Implementing a modern Governance, Risk and Compliance system

There’s ever more regulation coming your way. And the regulators are getting more stringent. You could face a hefty fine if you’re not compliant, as well as significant damage to your reputation.

The bar is rising for your compliance team – whether it’s meeting the requirements of internal controls, reporting on ESG, managing vendor ecosystems, or sector-specific requirements like operational resilience in financial services.

That makes having an effective Governance, Risk and Compliance (GRC) system essential.

But today, many risk and compliance teams are having to get by with legacy tools. Often these aren’t joined up across key domains, such as risk, compliance, legal and cyber. In some cases, GRC systems are no longer supported, leaving organisations with tech debt that they struggle to move on from.

Many of these tools also require a large degree of manual processing, with information held in Excel spreadsheets. They’re hard to use and that means adoption may be patchy. Systems can become expensive to run, inefficient and labour intensive and they don’t provide access to timely reporting.

Today’s modern platform-based technologies offer a solution. Many CROs and CIOs are looking to replatform their GRC systems and reap the benefits of a more centralised, integrated and automated capability suite. But this isn’t a simple ‘lift and shift’ exercise from one toolset to another. It requires functional and technical preparation, and wider project planning.

We have vast experience helping businesses replatform their GRC capabilities. We’ve drawn on that to identify five practical considerations that will help you drive a successful GRC transformation.