Most organizations today have to deal with complex technological environments that require key integration of all Governance, Risk, and Compliance tools to deliver performance and effectively run the business.
Due to the nature of these demands, it becomes imperative for enterprises to put an effective GRC program in place that evolves alongside the business. Organizations can no longer get by with manual, disconnected management methods and require tools that work for cross functional teams and provide an enterprise-wide view of risks, opportunities, and their impact on business outcomes. But integrating a GRC program has a strategic advantage for the long term. Let’s take a look at the 5 benefits of integrating GRC in your organization.
1. More Strategic Decision-Making
Integrating technology-based GRC program provides a 360-degree view of the enterprise’s risk landscape. This enables risk and compliance management teams to analyze and map out clear data which in turn helps senior management and executives make informed decisions with a holistic view that aligns management activities with business performance.
2. No More Data Silos
Integrating a GRC program in your business ensures improved access to data across departments and teams along with better visibility and understanding of risks and controls. Data silos can lead to duplication and inaccuracy as well as a potential risk to the organization while an integrated system is cost-efficient, showcases dependencies with accuracy and improves oversight.
3. Improved Cross-Functional Communication
Implementing a single system for risk data, documentation and task management enhances communication and collaboration between teams which otherwise was non-functional. When relevant information regarding regulatory or legal requirements is shared across teams with ease, it benefits individual units as well as the organization as a whole.
4. Streamlined Management
Having a GRC program in place automates manual and day-to-day activities as well as streamlines processes and daily workflow. Tracking important information across different departments and servers that were time-consuming can now be simplified with GRC tools that reduce time, resource tracking and human errors.
5. Greater Agility
A GRC program in place enables organizations to bring all business processes, risk analytics, data and operations under one big platform which gives their business better visibility, quicker analysis of risks and opportunities, and helps develop data-driven decisions and strategies for the future. When all data related to governance, risks and compliance becomes streamlined, your business processes become faster and more efficient.
In a nutshell, implementing an effective GRC program is crucial for the management of your organization as it brings together the complex risk, compliance and governance functions into a single strategy along with data that is not siloed and can be accessible across teams. However, the benefits of integrating a strong GRC program can only be seen if your organization has flexible technology architecture to support and enhance your GRC initiatives. Therefore, even before implementing GRC in your business, you have to work towards building a core technical structure that can support your various business processes and platforms.