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Australian RegTech company recognised for global growth

GRC Solutions finalist at NSW Export Awards following opening of its New York office

4th November 2016, Sydney, Australia. Fast-growth Australian RegTech company, GRC Solutions, were finalists at last week’s NSW Premier’s Export Awards in the Education and Training category, acknowledged for their international growth in Asia and North America. 
GRC is a collaborative and international online compliance training business that uses its adaptive eLearning platform to maximise learning efficiency while significantly reducing compliance training and development costs for large organisations.  

Established in 2013, the company opened its first international office in Singapore in 2014 and this year opened an office in New York. The RegTech start-up is committed to having a strong hold in these key markets as part of its future global growth plans. Currently, GRC has over 150 clients and 500,000+ end users. Following a successful launch in Washington DC this month, the company is set to double US growth in the next three months.  
The company has played a key role to date in assisting Australia’s financial services sector through a period of disruption and uncertainty. Some Australian banks are spending over $300 million each year on compliance and in the last seven years, twenty of the world's biggest banks have paid more than $235 billion in fines. It is now common for bank employees to have 40 or more hours of mandatory training per year. When multiplied across an employee population of 30,000+ staff, the financial services sector is investing vast amounts of employee time into training. 
“We see the regulatory technology and compliance area really taking off and there is an increasing need for banks to be more efficient and effective in what they do. One client told us that every hour of mandatory training costs them $30 million in lost productivity,” said GRC Managing Director, Julian Fenwick.  

GRC is using adaptive eLearning technology to help organisations meet regulatory requirements and improve training outcomes without throwing away money. By recognising prior learning, the platform can effectively trim the hours of mandatory learning per employee. American Express is using the adaptive eLearning platform to train over 100,000 people annually in anti-money laundering in eight languages.  
“In today’s global economy, Australian tech companies need to prioritise global growth as part of their long-term business strategies. At GRC, global growth has always been high on the agenda. We’re delighted to be acknowledged by the NSW Export Awards for something that is a core value of our business,” said Mr Fenwick.  

GRC’s acknowledgement at last week’s awards comes just a week after GRC accepted the award for Best Compliance Training Program for its work with American Express at the LearnX awards.  The company continues to be highly recognised for its innovative and 
high quality platform and program. GRC will ramp up its global operations in 2017, as they seek to expand their footprint in Asia and the US, whilst keeping an eye on the European market, particularly post-Brexit. The company will be exhibiting at Singapore’s FinTech Summit later this month. 

About GRC Solutions (www.grcsolutions.com.au): Formerly GRC was part of law firm Blake Dawson Waldron, known as BDW Technology. The company was then spun off in
2013, when Blake Dawson merged with English law firm Ashurst, Today, GRC Solutions is a RegTech company and leader in award-winning online compliance training, spanning legal compliance, risk management and ethics. Across the private, government and non-profit sectors, GRC helps organisations to build resilient cultures amid complex legal and regulatory environments. Headquartered in Sydney, Australia, GRC has a strong international presence in the US, New Zealand and Asia.