Improve GRC Solution Time to Value with Business Ready Functionality
A business will rarely come across a GRC solution that can fit your needs without an adjustment. GRC is a tailored and strategic initiative organizations pursue to meet business goals better and minimize business interruptions. Every organization had unique elements across size, structure, resources, industry, and business objectives. All of these factors play a crucial role in your GRC solution initiatives. Selecting a system that can adapt to your needs today and adjust with your organization as you navigate changing markets are the characteristics that define Out-of-the-box GRC solutions. What tools are available today that offer the necessary capabilities, while requiring minimal tooling? The functionality that powers this type of solution is configuration.
Rather than requiring detailed and extensive custom coding – a configurable solution need tools more reflective of adjusting settings—the ability to create custom values without any line of code adjustments. One of the critical benefits of minimizing GRC software customizations is to ease your path to GRC system upgrades. Customizations can often break, stall, or become overwritten when new code updates are introduced.
Status Quo GRC Solutions
Customized solutions have dominated the enterprise software market for good reason. Many of these organizations have very mature needs that do not scale broad enough to bring a solution to market. Instead, organizations have invested in a base code environment, where they can essentially build their GRC solution within. There are two main problems with this approach, first scalability, and second speed.
Scalable out-of-the-box GRC software
Facilitating Collaboration and Communication
While these solutions have excelled at meeting mature use-cases to scale capabilities and growth for risk and compliance professionals, the systems have failed to scale and integrate with other business solutions. There is a well-established disconnect between GRC tools and teams from the first line of defense, and traditional GRC professions both second-line risk and compliance managers as well as Audit professionals. This functional barrier in communication exists from the line of business users (bottom-up), as well as reporting to leadership (top-down) for business insights into the organization’s risk posture and performance over time.
Collaborating Across Teams
Out-of-the-box GRC Solutions offer simple interfaces and channels to collect and validate data with the first line of defense stakeholders. Channels may take the form of pre-built connectors with the line of business applications such as project management tools like JIRA, IT ticketing systems such as BCM Remedy, and productivity tools. This also applies to related GRC functions connecting data sources between IT Risk Management and Vendor Risk Management is a common gap where there are a number of functional and data related synergies. Other channels of collaboration include concepts as simple as integrated assessment technology.
Communicating to Leadership
Ongoing data exchanges and collaboration across teams is a necessity, but reporting timely and meaningful insights to leadership is one of the essential functions for GRC solutions. Templated reporting and dynamic dashboards should deliver a meaningful narrative. GRC solutions should provide a baseline KRI and KPI metrics to gauge performance on what matters most based on role or business function. One piece of this functionality merely defining relevant KRI’s and KPI’s for organizations to validate for their business if leveraged. Another part of it is collecting the appropriate context from contributing teams for a unified GRC solution dataset. Similar to how CRM unified customer service, marketing, and sales by providing a centralized but focused platform. GRC solutions should be able to collect context-relevant details from each team to translate risk into different perspectives to streamline reporting and add business value.
Speed of Digital Transformation
As organizations have become increasingly digitized, interconnectivity between systems and teams is essential. The rate an application can process data only matters once it has collected it. Leveraging static assessment technology will no longer suffice as organizations move toward solutions to support adaptive risk decision making. By leveraging the standardization of some out-of-the-box functionality, businesses can increase time to value and operationalize teams in record time to track, monitor, and analyze risk scenarios.
OneTrust GRC offers a suite of integrated products for a holistic GRC solution. Out-of-the-Box functionality includes prebuilt system connectors and an easy to use integration builder. Out customizable dashboard reporting can be leveraged to display and measure industry-standard KRI’s or be tailored to unique business needs. To learn more about OneTrust GRC contact us today, or request a live demonstration to walk through the product first hand.