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Amid today’s rapidly changing risk landscape and increasing expectations for technology-driven efficiencies, organizations need to take advantage of governance, risk, and compliance (GRC) technology. When chosen correctly and implemented effectively, these tools can help organizations optimize their risk management, compliance, and internal audit processes by increasing visibility into risks and threats, enhancing collaboration, and creating efficiencies. Ultimately, the adoption of a GRC technology helps reduce the overall cost of compliance for an organization. Read our overview of key considerations organizations can use to optimize their GRC technology and achieve results.
Select the right solution
First steps toward choosing the right GRC technology for an organization should include:
1. Identifying the needs of the business and key stakeholders’ requirements
2. Assessing current GRC capabilities
3. Developing future-state goals and outcomes
These steps will enable the organization to evaluate their current enterprise technology environment, identify the various GRC tools available in the marketplace, and determine if any capabilities need to be strengthened. Additionally, these steps will help assess the level of outside expertise and resources that may be needed to identify and implement the technologies that will help transform their GRC strategy.
Once the business requirements have been established, a strategic plan should be developed that reflects the strategic and operating-model goals of the business. This plan should detail steps toward a desired future state of a modernized GRC program and the tools needed to enable it. It should also demonstrate the value and expected benefits of implementing a new GRC solution and identify individuals and or groups responsible for the various components of the initiative.
Not every solution is a perfect fit for every organization. The three categories below may be helpful as an organization begins to think through their technological solution needs and look toward optimizing their GRC strategy:
- Traditional GRC suite – Robust technology that includes several program modules, including internal audit, risk management, controls management, policy management, and compliance
- Best-of-breed – Niche tools that address specific functions such as third-party risk, data privacy, or risk analysis
- Data governance – Specific GRC tool that helps identify sensitive data throughout the technology environment and provides visibility into several areas including user access, data flow and storage, and security
Automate and create a modernized GRC environment
Once the right GRC solution is selected, the resources, effort, and timeframe must be determined to successfully implement the solution and ultimately take the GRC strategy to the next level. Typically, an implementation team should include a project champion, project manager, solution engineer, and technical implementation lead, and a supporting team of subject matter specialists and analysts. After an implementation team is identified, a comprehensive and well-thought implementation plan should be developed that includes key milestones and supporting tasks and activities for each phase of the GRC technology lifecycle.
GRC technology lifecycle
Reducing the cost of compliance
Once the right GRC technology is properly implemented, several enhancements and efficiencies can be realized that can provide the organization with a competitive advantage and ultimately transformation into a modernized GRC environment. These include:
- Consistency – Establishing a standard taxonomy and uniform process across the organization
- Integration – Integrating industry-leading practices and connectivity to other technologies within the organization
- Real-time reporting collaboration – Collaborating across the organization to provide timely data-driven insights and dynamic reporting to key stakeholders
- Visibility and transparency – Implementing a single source of truth and an integrated project management functionality to track activities, milestones, and deadlines
- Data and security – Managing information and content securely through encrypted data storage and secure data transfers
- Efficiency – Automating tasks to allow for higher-value activities and reduced compliance costs
Cost savings should outweigh the initial investment of the GRC technology and ultimately reduce the organization’s cost of compliance. A return on investment can be realized if management establishes and effectively tracks clear financial and operational metrics. These may include:
- Streamlining and standardization of processes and controls
- Reduction of time needed to complete tasks and engagements
- Early warning signals of non-compliance, adverse events, or breaches
- Quicker remediation of potential misstatement and control gaps or issues
How CohnReznick can help
CohnReznick helps organizations optimize their GRC programs and achieve real results. We provide market-leading GRC technology solutions and services to organizations at each stage of their technology selection, implementation, or management processes. Our experienced risk management, compliance, and internal audit professionals have deep connections and expertise with several market-leading solutions to enable organizations to recognize GRC program efficiencies.
- Planning and strategy – We assist organizations by assessing their processes, environment, and culture to help find the right technology for their needs, and work collaboratively to define clear objectives and develop a roadmap for success.
- Program design and transformation – We help organizations develop the practices and content needed to implement the technology and take GRC to the next level, including the development or refinement of programs, frameworks, and competencies.
- Technology implementation – We provide pre-built solutions to organizations to get their GRC programs running faster, and assist with implementation, serving as a technical implementation lead, project manager or facilitator, or project analyst.
- Managed services and on-demand support – We provide scalable and customized managed service packages as an outsourced service provider, as well as direct access to our resources and specialists.
Contact our team for more information or to get started.
Subject matter expertise
Daniel Fornelius
CIA, Director, Risk Advisory Services
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This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.