Vendor Landscape: eGRC Solutions
Ad hoc measures will not be sufficient enough to track compliance and measure risk in the world of growing corporate data.
- Increasing and changing compliance requirements for corporate data as well as internal controls signify new challenges in the world of governance, risk, and compliance.
- Big data and cloud computing are and will create more corporate data. With more corporate data, there is a higher risk of non-compliance.
- Ad hoc measures and unsophisticated tools are typically being used to track compliance with external regulations, making GRC projects too resource intensive.
- If organizations do not take action to track, monitor, and remediate non-compliant processes or assets, they risk fines and other potential negative impacts.
Our Advice
Critical Insight
- Companies considering GRC solutions should focus on those that are mapped to the Unified Compliance Framework, an industry-vetted compliance database containing information of requirements such as PCI, HIPPA, and SOX as well as industry best practices.
- Organizations will have to scale up their GRC processes to keep up with growing data feeds and scale out to ensure vendors are also compliant with regulatory controls.
- GRC solutions, especially for IT, should fit on top of any existing security, infrastructure, or application monitoring software you have to maximize total investment returns.
- Some GRC tools can be extended to ensure business compliance with industry best practices.
Impact and Result
- Avoid overpaying for unnecessary advanced features. Buy according to enterprise requirements and existing investments.
- GRC solutions need to accommodate future data and compliance requirements as well as probable IT and business changes. Fit the solution into your long-term growth strategy.
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