Cloud computing has created a natural shift in the way organizations use and deliver products, goods, and services. For organizations operating in today’s global, connected, and technologically advanced landscape, a comprehensive cloud environment is necessary to support the hyper-agile innovation necessary to compete and meet customer, supplier, and partner demand.
By providing immediate access to applications and resources, cloud-based GRC software computing offers significant financial savings, operational efficiencies, and an accelerated time-to-market. However, benefits aside, there are a number of risks that come about if the cloud environment is not implemented and monitored in a risk- aware manner. To maintain risk oversight, organizations often implement a number of cloud security controls, threat monitoring tools, vulnerability scanners, and other technology solutions.
GRC solutions go beyond this and combine business initiatives, compliance, and risk activity in a centralized platform. This perspective helps organizations understand their risk posture in the cloud. Listed below are some of the examples where accelerating a cloud-based GRC software provides better ROI:
- Business Continuity: Implementing business continuity plans for actionable disaster recovery in the event of a worst-case scenario event (e.g., natural disaster, ransomware attack) is crucial to ensuring business operations are not disrupted. By operating in a cloud-based GRC environment, organizations can readily distribute plans and engage all necessary stakeholder to test the practicality and effectiveness of a plan or put plans into action in a time of need.
- Policy Management: Drafting, distributing, and maintaining documented policies and procedures for business operations, crisis management, employee conduct, and more are critical to GRC initiatives as well as ethical standards of operating. What’s more, changes to risk and regulations as well as edits to internal activities can rapidly make policies out-of-date or irrelevant. It’s imperative that businesses collaborate on policy development and communicate updates to the stakeholders to ensure practices are upheld. With a cloud-based GRC solution, organizations can streamline policy development streamline policy development by extending the appropriate system and content access to necessary stakeholders supported by a collaborative workflow.
- Vendor Management: Now more than ever, organizations are leveraging third-party vendors to streamline business operations and increase operational efficiencies. Because of this, there’s an increased risk in sharing data with third parties and blindly assuming that their information management practices adhere to all relevant regulatory and compliance obligations. By implementing a cloud-based GRC solution, organizations can control remote access and track data shared with third parties. Businesses can then automatically calculate and manage the extent of their risk exposure across vendors and third-party service providers throughout the entire engagement lifecycle.
Cloud-based GRC software computing is a clearly a top priority for organizations around the globe, leaving no doubt that it’s here to stay. As the underlying technology and today’s risk landscape continue to evolve, organizations should consider accelerating operations with a cloud-based GRC solution to best ensure they’re adequately aligning business operations with risk management and compliance objectives.