Overseeing governance, risk and compliance manually -- by using spreadsheets, for example -- might be sufficient if GRC is deemed only minimally or moderately important. Yet, if your organization, regardless of size, recognizes the significance of a structured and continuous approach to GRC, then it may make sense to automate those activities.
But with organizations across various industries having to cough up massive fines for non-compliance, some are left to wonder whether the current Governance, Risk, and Compliance (GRC) approaches simply don’t work. Organizations are looking for a robust GRC program that will enable them to manage compliance with regulations and internal policies, improve information security practices and streamline audits and remediation activities. While there are a plethora of problems organizations face with current GRC processes and tools.
As technology continues to evolve, business units across the organization purchase tools and invest in technology that have been developed to address specific challenges or meet specific business objectives. While this investment has certainly resulted in improved efficiencies, it has also further compounded the problem of silos that exist within organizations. Subsequently, these tools gather tremendous amount of data that can help enterprises make intelligent business decisions; however, this data is not aligned to relevant business information.
Further, current GRC processes and tools have forced analysts to look to manual processes and disparate tools, to find insights; and inefficiency which has rendered enterprises unable to meet compliance mandates. There are a variety of complex business processes supporting business operations that are closely linked to multiple IT systems, some of which may still be manual. Taking on the implementation of one or more GRC solutions is no small feat and there are bound to be unforeseen obstacles along the way. However, by knowing some of the likely challenges in advance and proactively creating plans to address them, you will be better prepared to set your organization up for success.
We present to you, “Top 10 GRC Technology Solution Companies - 2021.”