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GRC Myths: 10 Risk & Compliance Management Misconceptions to Avoid [Part 3]
GRC myths
After breaking down some common but inaccurate assumptions about GRC tools and technology in Part 2, we’ll conclude with a closely related topic: weighing the costs, benefits, and return on investment, or ROI, for GRC initiatives. GRC Myths About Cost & ROI 8. GRC is a necessary inconvenience. Many organizations have traditionally approached GRC as a reactive process, scrambling to respond when there’s a risk event, audit finding, regulatory change, business disruption, or other…
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GRC Myths: 10 Risk & Compliance Management Misconceptions to Avoid [Part 2]
GRC myths
Part 1 of this series debunked some common misconceptions about GRC program development and maturity. We explored why it’s important to establish a management framework that’s integrated across the enterprise, synchronized through standard processes, and supported by technology that enables digitization and automation. This week, we’ll take a look at concerns related to choosing and implementing GRC solutions. GRC Myths About Tools & Technology 5. All GRC platforms are equal. OCEG, a nonprofit think…
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GRC Myths: 10 Risk & Compliance Management Misconceptions to Avoid [Part 1]
GRC myths
Getting stakeholder agreement on a coordinated approach to governance, risk, and compliance (GRC) management is no easy task. Budget, buy-in, departmental silos, and existing processes and tools (or lack thereof) can all stand in the way of pursuing GRC program maturity. Yet, apart from these challenges, many organizations fail to consider the return on investment from and business benefits of an integrated, technology-enabled GRC program. In this series, we’ll explore some of the most…
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Proving the Value of a Bank ERM Program [Part 2]
bank ERM program value
The Business Value of ERM Technology for Banks In Part 1 of this series, we explored how banks can build a business value case for enterprise risk management (ERM). For many institutions, extracting that value will be difficult without the digital transformation that a technology-enabled ERM program facilitates. Technology for governance, risk, and compliance (GRC) management has come a long way — from spreadsheets and office software, to cobbled-together solutions that don’t connect across…
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Proving the Value of a Bank ERM Program [Part 1]
bank ERM program value
Is your bank risk-ready? Research from The Disaster Recovery Journal indicates that only 36% of firms have a formal ERM program in place headed by a chief risk officer or similar role. Yet stakeholders — from boards to regulators — increasingly expect banks’ risk management function to focus on enterprise-wide strategic goals, rather than a “tick-the-box” approach to avoiding major risk events or maintaining compliance. Here’s a common scenario: A C-level bank executive is…
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