Governance, risk management, and compliance (GRC) is something an organization does, not buys—yet for GRC management to be successful and sustainable for the long term, it needs to be supported by a technology platform.
Before selecting the right GRC platform, organizations need to understand their current management processes and develop a strategy that sets the stage for increased efficiency, effectiveness, agility, and cross-department collaboration.
Many solutions may have the capabilities you’re looking for and seem like a good fit, but lack ease of use, intuitiveness, or flexibility once you start using the product. Selecting the wrong solution often results in a failed implementation or forces organizations to spend even more time and money adapting or supplementing the technology investment.
When evaluating GRC technology and selecting a best-fit solution, make sure you understand your business requirements and perform due diligence on potential vendors and their products.
Some of the common pitfalls of GRC technology selection include:
To accelerate the ROI of your management program and provide a pathway to GRC maturity, it’s important to choose the right technology partner. GRC solutions streamline and automate management activities, documentation, and reporting while supporting alignment with business strategies and objectives. By providing an integrated information architecture for your GRC program, the right technology platform will lower costs by acting as a single source of truth—reducing the errors, gaps, and redundancies that accompany manual processes.
Read next: Why Manual GRC Processes Don’t Work