Procipient Interview With CEO and Chief Regulatory Advisor

In the wake of launching Procipient® ERM-GRC, our newest SaaS solution for banks and other financial institutions, we thought it valuable to take a moment and reflect on “why?” Why would CMPG, LLC, creator of VendorInsight® third and fourth party risk management software and BCPInsight business continuity software, decide to add an enterprise risk management and GRC software to their lineup?

CMPG, LLC was founded in 1998 as a performance consultancy firm for banks and other financial institutions. From inception to today, its mission hasn’t changed: the CMPG team exists to help bank executives and boards identify and implement significant improvements in the areas of non-interest expense, revenue, staffing and productivity, banking technology, and process improvements.

As a part of this mission, CMPG launched VendorInsight® in 2008 which was met with widespread adoption and acclaim-still occupying a top position in the industry nearly 10 years later as one of the most sophisticated and fully-featured software solutions available. And now, the CMPG team has heard the cry for an improvement to the way banks run their ERM programs-and their mission statement propels them to answer the call.

We sat down with some of the executive team members to bring you an inside look at the making of Procipient®, and why it matters now:

1. Why is the need for a new automated ERM-GRC solution significant right now, in 2017?

Grant Karnes (CEO): “Our ears are always open to our customers, regulators, and other industry professionals. The feedback we had been hearing boiled down to regulators putting pressure on financial institutions to take a comprehensive approach to managing their enterprise risk, and Chief Risk Officers feeling that all of their options for an ERM program were poorly designed and difficult to use. When Deloitte released their 2017 Extended Enterprise Risk Management Global Survey Report earlier this year, calling out Governance and Risk Management processes as being key areas where organizations are struggling, our team was already putting the finishing touches on our solution to the problem: Procipient® ERM-GRC.”

2. What sets Procipient apart from other SaaS solutions that have tried to accomplish the same goal?

Grant Karnes (CEO): “For one thing, our company is founded on the principle that customer satisfaction is equally important to having great software features. It doesn’t matter how powerful our reporting features are if we’ve made them too complicated for customers to fully utilize, so our team has worked very hard to live in that sweet spot where sophistication and simplicity meet. We conducted a soft launch of Procipient® in May 2017 to current VendorInsight® customers during our annual User Group Meeting, where it held up to the ease-of-use standard our customers have grown used to. Enterprise Risk Management and GRC truly are simplified with Procipient®.”

3. We use the words “simple” and “easy to use” a lot around here. How will Procipient® simplify Enterprise Risk Management?

Grant Karnes (CEO): “We know that many organizations are currently combining several different platforms in order to meet their Enterprise Risk Management needs, which was also indicated by over half of the respondents in Deloitte’s 2017 global survey. Procipient® addresses ERM needs at all angles with fully integrated and turnkey functionality. And because we know that every enterprise is unique, Procipient® can be fully customized and configured as well.”

Jay Fitzhugh (Chief Regulatory Advisor): “I would also add that we’ve redefined simple tangibly with the design and features of the software itself. Procipient® makes it easy to see, understand, and maintain data. When you see the Risk Matrix Filtering, which transcends all data and reporting views in Procipient®, you suddenly get it.”

In the end, Procipient® will be put to a multifaceted test. It must help Chief Risk Officers assess and oversee the management of their enterprise risk and compliance, and it has to be friendly enough to help users manage a lot of complex data in the system. Focusing on helping customers overcome the challenges of poor integration, data maintenance, and difficult user interfaces is what has made CMPG successful for nearly 20 years now. Procipient® and its thoughtful design will extend that legacy.

2017 Extended Enterprise Risk Management Global Survey Report

Procipient Website

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