Selecting software to get in front of GRC—or any other business problem—can be overwhelming. Read on, or tune in to our webinar with Michael Rasmussen, GRC economist and OCEG fellow, to learn how to more easily and effectively navigate your investment.
Organizations are beginning to understand the critical nature of governance, risk and compliance (GRC), and the idea that GRC should be proactive, rather than reactive—a feat that can really only be achieved with the right technology.
However, large organizations can face a multitude of challenges when developing an RFP for GRC software, and the decisions made during that process can actually make or break the subsequent software implementation, as well as the business results that also stem from that implementation.
Here are some of the problems they’ve seen:
Treating GRC as “something you buy”
GRC (Governance Risk & Compliance) is officially defined as “the integrated collection of capabilities that enable an organization to reliably achieve objectives while addressing uncertainty and acting with integrity,” according to the OCEG GRC Capability Model. The first mistake many companies make is forgetting—as this definition implies—GRC is something you do . . . not something you buy.
Too many departments, too many approaches
Most companies have too many departments approaching GRC management in too many ways with too many communications in disparate formats. The result: GRC management is often buried in excessive documents, spreadsheets and emails. The consequences of this distributed approach range from wasted resources to poor visibility and reporting with files and documents out of sync. Technology that allows for an integrated approach—embedded in one source of truth—will centralize GRC management and more evenly distribute participation and collaboration.
Choosing information architecture that misses the 360-degree view
GRC management that delivers higher quality information, process optimization, better capital allocation and reputation protection—all with a better return on GRC investment—demands information architecture that puts all key elements of GRC into context. While some organizations may choose software solutions that could be considered “basic” (only the basic elements) or “common” (solutions with features commonly found in the market across primary competitors in the segment), a more advanced solution will offer capabilities like risk management, compliance management, internal control management and issue management. Maturing GRC through 360-degree contextual intelligence helps your organization become more aware, aligned, responsive and lean.
The solution: Technology that reigns in the “chaos” of risk interconnectedness
Building a strong business case for acquiring GRC technology starts with clearly identifying what you expect to achieve from your technology investment. Ideally, the one you choose gives you:
- Reduced compliance risks
- Reduced exposure to risks
- Better communication between stakeholders about risks to their interests
- More structure, but flexible audit processes
- Improved overall compliance
- More informed decision making
When considering software—no matter its intended purpose—don’t limit yourself to one-off solutions. Look for a system that can offer you broad solutions without compromising on the detailed functionality needed across departments, roles and business objectives. Such software does exist.
Riskonnect was recently recognized as a Leader in The Forrester WaveTM: Governance, Risk, And Compliance Platforms, Q1 2018. Click here for a complimentary copy of the full report.