Your organization is always changing, and with it, your methods for governance, risk, and compliance (GRC) management need to grow and mature. Inefficient GRC strategies can result in costly and time-consuming management practices.
Previously, it was common to manage disciplines that fall under the GRC umbrella—such as business continuity, regulatory compliance, and vendor risk—separately, but GRC technology has given businesses the means to address interconnected risks and streamline their efforts into an effective program.
Let’s look at some reasons why enhancing your GRC management processes and capabilities with the right technology is a smart strategy for increasing efficiency, reducing risk, and improving strategic alignment.
Manual methods such as spreadsheets and emails may facilitate GRC management up to a point, but as organizations become more complex and dynamic, it becomes difficult to govern and control the flow of information. Businesses today are inundated with constant changes in operations, compliance requirements, and emerging risks.
Spreadsheets in particular are open to manipulation and error, and as a result, regulators are pushing for increased control over these documents. A Forrester study found that about 1 in 5 GRC professionals rely on spreadsheet accuracy, despite the method’s likelihood of increasing financial and reputational risk.
The study concluded that “[Spreadsheet] risk is real…. However, nearly a third of respondents noted that management doesn’t recognize this risk, underscoring the fact that C-level executives are making decisions based on data assumed to be accurate, but that can contain errors.”
The bottom line is that reliance on spreadsheets and other manual management techniques can result in inaccurate decision-making and may increase risk exposure.
Advanced technology solutions provide the opportunity for GRC practitioners to complete tasks that previously took hours in a matter of minutes. At the same time, executives gain complete visibility into the business and emerging risks while cutting costs and increasing productivity across functions.
Technology solutions can also monitor possible issues, action items, and due dates within the realm of GRC and send out notifications. By utilizing a cloud-based system, organizations can coordinate policies and controls through automation. This supports enhanced agility and efficiency as institutions adapt to changing requirements.
With time-consuming tasks now automated through an efficient system, businesses can allocate more resources and focus on productivity in other more strategic areas. GRC processes can be implemented by any business—large, small, public, or private. Updating your organization’s GRC program helps align its processes, policies, and procedures to business goals and objectives, while staying one step ahead of risk management and compliance.
By unifying the whole organization under the umbrella of a technology-enabled GRC program and consistent management processes, you can have peace of mind that your entire business is well equipped to navigate uncertainty and address governance, risk, and compliance issues both now and into the future.