Why organizations should implement a GRC management tool

by Max Smith

Governance, Risk, and Compliance (GRC) programs are part of an organization’s effort to align business objectives with Information Technology (IT) infrastructure, identify and manage risk, and meet industry compliance standards. The process of implementing and maintaining a GRC program can often be complex and cumbersome, especially when using multiple frameworks, which is why a GRC management tool can prove to be a vital solution to an organization.

"GRC tools can be used by organizations of all sizes, private or public… tools simplify business management processes through automated solutions and streamlined workflows. These software systems run different actions that enhance the productivity and protection of businesses by addressing vulnerabilities, managing policy procedures, and ensuring organizational compliance."

(Clarke, “What is Governance, Risk and Compliance?” CIO Insight, 2022 https://www.cioinsight.com/it-strategy/grc/.)

An effectively managed GRC tool can provide several benefits, including:

Efficiency

• Allows teams to move away from individual spreadsheets and documentation and work from a central environment
• Many GRC management tools offer application programming interface (API) integration with some of today’s most popular software (Azure, Jira, ServiceNow, etc.)

Visibility and ease of program management

• It becomes much easier for teams to keep track of changes, make updates, set deadlines, etc., across users and frameworks
• Many GRC tools offer real-time reporting capability which will give management insight into anything within the tool in a timely manner

Continuity

• As standards and regulations are continually updating, a GRC tool makes it easier to scale your GRC program and evolve over time
• When GRC information resides in the platform, teams can easily assign/re-assign tasks with no lost information or productivity

Security

• Different versions of spreadsheets and documents spread amongst individuals and workstations create potential vulnerabilities and extra time spent with document validation. A GRC tool will not only keep your data centralized, but encrypted and secure.
• The diverse benefits of using a GRC management tool can lead to a more complete and secure GRC program overall.

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The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.