Manage organization’s risks and build consensus on making strategic technology investments
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Debunk 5 Common GRC Technology Myths
Myths about the ROI of implementing GRC technologies prevent compliance teams from efficiently managing their organization’s risks. Compliance leaders need guidance on how to debunk these myths to build consensus on making strategic technology investments.
Download our report on debunking 5 common GRC software myths to efficiently leverage GRC technology tools, and:
- Implement compliance risk frameworks and controls
- Assess the most significant risks facing the organization
- Optimize risk mitigation by automating high-frequency, low value tasks
About GRC Technology Guide for Assurance Leaders
As a result of increased regulatory and enforcement agency scrutiny and the need to improve risk management process efficiency, compliance and risk leaders within assurance functions are adopting governance, risk, and compliance (GRC) technology to augment their risk management processes.
The GRC technology for assurance leaders market supports risk management processes for enterprise and compliance risks. This market offers GRC technologies that help identify, assess, manage, monitor, and report risks associated with the enterprise and compliance risks that are managed by assurance leaders. These solutions commonly include tools for tracking workflow associated with these activities and their related aggregate data.
Assurance teams that implement GRC technology deploy them across both core risk management processes and secondary risk management processes. GRC technologies can improve operational efficiency, the depth of risk analyses, alignment of assurance across the enterprise and more.
However, assurance teams underestimate the effort required to implement a GRC technology and do not understand a complex market. This can lead to selecting the wrong vendor, long implementation times and a delayed return on investment. In fact, a majority of ERM and compliance departments do not achieve full GRC implementation until after nine months, while 64% of GRC users say that the vendor evaluation process alone took more than six months.