However, this is often an easier task with some forms of technology than others. When it comes to technologies centred on cybersecurity and governance, risk and compliance (GRC) it can be a particular challenge. One option, of course, is to wait until the worst has happened – a data breach or a compliance failure – but that’s hardly desirable given the reputational impact it will likely have on the business.
Yet if the worst hasn’t yet happened, the stakeholders keen to invest in, say, a GRC solution, need to work on a hypothetical basis, and build their business case around the value that such solutions can bring to the organisation. So, how do businesses approach this?
First of all, we need to understand more closely the value that a GRC solution can bring to an organisation.
It is worth underlining that simply combining governance, risk and compliance processes together, whether or not through a software solution, brings advantages in itself. It reduces duplication and therefore saves resource, whilst also giving the organisation a more holistic and cohesive view of its risk and complaince posture.
However, automating GRC processes with a software application brings far richer value. It vastly improves the quality of data that the organisation in question is making decisions with, both through reducing manual errors and through managing information which previously either didn’t get updated, tracked or was not effectively combined with other data to give your orginisation the complete picture.
Additionally, it standardises reporting, which frees up human resource and makes it easier for different departments within the business to share information internally, as well as with external organisations such as regulators and auditors. Time and financial resources are also freed up by automation itself, removing the need for tedious email/document reviews and validate data entered into spreadsheets. Duplicated effort is eliminated through integration and alignment of processes.
There is also added value GRC solutions introduce in decision-making, as they allow you to review up to date information to make more informed decisions. They develop a standardised approach to assessing risks and controls – can be tailored to the specific needs and operations of that organisation – they also reduce a great deal of subjective decision-making – precisely what you don’t want when it comes to managing your organisation’s risk and compliance.
There is a myriad of ways, then, in which GRC solutions deliver tangible value for organisations, and you can see how these can start to form the business case for GRC investment.
However, it is important to consider not just how to benefit from GRC solutions statically, but how to maximise their value over time.
The right GRC solution will be flexible enough to accommodate your ever changing business environment, even as you grow, or your goals and objectives change. It will also simplify and reduce your people and process overheads, enabling you to better leverage your people resources over the months and years ahead.
As such, building a successful vision and roadmap for a GRC implementation requires stakeholders to look into the future and plan out a longer term risk and compliance vision. It also requires executive sponsorship from high up in the organisation – which means business leaders need a clear understanding of the long-term value to be brought from implementing a solution.
Cloud-based GRC software like SureCloud’s enable businesses to support an array of GRC processes, as well as offering expertise and ongoing support of dedicated GRC professionals. In Gartner’s 2019 Integrated Risk Management report, Gartner comments on SureCloud having one of the quickest deployment times in the market. This effective “time to value” can help justify the budget to key stakeholders as an outline in ROI can be proven in months rather than years.