Building a Business Case for Digital Transformation in GRC
- June 14, 2021
- Quantivate
As organizations become more complex, establishing efficient governance, risk, and compliance (GRC) processes takes priority. Organizations need to shift to digital and automated GRC management methods, but to do so effectively, they must identify the specific issues they intend to address and develop a coherent strategy for adopting GRC technology.
To facilitate a smooth transition to automated GRC processes, companies need to follow three steps to optimize their investment in new technologies:
- Examine the process that you wish to digitize.
- Determine how you would like the process to function after digital transformation.
- Find the best tech that allows you to reach your goals and requirements.
Step 1: Examine current GRC processes.
When examining an existing process, document in detail how the current process works and then identify problems that prevent the process from being:
- Effective (able to deliver results with little to no error)
- Efficient (requires little effort for the process to function properly)
- Agile (able to adapt to changing environments)
Step 2: Determine what needs to change.
When shifting to digitized processes, it can be easy to become overzealous in planning improvements. However, these things take time, and it’s important to make the change one step at a time. Focus initially on the biggest area of improvement for your process, such as reducing human error or increasing adaptability. Set goals, but make sure to define your top priorities.
Step 3: Find the best GRC technology for your business.
The market for GRC solutions is always expanding, and it can be difficult to determine which tools best suit the needs and goals of your organization. When selecting GRC technology, it’s important to make sure the solution provider is utilizing modern technology; if the code is old, you may find product flexibility degrading over time. Be sure to check client references, and keep in mind that a good-looking demo is not enough to determine the quality of the product. Lastly, be sure that the technology can adapt to your processes rather than the other way around.
Implementing GRC technology can give your organization the resilience required to successfully manage change and uncertainty. However, pursuing digital transformation for your GRC program can only work if you clearly define your goals and strategies for adoption. With proper preparation, digitizing GRC processes will enhance effectiveness, efficiency, and agility enterprise-wide.