The need for governance, risk and compliance (GRC) continues to grow like a bad weed. By 2024, projections show that spend in this area will hit $47.1 billion, a staggering 11% increase. Why the uptick? Organizations are realizing that GRC is about making sure a company meets its objectives, not just reducing risks. GRC allows you to achieve operational goals and become more efficient through better processes, reporting and communication – ultimately, helping you “Get There”.
How do you know you need GRC and how exactly will it work for your organization?
Four Signs You Need GRC
1. Your environment is highly regulated. While all industries and organizations face some sort of regulations, not all are handed down equally. And, while all organizations deal with data on a daily basis, some data is more sensitive than others. This is where GRC can step in to help identify gaps and create policies that align with your overall business strategy so that compliance issues stop being roadblocks.
2. You have multiple sites and facilities. In the post COVID-19 world, virtually all organizations face this situation. With the majority of the country’s workforce working from home, organizations now have more “office” locations than ever before. The more spread out your workforce is, the greater the risk of something going wrong, and, we all know too well that when it comes to compliance, an organization is only as strong as its weakest link. Don’t fret. You can tackle challenges such as maintaining efficient operations, effective information sharing and effective reporting head on with GRC. It provides a foundation and a plan to address uncertainty and allows your organization to react with integrity.
3. You have operational complexity. There are many reasons your organization may fall into this category. Maybe you’ve grown really fast. Maybe you’ve added new business lines. Maybe you’ve acquired other businesses recently. Or maybe you are just an asset-sensitive company that by nature, have complex operations and procedures. And, let’s face it, when a process is complex, there are more potential operational bottlenecks, hence risks that corporate objectives are not met.
4. You have a low risk tolerance. We’ve seen small, medium and enterprise organizations stopped dead in their tracks because of a security breach. Some recover, some don’t. But the main takeaway is that no business can afford to be exposed and all businesses need to make sure they understand the threats that face their industry and the regulations that come along with that.
Now that you realize at least one of these scenarios describes your business, how can you be sure that GRC is the right solution? Let’s explore how GRC helps businesses.
Six Ways GRC Can Help Your Business
1. Improve the decision-making process. GRC gives you a plan to work from that already aligns with business objectives and meets regulatory compliance needs so you can make fact-based decisions with confidence.
2. Increase optimal investments. As you go through our GRC process, we conduct both a gap and industry analysis so that you understand what is missing from your playbook or what is helping you across the finish line.
3. Reduce fragmentation among different divisions or departments. GRC can be automated and centralized across the entire organization. This ensures everyone is working towards the same goals.
4. Enforcing regulations. GRC can help you lay out clear plans and backups to those plans to ensure regulations are always being met.
5. Identify operational inefficiencies. Thorough gap analyses are step number one in forming any GRC plan.
6. Minimize complexity for managers. This is the name of the game when it comes it GRC. Minimizing complexities is a win-win for every division of your company because it allows for more efficient output, confident decision making and compliance assurance.
Now that you understand how GRC can help your business, let’s get started. We have a clear, well-paved road defined at Involta to help you “Get There” with GRC implementation. We’ll start with a discovery meeting to identify where you are at in your journey, help bring your vision to reality and provide the guidance, consultation and even deployment required to implement the policies and secure your future to get across the GRC finish line.
Regardless of where you are at in your journey, Involta’s GRC Suite of Services can help. Learn more.