Seven Signs that Your Company Needs a GRC Solution

Each day, businesses are facing increased regulatory pressures and have to operate in an unpredictable business landscape. Non-compliance often leads not only to fines but to security problems that may result in negative brand positioning and significant losses. If, until now, you’ve been maintaining your compliance processes manually, what could be the red flag that it is high time to reconsider your approach?

Do I Need a GRC Solution for Compliance Management?

Here are the main situations when your organization may require software for maintaining compliance.

Planned ISMS improvement

A robust information security management system needs a systematic approach with an ability to have a comprehensive view of all the assets, requirements, risks, controls, reports in one place. For this reason, you can implement a GRC solution to build a new or improve your existing ISMS.

Operational silos

Operational bottlenecks are growing exponentially, while you are still using outdated resources to handle arising issues. Operational silos may pose many hazards to businesses. They create an environment where information sharing and collaborating are impossible, resulting in duplicate work, low levels of synergy, and lack of alignment with the overall company strategy.

Management of multiple standards

Managing a single standard with classic spreadsheets is OK, as long as it doesn’t create compliance silos. If your company is heading towards more than one standard, it’s high time to reconsider technology’s role. If you’ve been wondering when and how to implement a GRC solution. In that case, the need for multiple standards management within one company is one of the signs that you have to look for a GRC software solution to drive your compliance approach.

Increased risks and decreased risk tolerance

If you spot that the number of risks is growing and risk tolerance decreases, it will be exclusively useful to strengthen your risk management system. You will mitigate risks with a GRC solution in a more timely and robust way, as it will enable you to gain a more holistic view on the risks you are exposed to and their elimination.

Improper data management

Modern companies operate large volumes of information to run their business. To effectively mitigate risks and build compliance strategy, you need to connect all the data in one picture of risks and compliance issues. Data analysis is a helpful tool for companies to target problem areas regarding regulatory compliance, risk management, and governance. An automated tool will assist in your compliance efforts and enable you to quickly collect, analyze, and utilize all the necessary information.

Compliance-related “firefighting mode”

Whenever an external or internal audit is approaching, managers are hauling in a mess to set up all the data and reports together. You feel that you are taking a very point-solution oriented approach when it comes to regulatory compliance. This is not an effective way to boost your compliance, as it may result not only in significant fines, loss of certification, but may end up with critical consequences of ineffective risk mitigation.

Multiple offices and locations

In the new post-COVID-19 reality, almost all companies face this situation. As the world has shifted to the work-from-home model, organizations now have more “office” premises than ever before, and this is where IT security is what should be addressed. The more spread out your workforce is, the greater the risks are when it comes to compliance. GRC software will enable you to maintain efficient operations, share information securely and effectively, and set up a robust reporting system.

When to Look for a GRC Solution

If any of these points apply to you, it is high time for your organization to make this strategic change.

Engraining a GRC solution into a company culture is a step that more businesses are taking today. Modern software allows organizations to gain a holistic approach to governance, risk management, and compliance. It helps company management ensure that the organization acts according to its internal policies, risk tolerance, and external regulations by aligning strategy, processes, technology, and people.

Request a trial of the modern GRC solution – Infopulse SCM – to ascertain that your company will benefit from the possibilities of the automated software compliance.