Swiss GRC, a player in Governance, Risk, and Compliance (GRC) solutions, has introduced its flagship product, the GRC Toolbox, to the Middle East. This strategic expansion includes a new branch and operational office in Dubai Internet City, UAE, and is tailored to meet the region’s unique needs.
Rajeev, General Manager, MENA & APAC, expressed his enthusiasm about the launch, stating, “The Middle East has a complex regulatory landscape, and we believe Swiss GRC can help entities navigate it safely. Our product offers full Arabic language support, essential for many regional clients. This support ensures the product is accessible and user-friendly for Arabic-speaking users, further enhancing its adoption and effectiveness.”
The GRC Toolbox stands out with its user-friendly interface, modular options, and the adoption of advanced technologies like Generative AI and advanced analytics. It supports both on-premise and cloud deployment options via a local data centre. Fully available in Arabic, the GRC Toolbox offers configuration-powered customisation for quick implementation. Its attractive pricing model includes unlimited user access, allowing organisations to scale quickly across all three lines of defence.
Swiss GRC has invested in a local entity and data centre in the UAE to support its regional operations to ensure compliance with operational requirements. The GRC Toolbox offers a fully localised experience with right-to-left language support, consolidating all GRC activities and regulatory requirements, specifically catering to the Middle East market.
Understanding the Market and Product Development
Understanding the Middle East market and its complex regulatory landscape, Swiss GRC is well-positioned to serve the region effectively. The company already boasts a customer base across the Middle East, addressing unique challenges with local data residency, crucial for both government entities and the private sector.
Besfort Kuqi, Co-Founder and CEO of Swiss GRC, shared insights into the development of the GRC Toolbox. “The GRC Toolbox is a comprehensive platform designed to address various aspects of Governance, Risk, and Compliance (GRC). Initially, the development started with an information security module due to our strong background in information security consulting. My co-founder, who comes from a robust information security background, played a crucial role in this initial phase. As the GRC market expanded and the needs of our customers evolved, we realized that focusing solely on IT GRC or information security management was insufficient to address the broader requirements of our clients.”
To cater to the full spectrum of GRC needs, Swiss GRC began incorporating additional modules. This expansion was driven by the demands of existing customers who required more comprehensive solutions. Module by module, the product grew to include risk management, audit, compliance, IT risk, IT compliance, third-party risk management, business continuity management, data protection, internal audit, and internal controls. Today, the GRC Toolbox consists of 12 integrated modules that collectively provide a robust solution for managing various aspects of governance, risk, and compliance.
Kuqi explained the decision-making process for developing these modules: “The foundation of GRC is risk, and this principle guided our decision-making process. Initially, we started with risk management and expanded to cover information security risk and compliance risk. As new regulations on data protection and operational resiliency emerged, additional modules became necessary to address these new requirements.”
Key Benefits and Differentiators
The GRC Toolbox offers numerous benefits to organizations in the region by enhancing governance, ensuring regulatory compliance, and managing risks effectively. One of the primary advantages is improved governance. More and more boards are demanding transparency and a clear understanding of what is happening within their organizations. The Toolbox provides a comprehensive overview of organizational risks, enabling boards to make informed decisions and manage risks proactively.
Regulatory compliance is another critical area where the GRC Toolbox offers significant value. The regulatory environment is constantly evolving, with new regulations on cyber security, data protection, and other industry-specific requirements being introduced regularly. The Toolbox helps organizations stay compliant with these regulations by automating compliance processes and ensuring that all regulatory requirements are met.
Kuqi highlighted how the GRC Toolbox differs from other products in the market: “Our product was developed using the latest technology, ensuring that it is a clean, integrated solution. Unlike many other platforms that are the result of mergers and acquisitions, our product does not suffer from the complexities and inefficiencies that often come with integrating different technologies. We offer local data center options in the UAE, which is a significant advantage for clients who prefer not to host their sensitive data in the US or Europe. Our deployment options are also highly flexible, supporting on-premises, private cloud, and public cloud deployments.”
Rajeev, emphasizing the unique value of the GRC Toolbox, noted, “Our deployment options are highly flexible, supporting on-premises, private cloud, and public cloud deployments. This flexibility is particularly important for government and public sector organizations that often have stringent requirements regarding data hosting and security.”
Rajeev added, “One of the primary advantages of the GRC Toolbox is improved governance. Boards are demanding more transparency and a clear understanding of what is happening within their organizations. The Toolbox provides a comprehensive overview of organizational risks, enabling boards to make informed decisions and manage risks proactively. In today’s world, where a data breach can quickly escalate and damage an organization’s reputation, having a robust GRC solution is essential.”
Discussing the simplicity and ease of use of the GRC Toolbox, Rajeev mentioned, “Our product is designed to be simple and easy to use, which translates to better adoption rates and more effective use within organizations. Clients who have moved from major top GRC players to our product have highlighted its simplicity and ease of use as major benefits. This ease of use ensures that organizations can start using the GRC Toolbox and realizing its benefits much sooner.”
Future Plans and Expansion
Looking ahead to 2024, Swiss GRC plans significant investments in the MENA region. These include developing and launching the complete GRC Toolbox in Arabic, training channel partners, engaging in marketing initiatives, and expanding its workforce in the Dubai office.
“We are very excited to offer our services in the Middle East region,” said Besfort Kuqi. “Our solutions are tailored to this region, and the GRC Toolbox is a testament to that, being the GRC software fully in Arabic designed specifically for MENA brands.”
Rajeev concluded, “This expansion comes at the right time, and we are looking forward to establishing a strong base in the region. The Middle East has a complex regulatory landscape, and we believe Swiss GRC can help entities navigate it safely. Our comprehensive approach, coupled with local expertise and advanced technology, positions us well to support the region’s needs.”
The GRC Toolbox is set to play a significant role in helping organizations in the Middle East enhance governance, ensure regulatory compliance, and manage risks effectively, while supporting digital transformation efforts.
