Does monitoring and managing risk and compliance seem like an uphill battle? If you’re facing increasing pressure from regulators, you’re not alone.
In a multi-industry risk management report, 57% of senior-level executives ranked “risk and compliance” as one of the top two categories they feel least prepared to address. What’s more, 69% of executives agreed that their current risk management policies and practices are likely not enough to meet future needs.
If you’re going to be prepared to cope with increasing scrutiny from regulators and other stakeholders, you need to know what you’re up against.
Let’s look at some of the biggest GRC challenges organizations are facing and explore some potential solutions that can streamline your integrated risk management activities.
Regulatory change is relentless. In 2020, more than 1,200 regulatory bodies issued a combined 250+ regulatory updates every day, on average.
As regulatory burden continues to grow year after year, it’s no wonder that compliance officers ranked “keeping up with regulatory change” and “increased regulatory demands and expectations” as their biggest compliance challenges in an industry survey.
With limited resources and compliance deadlines looming, organizations often find themselves overwhelmed by the demands of new and changing regulatory requirements. Many will make do with an ad hoc approach, which may be expedient in the short term, but become confusing and hard to track and maintain in the long term.
For an effective GRC strategy, organizations need a reliable and consistent method for monitoring regulatory developments and addressing any compliance issues.
Manual methods just can’t keep up with the pace of regulatory change. When evaluating compliance management solutions, look for software that offers automatic alerts for upcoming law and regulation changes, compliance due date notifications, and other task management workflows.
Quantivate Compliance Management helps organizations stay ahead of regulatory change with automated alerts and workflow management.
Our built-in compliance alerts include detailed breakdowns and executive summaries of changes, industry-specific action items to help you prioritize your compliance activities, compliance deadlines, and other valuable content through our partnership with law firm Farleigh Wada Witt.
Many organizations (both large and small) function in silos, where each business unit has its own set of compliance regulations, vendors, and processes. Critical information may be stored in multiple locations, resulting in duplicate or inconsistent data.
This complicates management and maintenance, prevents information sharing between departments, and may even conceal potential risks.
As recent high-profile data breaches have demonstrated, a lack of oversight when it comes to your organization’s data and IT functions can be costly and damaging to your reputation.
Tracking down important information across multiple documents, computers, and/or storage methods is time-consuming and makes data management a headache.
A centralized digital database of contracts, policies, financials, third-party information, and other types of data or documentation ensures you can find what you need when you need it. Plus, you can securely access important data from anywhere you have an internet connection.
The Quantivate GRC Suite offers secure, centralized data storage and management for every module. Our flexible data architecture allows organizations to define their own data models and link resources in a way that reflects and tracks important information, business processes and dependencies, and management activities. This means that our software can adapt to your needs as your business grows and changes. Rather than having to conform to a rigid data structure, you’ll have a toolbox of easy-to-use, scalable solutions to eliminate data silos.
Many organizations struggle with a lack of visibility into their business processes, vendor relationships, risk exposure, and other critical considerations for integrated risk management.
When different departments use their own processes and tools, it’s difficult to assess risk and compliance holistically. Uniting analytics and reporting activities under one platform enables organizations to develop data-driven action plans to address any GRC challenges.
A consistent reporting process improves transparency and communication with stakeholders and equips your organization to make well-informed, strategic decisions.
Whether you need to evaluate enterprise risk, vendor performance, compliance status, or other important analytics, Quantivate’s software has robust reporting tools and templates built in, ready for you to create reports for auditing purposes or executive decision-making.
If you’re ready to develop a roadmap for reducing risk and improving oversight and compliance, get in touch to schedule a personalized demo of one of Quantivate’s GRC Solutions:
Or get an overview of the full suite to explore how Quantivate can help your organization tackle all its GRC challenges.