OneTrust helped businesses secure their data and remain compliant, and those same companies could now also effectively manage the risk brought on by third parties. It was time for IT risk, audit, and policy management solutions to be put in place.
Companies were constantly working in silos – many still are – and unable to coordinate processes and data sources across various systems and tools when it came to compliance, risk, and resiliency. They needed the visibility, action, and automation to address tactical and strategic risk management proactively across an ecosystem that includes IT, operations and enterprise, and regulatory and compliance. Using an integrated platform, organizations can streamline audits while effectively centralizing policy development and distribution.
And why must companies take this proactive approach? All too often security and risk programs are playing the reaction game, which leads to falling behind and suffering the consequences. According to analyst firm IDC’s Trust Events as GRC Implementation Instigators, 65% of businesses reported it was a security breach that led them to implementing their current GRC solution. Another 30% said their GRC solution was implemented because of a third-party or supplier failure.
Before a company decides to launch a product, make an acquisition, go through a reorganization – whatever business decisions are on the horizon – leadership needs to be empowered to make risk-informed decisions. The business leaders and decision makers in those situations should have risk insights at their fingertips to make the best decisions possible. Risk management leads to better judgment and better decision-making, which creates organizations that run more efficiently.
“We evolved this way because of our customers,” said Scott Bridgen, Offering Lead, OneTrust GRC. “It was a natural evolution and we were led into this by the needs of our customer base. And that’s why we are evolving into the GRC & Security Assurance Cloud.”
Where are we headed?
Businesses can’t be effective when internal departments work in silos or lack visibility into their third parties. This is, without a doubt, the quickest way to ensure threats turn into breaches and bring a company to its knees.
Businesses that have been considered leaders in their respective compliance programs cited several areas where automation will play a key role in their GRC process. Categories including risk quantification, external data ingestion automation, and risk workflows were all considered top priorities with 75% of respondents agreeing those were the areas for greatest opportunity, according to IDC’s GRC Maturity Survey.
We launched the OneTrust GRC & Security Assurance Cloud to offer a holistic solution that will create cyber resiliency for businesses to make risk-informed decisions that drive growth.
It’s also the next step in transforming the security and risk management departments into centers of trust.
What is the OneTrust GRC & Security Assurance Cloud?