June 28, 2017
MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: FixNix Inc.
Name/Title: Shanmugavel Sankaran (Founder/CEO)
Industry Segment: Governance, Risk Management, & Compliance (GRC) Target: Market(s): USA, Europe, Middle-East & Western-African Countries
LTP: Tell us a little bit about yourself.
Shanmugavel Sankaran: I’m the Founder & CEO of FixNix Inc. & Ex-CISO at MartJack. I’m called Shan by my employees and by the players in the startup community. I had a good time for about 10 years with Microsoft and IBM as Program Security Advisor. The urge to make a difference in the GRC world has been the passion for driving FixNix and its vision. That’s when I began my entrepreneurial journey.
LTP: Give us a paragraph pitch of your company.
SS: We democratize the GRC space with our intuitive and affordable Cloud GRC Suite of products for growth markets and SMBs. FixNix makes Governance, Risk and Compliance (GRC) SaaS products that our clients can truly utilize. We make easy-to-adopt and affordable compliance products; effective tools that businesses can use to improve regulatory compliance and help defend fraud, negligence, and other corporate compliance vulnerabilities.
LTP: In a sentence or two, what problem are you solving today?
SS: Automating governance, risk and compliance processes to help enterprises and banks to streamline their complex processes like audit and compliance, which increases operational efficiency and cut costs. Operational Risk Analytics solutions for HR teams to predict attrition is one of our most valued product offerings. How often can an organization classify a good and a bad attrite? We can enable them with insights to design intervention programs to prevent attrition.
LTP: Who are you selling to?
SS: We are looking at organizations who are subjected to high regulations such as the BFSI. We are especially interested in exploring the Broker-Dealer segment in the US which has been largely unaddressed despite the million-dollar potential to generate recurring revenue. We offer advance bail to the CxOs (Just kidding :P).
LTP: Why did you start the company?
SS: To answer and validate the burning question within me: ‘Can GRC be done in the cloud?’ This has put FixNix as the pioneer in the GRC world to provide solutions on the cloud. I have the passion for offering world-class products at a fraction of price (sub-10,000$) provided by other biggies like Metricstream and RSA Archer, so that mid-market companies and SMBs can access it. This is something which the incumbents can’t provide.
LTP: What's the most important change coming to your segment in the next 3-5 years?
SS: It will be interesting to the run for GRC solutions as BFSI and other institutions start adopting blockchain technologies. A lot of opportunities will open up across industry verticals once blockchain is implemented in supply chain and other business transactions.
LTP: What’s your next milestone?
SS: Salesforce of GRC will be our next pitstop. ‘Can we enable your organization with our product?’ Every organization which is yet to explore our product will be our milestone. We target to empower 3000 organizations in 60 months through our SaaS-based GRC tools & predictive analytics products.
LTP: What's one thing you wish customers knew before a sales meeting?
SS: ‘Do they want to improve their business process just for the heck of it or seriously long term to put the right management state of affairs?’
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
SS: Understand their risk of business. Reputational risk is not only for airlines; it very much applies to all financial institutions where the trust of customers plays a huge role.
LTP: What keeps you awake at night?
SS: The thought of wanting to keep the folks engaged along with us in the mission of simplifying the compliance and risk world by getting into a stable, strategic, investor-supported mode.
Thank you, Shan!
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