A crucial question every compliance practitioner asks: “How can I get insight into my organization’s compliance program’s performance and growing risks?” With the recent hype over big data and the challenges it presents, many organizations are searching for ways to understand the drivers of their business risks and present meaningful information to the board and senior management.
According to a recent blog by Norman Marks, some of the top risks faced by organizations are executives making uniformed decisions and the inability to monitor performance and risk as it changes. He also points out that corporate boards are not able to provide adequate oversight because of a “lack of business insight and knowledge.” A company’s risk profile is going to change over time, but leaders too often take their eyes off the risky road ahead. As Norman says, “there is little excuse for this when today’s technology enables continuous risk monitoring.” Too often, compliance practitioners fail to use the data available to them to uncover useful compliance insights that could improve their compliance program.
Along those same lines of thought, the 2012 OCEG Maturity Survey found that two of the top three negative effects resulting from a lack of integration of GRC activities are “Inability to gain a clear view of risks on an enterprise-wide basis” and “Failure to effectively understand compliance and operational risks.” In fact, this problem is so common that less than 30% of respondents said that they were “very confident” in their organization’s ability to identify threats and requirements that give rise to risks and compliance needs.
For compliance initiatives, integrated GRC allows organizations to monitor performance risk in real-time and make more informed decisions through correlating data on training, policies, and cases. In giving compliance folks access to both quantitative and qualitative data, they can isolate potential problem areas, uncover trends, and take action before a problem arises. And that leads to solid ROI when you leverage your compliance data for compliance insights.
The Integrated GRC Suite
The Network’s Integrated GRC Suite – the first to deliver seamless native integration of enterprise-level compliance data – allows you to have enterprise-wide visibility of your compliance activities in order to help your protect your company from the risks, detect issues early, and correct the underlying causes of misconduct.