Why should organizations implement an effective GRC solution? Here are four challenges that GRC professionals should consider when it comes to getting a GRC solution:
Challenge #1: More regulations
Each year, organizations are constantly being bombarded with new regulations. With limited resources many organizations are overwhelmed by the demands placed on them by regulations and frequently opt for ad hoc approaches to comply. However, these ad hoc approaches don’t always integrate regulatory changes to a standard set of policies and controls. Varying frameworks, manual processes, and data silos present serious challenges for organizations to comply with regulations.
Challenge #2: Data Silos
Many organizations (both large and small) function in silos, where each business unit has its own set of compliance regulations, vendors, and processes to meet those regulations. Inconsistent processes and disorganize data increase the complexity of maintaining data. This results in the inability to share critical information between departments, data duplication, less oversight, and hides many potential risks.
Challenge #3: Dispirit Solutions
A natural outcome of a silos approach is to manage each business unit with different solutions. Yet often these solutions are expensive and don’t integrate easily, causing fragmentation within the organization. With dispirit solutions, organizations run the risk of inconsistencies and conflicting data yielding to higher costs.
Challenge #4: Greater Risk
Risk poses negative impacts on reaching goals and expectations. Organizations need to effectively identify and mitigate risk. Yet, identifying and monitoring it can be challenging and time-consuming, especially with different business units working in silos. Failure to properly mitigate risk reduces overall visibility and makes it harder to make better business decision.