Legacy GRC tools and spreadsheets have focused on individual functions rather than an enterprise-wide view of risk and compliance. As the regulatory landscape becomes more complex, how do you achieve an integrated, enterprise-wide view of risk and compliance?
GRC platforms enable full visibility of risks, including third party risks, data-driven decision making and cost optimisation through streamlined processes and resource efficiencies.
Legacy GRC tools typically deliver a ‘point in time’ view of risks while GRC platforms deliver a complete view of your risk and control environment with ability to aggregate risk data from multiple sources. Dashboard and reports are produced in a few clicks and enriched data insights can be used to drive better decisions.
Legacy GRC tools tend to be non-integrated with the wider business. It is not uncommon to find person managing the ‘GRC spreadsheet’. This often leads to instances where the information is duplicated or requested from the same stakeholders’ multiple times and in some cases, data being changed by stakeholders who are not authorised to do so!
Today’s GRC platforms prevent process duplication by centralising and streamlining important tasks. Risks, issues and compliance gaps are automatically directed to the right person for attention and remediation.
GRC programmes can be resource intensive and require a considerable amount of effort, not forgetting the cost and effort of maintaining legacy tools. GRC platforms reduce the cost of compliance through process efficiencies, automation and consolidation.
Large GRC programmes can consist of multiple stakeholders who need to work together for a positive outcome. GRC platforms foster collaboration, drive better decisions and create trust which facilitates better working relationships amongst stakeholders.
The traditional ‘spreadsheet password’ common with the GRC programmes of today is a major vulnerability for protecting sensitive data and information. GRC platforms come with strong data security controls through identification, authentication and encryption.
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