The Problem with Typical GRC Platforms
Organizations conduct more risk management activities than they’re aware of. The issue is that each silo often operates independently, so different departments aren’t collecting, documenting, or sharing their efforts. This lack of continuity and transparency makes it nearly impossible to prioritize and address material concerns before they come to a head.
The traditional approach to managing these concerns involves investing in a series of solutions to address risk in different areas of the business, so every department continues to manage risk without sharing information. And even if they take a holistic approach to risk, many GRC platforms have lengthy implementation periods that hinder real progress, and charge for professional services like training, customization, and maintenance, which hinders self-sufficiency.
In today’s see-through economy, where social media empowers consumers to voice their expectations and demand more of the companies they do business with at a dizzyingly fast pace, organizations need to be proactive, quicker, and more efficient in how they manage their risk.