3 Proven Insights for Choosing the Perfect GRC Platform
Webinar Recap: How to Make the Move in Your GRC Program
In a recent webinar, we spent time talking with Jennifer Plowman, the Director of Risk & Compliance Systems & Reporting at TransUnion, as she shared valuable knowledge on the topic of Governance, Risk, and Compliance (GRC) and in particular, how to select a platform for GRC success in your organization. GRC is experiencing a noticeable shift, and this discussion offers valuable insights to help GRC professionals navigate the nuances of GRC, the advantages of utilizing a GRC platform, and key factors for selecting a vendor.
Selecting the Right Vendor
The need to understand your unique business needs and to involve both key stakeholders and end-users in the decision-making process is the gold standard. However we know how difficult this process can be in reality. Plowman touched on the dangers of solely depending on Gartner reports and brought attention to a more streamlined procurement methodology called predictive benchmarking. This approach enhances the vendor evaluation process, ensuring that deep-dive interactions with vendors and thorough exploration of their services occur for complete transparency.
1. The Role of Data in Decision-Making
We know that data collection and analysis play a crucial role in decision-making processes. Plowman emphasized metrics such as incident resolution time and user adoption rates, advocating for real-time dashboards to track these metrics that consequently map the value journey of the GRC platform.
Based on experience, Plowman stressed the importance of carefully aligning metrics with organizational goals and strategies. She suggested that starting with the end in mind and understanding the distinct measures of success for your GRC program is crucial. This insight enables organizations to make decisions aligning with their overall objectives.
2. Leading vs. Lagging Indicators
Understanding the dynamics between leading and lagging indicators is key to proactive risk management, according to Plowman. The primacy of leading indicators over lagging ones offers crucial predictions of potential risks and problems. Meanwhile, lagging indicators tend to focus on testing past performances. While both are essential, she suggested more significant leaning towards leading indicators to manage the risk proactively.
Tracking specific metrics like time to resolution can lead to significant process improvements by identifying bottlenecks effectively. By concentrating on reducing this time, organizations can identify and address kinks in their processes. Plowman mentioned that tracking the number of risks mitigated versus open risks can be equally insightful, providing an indicator of risk management effectiveness.
3. Linking SOX Compliance to KPIs: An Ongoing Challenge
The insightful conversation concluded with a note about the complexity of linking SOX compliance to KPIs and risk ratios. However, it highlighted the importance of choosing the right metrics and the necessity for ongoing improvement and enhancement of GRC initiatives. Hear the details in the recorded webinar.
Practical Implications of GRC Software Selection
As GRC initiatives are significant investments, organizations must make evidence-based decisions. By prioritizing leading indicators, businesses can leverage their predictive nature to better manage risks. Organizations should also pay attention to the metrics that create noise without clarity, overly busy dashboards, leaders making decisions without data, and leaders’ disengagement. These could indicate areas where metrics are not driving the desired decisions, requiring reassessment.
Want even more insights from “How to Make the Move in Your GRC?” You can watch the recording of this on-demand webinar in full.
