Why You're Unhappy With Your GRC Solution & How To Fix It
Our Senior Product Director, Matthew Davis, provides expert guidance on the challenges businesses face with the “wrong” GRC tool, and the considerations needed when looking to replace it with a new solution, including a handy Q and A below!
Choosing your organization’s first GRC solution is often a long and difficult process. From creating the initial requirements, reviewing vendor responses, managing multiple stakeholders, then the eventual implementation and data migration exercise.
Therefore, there is nothing more frustrating than feeling like you’re not getting back what you invested so much time, money and resources into. It might be time for you to review if the GRC tool you have is right for you?
There are several pain points that can cause organizations to look to replace their current technology GRC solution, including:
The initial requirement wasn’t fully understood, and the desired outcomes of the solution have not been met.
The GRC solution wasn’t used by the business users, as it was too complicated, and they don’t know how to use it and have gone back to spreadsheets.
The solution doesn’t provide you with the reporting and dashboards that the business requires.
Current technology has become outdated and is now slowing down the business
The rising cost of maintaining the solution (administration time, support, hosting & license costs etc.)
The lack of availability of technical resources to support the system.
The organizational strategy has moved from hosting internal solutions to a cloud-first strategy.
Rather than feeling overwhelmed by the challenges and mitigations when replacing a GRC tool, it’s important to break down the concerns and realize your key priorities first.
To help with this, we have outlined the common questions our experts are asked time and time again to give you guidance on what you should consider when replacing your current GRC solution, including:
Q 1: If we changed our GRC solution, how will we keep the data from the existing system?
There are several approaches to consider:
Archive the historical data and start afresh in the new tool
Only migrate the critical data that’s needed into the new tool
Q 2: How will we manage the migration of large amounts of historical data from the existing GRC tool?
Again, only migrate the data that is needed (Risk, Controls, Processes etc.) If you’re concerned, then validate if you can migrate all the data without a large data transformation exercise. An example is if the data fields have significantly changed, is there any value in migrating the data as it will likely not be the same after transformation!
Q 3: What can we do to avoid the risk of duplicating the existing problems in the new tool e.g. same rubbish in, same rubbish out?
Look to understand the current issues/pain point with the current system and clearly document your requirements to ensure that the same problems aren’t repeated.
Q 4: Why will senior leadership sign off on an additional budget? Especially if I’m the person who selected the last GRC solution.
Focus on illustrating the delivery of process improvements and better outcomes, and then combine that with potential cost savings. Senior leadership is focused on business, and financial objectives, so speak their language!
Also, it’s worth noting replacing the current tool can give you a competitive advantage; by having access to the latest data and make better-informed decisions quicker.
Q 5: I’m worried about the initial costs of retraining the users and then embedding a new tool
Focus on delivering a better end-user experience and the improved outcomes they will receive, and how much better it will make their life. Remember, GRC tools are a long-term investment; if done correctly, the short-term cost will be paid back within the first year.
If you are looking to replace your current GRC solution and would like to learn more about SureCloud’s GRC products, book a custom demo here.
Matthew Davies is responsible for the go-to-market proposition behind our GRC solution offerings and helps maximise the business value of our solutions. Before SureCloud, Matthew previously held positions in GRC implementation, pre-sales and product development at Deloitte and PWC.