Honor based on proven value that Datacert client, MMC, derived from implementation of Passport technology for legal, compliance, and risk management
HOUSTON, October 10, 2013 – Datacert, Inc., the premier global provider of enterprise legal management solutions, announced today that it has been honored with the 2013 GRC Value Award in the Legal GRC category by analyst firm GRC 20/20. This honor was bestowed based upon the proven and measurable value that Datacert client, Marsh & McLennan Companies, Inc. (MMC), has received from its implementation of Datacert’s Passport® technology platform to help manage the company’s legal, compliance, and risk management initiatives.
As a technology platform, Passport provides an integrated legal and GRC ecosystem that allows organizations to identify and respond to the cost of compliance and non-compliance. MMC, one of the world's largest professional services, risk management, and insurance brokerage firms, implemented Passport in early 2012 to manage key litigation and global insurance risks. In 2013, MMC extended its implementation of Passport to also manage data incidents and data privacy-related matters, thus creating a combined Legal and GRC solution for the organization.
Among other savings, Passport has helped MMC reduce outside counsel fees by 56 percent (its lowest spend since 2007). It has also greatly streamlined compliance reporting on data privacy incidents and their associated spend from across MMC’s companies, including determining key severity codes, root causes, and remediation. A previously manual and very time-consuming process, MMC can now generate these reports on compliance incident spend and risk metrics in less than 20 minutes.
"Prior to our implementation of Passport, our visibility into spend was limited to legal matters and this data was difficult to consolidate across multiple business units and global regions," stated Mike Caplan, Chief Operating Officer, Office of the General Counsel at MMC. "Our ability to now also capture and report on spend data for compliance-related incidents has produced very real and tangible value for MMC. Our legal and compliance and risk teams are excited about the additional possibilities that Passport presents to manage data and analytics around GRC. In the longer term, we expect to extend Passport into a broader spectrum of proactive GRC-related activities, providing additional spend intelligence in areas like operational risk assessment, internal audit, policy management, and third-party risk management."
MMC's implementation of Passport has also proven very effective in the area of reduced human capital cost. Greater visibility into its risk and compliance spend allows MMC to address hotspots and better project its risk and compliance-related expenditure into the future, allocating budget and resources to areas where they are most likely to be needed.
"Datacert has demonstrated proven business value in the category of Legal GRC with its technology solution for Marsh & McLennan Companies," said Michael Rasmussen, Chief GRC Pundit for GRC 20/20 and internationally-recognized expert on GRC. "It is imperative that we recognize this type of success as a milestone toward advancing GRC maturity. In achieving maturity, GRC becomes part of an organization’s strategy and operations. Supported by a range of technology, knowledge, and services, organizations can then achieve greater efficiency, effectiveness, and agility in their GRC processes and broader business operations."
This is the inaugural edition of the GRC Value Awards, which recognize real-world technology implementations for Governance, Risk Management, and Compliance programs and processes that have returned significant and measurable value to an organization. Award recipients will be written up and acknowledged in the GRC 20/20 blog at: http://www.grc2020.com/index.php/blog. Solution providers and GRC practitioners were evaluated in the following categories: Enterprise GRC, 3rd-Party Management, Audit Management, Business Continuity, Compliance Management, Control Monitoring/Assurance, Environmental Health & Safety, Fraud, IT Security Risk Management & Compliance, Identity & Access, Insurance & Claims Management, Investigations, Legal, Policy Management, and Risk Management.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman is a global leader in management consulting. Marsh & McLennan Companies' 54,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 100 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient, and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance, and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information, and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 at http://www.grc2020.com/ and follow on Twitter at @GRCPundit.