Evaluating, selecting, and implementing risk and compliance management solutions can be a difficult and time-consuming task. If your organization is going to invest time and money in adopting GRC technology, then you need to understand the potential problems you may encounter in the process.
Research firm GRC 20/20 has identified over 800 different GRC technology solutions and counting. With no shortage of options, organizations must do their due diligence in determining whether a solution will be a good fit for their needs and goals. A failed implementation not only results in wasted effort and resources, but may also hinder your ability to address risks and compliance requirements.
As we wrap up our GRC Technology series, let’s recap some of the common pitfalls to avoid during each stage of the technology adoption process: evaluation, selection, and implementation.
While adopting a technology platform can significantly enhance the maturity of an organization’s management processes, a hastily chosen or poorly implemented solution can inhibit GRC program effectiveness, efficiency, and agility.
When organizations take a thoughtful and diligent approach to GRC technology adoption, they set a foundation for:
But to get started on the path to GRC maturity, the decision-makers who will be driving the adoption process must first understand their organizational requirements, risks, and compliance posture. GRC technology evaluation, selection, and implementation fail when institutions don’t have a strategy aligned to enterprise-wide needs.
Avoiding the common pitfalls of GRC technology adoption requires a strategic plan that extends across the three lines of defense — operational management, risk and compliance functions, and internal audit — and helps guide executives and other stakeholders through the decision-making process.