One of the major trends in the GRC market recently is integration, as more and more organizations are realizing that having one platform that houses all of their ethics and compliance data can enable more effective risk management by giving them a full picture of their entire compliance program.
GRC integration architecture is a game changing trend, according to Michael Rasmussen, Chief GRC Pundit at GRC 20/20 Research, who has said that “GRC requires the integration of different types of applications and content across the business to achieve efficiency, effectiveness, and agility in a dynamic and distributed business environment.”
Findings from the 2012 OCEG Maturity Survey point to same conclusion. Almost three out of four respondents have at least integration for some businesses or areas of compliance concern, and more than that have at least somewhat more GRC integration in their organization than there was three years ago. About the same percentage have plans to better integrate existing technologies used to support GRC processes or acquire new technologies, and four in ten want to do so within the next five years.
Integrated GRC technology can be largely beneficial to organizations looking to become more efficient and gain insight in managing their compliance program. The OCEG survey found that seven out of eight organizations feel they would benefit from integrating and streamlining the use of technology for GRC activities enterprise-wide. Nine out of ten organizations that had integrated GRC processes feel the results have met or exceeded expectations, benefits that include reduced gaps in risk and compliance processes, reduction in redundant or duplicative activities and greater ability to repeat process in a consistent manner. Basically, integration allows companies to cover more ground and work smarter.
Often, the biggest driver of integration is having a compliance champion who can gain department cooperation. Typically, this should be someone near the top of the corporate chain, such as a Chief Risk Officer or Chief Compliance Officer. GRC technology tools can help this compliance champion deliver meaningful information and analyses to their board and senior management.
Companies that lack integrated GRC compliance programs fail to get the same level of insight and efficiency from their compliance processes. This lack of efficiency leads to negative effects like increased general operating cost, increased data management cost and increased personnel cost.
Press Release | The Network Named a TAG Top 40 Innovative Technology Company for GRC Software
The Technology Association of Georgia, the state’s leading association dedicated to the promotion and economic advancement of Georgia’s technology industry, announced The Network as one of its Top 40 Innovative Technologoy Companies in Georgia.