5 Ways to Improve GRC and Minimize Risks

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Responsibility

Make a decision about who's responsible. 

Organizations must have a single person or entity responsible for GRC tools in order to ensure accountability. This person must be prepared to be the point person for questions regarding the GRC function. As many executives understand, accountability leads to action and progress.

Read more: 2015 Governance, Risk Management and Compliance Trends and Predictions

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.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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