Meet the team behind NeoRM
Today, the world economy demands increasing shareholder and regulatory oversight of publicly traded companies and financial institutions. The financial catastrophe at Enron, due to erroneous and fraudulent balance sheets, propelled the creation of the Sarbanes-Oxley Act of 2002. In the same context, the 2008 financial crisis proved that financial institutions such as Lehman Brothers were not, “Too big to fail.” In an effort to prevent another Great Depression, the Federal Government responded by passing the Dodd-Frank Act in 2010.
The Gulf Oil Spill in 2010, is another example of business practices requiring oversight. Due to the loss of life, revenue and permanent damage to the environment, the Gulf Oil Spill obligated congress to pass the Restore Act in 2012. British Petroleum in July of 2015 tentatively settled for $18.7 Billion to control Federal, State and Local claims against the oil giant. Some of the largest automotive recalls in history have taken place in the last 10 years. Similar scenarios are evident in commercial construction, healthcare, pharmaceuticals, manufacturing, and technology.
Increased complexity in global economies and technological advances in business generates new hazards. Black Swan scenarios are no longer hypothetical. Powerful companies and multi-national conglomerates are vulnerable. Mushrooming global competition, market and exchange volatility and technological advances in business process that drives systemic operations seeing large companies do more with fewer employees has changed the risk landscape.
Some estimate that the financial services industry alone will spend $64bn a year in risk management, with double digit growth in spend over the next decade. It is estimated that fortune 1000 companies spend an average over $1m a year in complying with Sarbanes-Oxley Act.
Top executives are spending more on risk management than ever before. The last decade has seen a “tick the box” approach to ensure regulatory compliance. In the decade to come, executives will look for ways to leverage their regulatory spending to drive true value in risk management and budgetary management. NeoRM is uniquely positioned to accomplish this goal.
NeoRM’s mission is to provide a comprehensive, simplified view of controls within our client’s risk management program, to ensure appropriate governance and permanent supervision. The platform provides a snapshot assessment of current risk status. NeoRM will make a dramatic impact for our clients by providing rapid transparency on their existing controls. Clients will be empowered and confident when protected by the NeoRM platform.
A few of the companies we've had the pleasure to work with