GRC: the business case beyond the buzz

It’s been stated often enough, and, is getting increasingly relevant; In today’s rapidly evolving business environment, it is essential for organizations to manage risks and ensure compliance with regulatory requirements. Enterprise governance risk and compliance (eGRC) solutions can provide a comprehensive framework for achieving these goals. Let us explore the tip of a looming iceberg, with a business case for GRC, using insights from leading research firms like Forrester and Gartner, as well as anecdotal evidence gleaned from various sources.

Analysts & Industry speak:

Forrester defines eGRC as “the integrated collection of capabilities that enable an organization to reliably achieve objectives while addressing uncertainty and acting with integrity.” According to Forrester’s report on the state of eGRC, “eGRC solutions help organizations identify, assess, and manage risks across the enterprise, while also ensuring compliance with regulations and internal policies.”

Source: Forrester’s ‘The State of Enterprise Governance, Risk, And Compliance, 2020’.

According to Forrester, compliance is no longer a static set of requirements, and risks are evolving at an unprecedented pace. GRC platforms must enable risk professionals to work at scale and at the current pace of innovation.

From a customer point of view, here’s what Forester lists as priorities:

“For GRC customers, there are three major factors they should be focusing on when choosing the right provider for their organization.

First, their chosen vendor needs to leverage artificial intelligence, machine learning, and predictive analytics.

Second, the vendors need to employ user-centric strategies across the board.

Third, a GRC customer’s chosen vendor needs to be dedicated to program success beyond simple deployment.”

Source: https://solutionsreview.com/enterprise-resource-planning/key-takeaways-from-the-forrester-wave-for-governance-risk-and-compliance-platforms-q1-2020/

Gartner defines eGRC as “the discipline of reliably achieving objectives while addressing uncertainty and acting with integrity.” Gartner further notes that “the primary benefits of eGRC solutions are their ability to improve decision making, increase collaboration and transparency, and reduce the cost and complexity of compliance.” Source: Gartner:

And here are some numbers:

The global enterprise governance, risk, and compliance market is projected to reach from $30.12 billion in 2021 to $75.24 billion in 2028 at a CAGR of 14.0% Source : https://www.fortunebusinessinsights.com/industry-reports/enterprise-governance-risk-and-compliance-egrc-market-101415

Getting down to business:

The benefits of eGRC are clear, but what do they look like in practice? A compliance officer at a global financial services firm, who shared her experience implementing eGRC solutions says:

“We used to have a fragmented approach to risk management and compliance, with different departments using different tools and processes. It was a nightmare to keep track of everything, and we often found ourselves in reactive mode, scrambling to address issues as they arose. Since implementing eGRC solutions, we have a much more streamlined and proactive approach. We have a single source of truth for all our compliance and risk data, which makes it much easier to manage and report on. We can quickly identify potential risks and take action to mitigate them before they become major issues. And because everything is centralized, we can collaborate more effectively across departments, which has led to better decision making and outcomes.”

Another benefit of eGRC solutions is their ability to automate and streamline compliance processes. According to Gartner, “eGRC solutions can reduce the cost of compliance by up to 50% by automating manual processes, reducing duplication, and improving accuracy.”

In another instance, a compliance manager at a healthcare provider, shared his experience with eGRC automation:

“Our compliance team used to spend hours manually reviewing policies and procedures to ensure they were up to date and compliant with regulations. It was a tedious and error-prone process that took up a lot of our time.

With eGRC automation, we’ve been able to drastically reduce the amount of time we spend on manual tasks. Our eGRC solution automatically alerts us when policies and procedures need to be reviewed, and it provides us with a centralized platform for tracking changes and approvals. This has not only saved us time, but it has also improved the accuracy and consistency of our compliance processes.”

The business case for eGRC is strong. By providing a comprehensive framework for managing risks and ensuring compliance, eGRC solutions can help organizations improve decision making, increase collaboration and transparency, and reduce the cost and complexity of compliance. With the added benefits of automation and streamlining, eGRC solutions are becoming an increasingly essential tool for organizations across industries.

EnGRC, a solution that is seeing increasing traction and results in the market, states:

” Built by domain experts based on our firsthand experience as governance leaders, EnGRC’s configurable modules work on their own or as an end-to end solution. Our intuitive interface encourages quick user adoption delivering time and resource savings which results in a high Return –On- Investment for your business.”

 

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