Written by GRC Practice Director, Alex Hollis
For our Governance Risk and Compliance Software Practice Director’s latest webinar: ‘How to integrate Business Risk and IT Risk’, Alex Hollis uses the infographic (below) to show how taking an integrated risk management (IRM) approach and connecting EGRC and IT GRC software, allows you to have more joined-up, in-depth conversation within your organization, since you have greater visibility over the relationships.
Register for our integrated risk management webinar here.
Alex encourages organizations to take an integrated risk management approach, which integrates EGRC and IT GRC, because of the value you can derive from it, and the greater protection it affords an organization. To illustrate this, we have decided to break down the graphic into bite-size blogs giving you an in-depth analysis into Integrating Business Risk and IT Risk. Follow along on this 8 part series to broaden your understanding on bridging the gap between EGRC and IT GRC…
Read the first of our Integration Risk Management Blogs to learn about the challenges of business silos and how to integrate pillars to overcome them.
The world is driving towards the acquisition of data; if you have enough data, you can unveil the all-important sales and marketing opportunities that enable business growth or reveal the inefficiencies that can be overcome to boost your competitiveness. However, with data must come data privacy solutions.
In a study by McKinsey, 80% of senior executives said that effective coordination across their business functions was crucial for growth, and yet, just 25% said they were ‘effective at sharing knowledge across boundaries’.
The problem is that data is often trapped in silos that exist across different systems, business units and organizational functions, which makes it hard to unlock that actionable insight.
80% of organizations report high or moderate degrees of data silos (D&B)
It’s a common issue that occurs within different areas of your business, where departments or teams start to operate in isolation and fail to communicate effectively. Ultimately productivity suffers as you lose organizational flow, so activities or data are duplicated, your processes can’t run smoothly, and your staff become frustrated and demoralized. Integrated risk management can prevent this result.
If you read any article about business silos, the conclusion is usually to break down the barriers and implement a centralized governance risk and compliance and integrated risk management software. But this is an extreme view that in reality just doesn’t work.
Silos exist because business functions operate differently – and often for good reason. Silos occur naturally over time because each business function has different goals, priorities, responsibilities, and systems. It means they’re running different processes, gathering different data, reporting in different ways and drawing conclusions based on their functional purpose. Therefore, the last thing you want to do is break down the barriers.
Creating the strong foundations on which to grow and remain competitive requires you to accept and embrace the silos that your business operates with. Ultimately, the pillars of your business are working toward a mutually agreed goal. All you need to do is figure out where and how you can integrate those pillars to facilitate better information sharing with integrated risk management software. Now, they can maintain that important separation, while sharing commonality and driving towards the end result in a cohesive manner.
On November 27th, 08:00 (United States – Los Angeles) we hosted a free webinar dedicated to helping you better understand integrated risk management and governance risk and compliance software. As part of this, we considered an approach for creating a model within your business with the right GRC technology, which enables the functional pillars of your organization to better collaborate and share information.
The webinar is available on-demand via BrightTALK here.