GRC Take 2: Key Factors in Choosing a New GRC Vendor
Governance, risk management, and compliance (GRC) is something every organization does: it is part of business. Whether the organization calls it GRC, ERM, EHS, or something else…every organization has some approach to GRC. It can be completely manual, broken, and reactive or it can be optimized, aligned, and integrated. The key question is how can we improve GRC related processes and information? How can we make it more efficient, effective, and agile?
GRC itself is about a strategy and process of collaboration between functions to share information to aid the organization in achieving objectives. The official definition of GRC is that it is an ‘integrated capability to reliably achieve objectives [GOVERNANCE], while addressing uncertainty [RISK MANAGEMENT], and act with integrity [COMPLIANCE].”
Technology plays a critical role in GRC strategy and process. Through technology, GRC processes can become more efficient, effective, and agile. Technology enables GRC. However, many organizations find that they have outgrown their current GRC technology platform. Some common issues I hear in organizations frustrated with their current technology architecture for GRC is that it is . . .
[this is continued as a guest blog written by GRC 20/20 Research on the IsoMetrix Blog]
You don’t always need a new vendor... your existing vendor might have a latest greatest - which just needs to be ‘enabled’.