Governance, risk and compliance technology: turning risk into results
What’s the issue?
Both external and internal risk management requirements are becoming increasingly complex and intrusive.
Organizations face an ongoing struggle to manage risk across the enterprise.
At the same time, the demand for more comprehensive, consolidated and actionable GRC information continues to grow. The traditional siloed approach to risk management, which uses different GRC processes, methods and infrastructure across teams, cannot work effectively anymore.
More often, such an approach slows the ability of companies to keep pace with evolving requirements. Without a cross-functional view and cohesive approach, managing risk becomes a growing operational and financial burden. In addition, ineffective risk management will limit the organization’s ability to grow and the speed at which it can proactively prepare for unforeseen events.
If the business is effectively addressing GRC processes, executives should be able to answer “yes” to each of the following questions:
- Does the company’s GRC technology support risk management practices in all the areas of policy management, risk strategy and management, compliance and audit management, process and control optimization, and continuous monitoring?
- Do you have multiple compliance functions with consistent and integrated governance, process and reporting standards?
- Can you execute top-down and bottom-up risk analyses?
- Can the business link risks to events and results?
- Can you easily produce a status snapshot of the company’s risk management program at any point in time?