply chain in life sciences.  Our Software as a Service (SaaS) approach is very well suited to these large distributed networks. Our solutions are complementary to other broad GRC solutions.  According to Forrester, total spending by corporations on Governance, Risk, and Compliance software will reach $1.4 billion by 2015.   

Quality metrics are generally not considered to be a core function of a GRC system.  There are specialized healthcare IT vendors that do this.  However, Avior takes the approach that our customers will get the best results at the lowest cost with an integrated outreach program.  For example, a health plan is required to assess providers and business partners under their Medicare contracts.  It makes sense to integrate quality metrics like HEDIS for their Star rating on the same platform.  Like the GRC market, our products are highly complementary to healthcare IT vendors that do the quality analysis.

As was noted, risk can come in the form of liabilities from a failure to comply with the relevant mandates.  Sanctions can range from fines to Corporate Integrity Agreements (CIAs).  Financial risk may also arise from a failure to meet quality metrics.  For example, Medicare Advantage plans will not get a quality bonus payment if they do not meet certain thresholds.  Millions of dollars depends on effectively managing this.     

Avior BenchMark is focused on automating the compliance assessment process, remediation and automatically mapping results into multiple regulations, frameworks, standards, controls and policies. Avior's solutions provide superior compliance assessment capabilities coupled with deep domain expertise and prebuilt mappings.

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