New Age GRC: Avoiding Complex Custom GRC Platforms
It’s important to have a system tailored to your needs, but a custom GRC platform can lead to a number of hidden challenges that can cost the business more than the value they propose.
The strategic nature of GRC has traditionally required significant customization to support an organization’s unique needs and goals in a software solution. But, this custom model has had a difficult time scaling outside of second- and third-line operations. Even within the scope of traditional risk management functions, a customized data model is hard to repeat across risk domains. Therefore, users have to re-create records such as controls in a siloed nature for every implementation instance.
Businesses typically seek out a custom GRC platform to track, streamline, and automate complex audit, risk, compliance, and policy operations. Custom solutions aim to increase functionality and efficiency by mirroring specific use-cases and processes, but they are often costly and require substantial support for implementation and ongoing maintenance.
GRC management technology should simplify and automate the execution of governance, risk, and compliance activities, rather than create further complications such as too much data and too little context to sort through. If you are currently evaluating GRC solutions, businesses should account for some core functional considerations when implementing a GRC solution.
In this whitepaper, we will review some of the hidden costs that you may not be considering with your initial investment in a custom GRC platform. Considerations your business can take into account when looking to consolidate or even integrate technology solutions for the back-of-house efficiency and scaleable maintenance. Lastly, we’ll discuss what an agile GRC framework is composed of and how this type of platform differs from traditional GRC software applications.
Download this whitepaper to learn more about the new age of GRC and why custom GRC platforms simply don’t cut it in the age of digital enterprises and cyber risk.