As a business grows, implementing GRC tools to combat exposure to risks and challenges is critical to the organization’s sustainability. Achieving operational efficiency and delivering an exceptional customer experience all at the same time becomes increasingly difficult. Supporting this balance with GRC tools requires organizations to improve response times and process activities.
Enter Governance, Risk, and Compliance (GRC).
GRC is an organization’s strategy for managing governance, risk, and compliance. Implementing this strategy requires alignment across all constituents, including strategy, processes, technology, and people. But aligning these core pillars of any business is no easy task.
GRC software solutions aim to help make operationalizing these efforts easier to execute to achieve long term goals. GRC software automates, streamline, and simplify the activities associated with corporate governance, compliance, and risk management.
The Problem with Legacy GRC Tools
GRC software came about to make organizational alignment more achievable. The problem, however? In addition to most legacy GRC software being outdated, traditionally, organizations have implemented GRC tools in silos – and none of them integrate.
Therefore, while each department has a GRC tool in place, the data is not truly connected, and the applications don’t speak to one another. The lack of connectivity makes it difficult for any organization to take a holistic approach to accurately assess governance, risk, and compliance from all angles.
Consolidating GRC Tools
According to a 2013 Deloitte survey, 75% of organizations are concerned about the lack of integrations among current GRC software. And as big data becomes a growing challenge for organizations to manage, the consolidation of operational systems to deliver a complete view of the business’s risk exposure becomes increasingly essential.
The solution lies in using a single self-managed GRC platform. Using a connected GRC tool saves organizations money, optimizes resources, reduces maintenance, and provides higher GRC productivity by better aligning and tracking activity to business objectives.
Not sure what to consolidate? Here’s a checklist of the standard GRC tools that should integrate to enhance operations across your organization:
- Resource and timesheet management
- Risk management
- Work paper management
- Finding and remediation management
- Risk assessment
- Risk event data capture
- Metrics capture
- Scenario analysis
Control Management and Testing
- Financial controls
- IT controls
- Business controls
Third-Party / Vendor Management
- Third-party onboarding
- Third-party risk assessment
- Third-party monitoring
- Third-party contracts
- Compliance management
- Risk assessments
- Threat and vulnerability management
- Policy management
- Risk assessment
- Controls testing
- Rules inventory mapping
- Regulatory change management
- Regulatory engagement management
These are a few key areas to consider in your evaluation of GRC Tools. Download the OneTrust GRC RFP Template for a more exhaustive list of features and considerations. A GRC application can be a lot to manage. With the right technology in place, your team can become more efficient and take a proactive approach to balance risk management and meeting business objectives.
Implementing a Consolidated GRC Tool
To transition from a multi-software operation to a single platform, you must first develop a five-part strategy:
- Think through the main goals and objectives.
- Review the current state of the business functions to help align stakeholders across the GRC functions.
- Develop an effective communications strategy to prepare all end users.
- Map out the steps for technology implementation.
- Invest in GRC software that covers these ten key features.
The traditional approach to governance, risk management, and compliance no longer works. It’s ad hoc, messy, and at the end of the day costs your business thousands in operational inefficiency.
But with the right tool, you can eliminate the manual labor and streamline business practices for a proactive risk monitoring process.
The OneTrust GRC platform is your one-stop shop GRC software. It can help you identify, track, and monitor risk across your business functions. Learn more about how to consolidate your GRC program today.