5 Ways to Improve GRC and Minimize Risks

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Strategic Value

Make a case for the strategic value of GRC.

While senior-level decision makers can get lost in the regulatory and technical nuances of GRC, the function is vital for every employee within a company. With most respondents of the survey citing lack of support as a leading cause for poor GRC tools and technology, pushing for an overhaul to the right people is a huge part of winning the battle. Supporting evidence will help with this effort – until a tangible case for the value of robust GRC processes and tools is made, GRC is in danger of being neglected.

Read more: Top Reasons Compliance Programs Fail and How to Minimize Exposure

Limiting an organization's exposure to risk has long been a challenge for both IT and finance departments. From IT's perspective, technology is designed to protect data and assets from internal and external threats, while finance ensures that a company remains financially viable and compliant.

This joint dynamic plays into the daily routine of executives who are directly responsible for governance, risk and compliance (GRC) within their organizations. New technologies, regulations and potential liabilities seem to arise daily and these executives must mitigate all the risks involved.

A newly released GRC survey, conducted by SAP and Loudhouse Research, discovered that many companies are not satisfied with their tools to meet GRC regulations. According to the report, only 46 percent of GRC data that an organization has access to is effectively captured and used to support strategic goals, and nearly half (48 percent) of organizations have not reviewed their GRC processes or technologies for at least three years. 

The lack of visibility has created a broader sense of dissatisfaction from executives with their GRC tools. According to the research, only 10 percent of the over 1,000 finance executives interviewed claimed they were content with their technologies and processes in place. Similarly, only 1 in 10 believed that their company was at a stage where GRC was satisfactorily embedded across the organization, with managers sharing a balanced view and common metrics across all projects and processes.

With the help of SAP's Henner Schliebs, IT Business Edge examines how GRC professionals can make the case for greater support and assistance, in order to drive more value to the business and mitigate risk.

 

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