The three-year return on investment of Riskonnect’s integrated GRC technology is as much as 280%, according to a new commissioned study conducted by Forrester.
Forrester Consulting recently completed a Total Economic Impact™ study to help organizations quantify the potential ROI of Riskonnect’s GRC solution. The study took an in-depth look at one financial services firm in the U.S. that implemented Riskonnect GRC – including Enterprise Risk Management, Internal Audit, Compliance, and Third-Party Risk Management – to project a three-year ROI.
Previously, the privately held firm relied on spreadsheets to track risks. This approach was extremely manual and exposed the organization to penalties by state and federal regulators, as well as other potential financial losses. The firm also did not have a complete view of its risk exposure because there was no consistent way to report incidents. And a lack of integration across business units made it difficult to see the big picture in a timely manner.
The financial services firm initially rolled out ERM and Internal audit, followed by Compliance and TPRM. The benefits of implementing Riskonnect’s GRC suite include:
- $1.7 million in labor cost savings. Consolidating all risk-related information in one place while managing the end-to-end process resulted in productivity gains equal to six FTEs.
- $758,500 in incident-related penalty cost savings. With Riskonnect GRC, the firm could update their risks in real time and continuously monitor the environment to reduce the likelihood of incurring regulatory penalties.
- $164,000 in improved TPRM workflows. Streamlining and automating third-party information – including agreements, contracts, policies, and access credentials – increased the number of assessed vendors and made the process easier and more efficient.
Costs offsetting the benefits include annual licensing fees of $283,000, one-time Riskonnect implementation costs of $258,000, and one-time customer implementation costs of $142,000.