Why You Need a Risk & Compliance Operating System in 2021

Haroon Malik Jan 21, 2021

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 risksincluding third party risks, data-driven decision making and cost optimisation through streamlined processes and resource efficiencies.

  

Driving decisions through better data insights 

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. Dashboards and reports are produced in a few clicks and enriched data insights can be used to drive better decisions.

 

Process efficiency and productivity 

Legacy GRC tools tend to be non-integrated with the wider businessIt is not uncommon to find person managing the ‘GRC spreadsheetThis 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.

 

Cost Optimization 

GRC programmes can be resource intensive and require considerable amount of effort, not forgetting the cost and effort of maintaining legacy tools. GRC platforms reduce the cost of compliance through process efficienciesautomation and consolidation.

  

Improved stakeholder relationships

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. 

  

Data Security 

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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