Why Shared Data Is the Foundation of Modern GRC

Security, compliance, audit and risk teams often rely on the same data to perform their roles, but that information isn’t always readily available in one location. When data is scattered across multiple tools, it limits visibility and hinders cross-functional collaboration. 

Shared data can solve these challenges. This guide reveals why data sharing is the foundation of modern governance, risk and compliance (GRC) programs and how to implement it in your organization. 

The Problem With Data Silos in Traditional GRC Programs

Compliance, risk management, and cybersecurity teams all participate in GRC management. In legacy GRC, each department uses its own systems and processes. However, when data is stored in multiple disconnected tools, it’s difficult to see how risks are related across teams. 

Data silos can also lead to duplicated effort. For example, a cybersecurity team may document a vendor’s security controls in its own risk platforms, while the compliance department independently collects similar evidence in other assessment tools. 

As a result, different GRC teams can easily end up with inconsistent or conflicting data about the same vendor. This forces teams to spend more time reconciling discrepancies between their records rather than focusing on strategic GRC management. 

The Role of Shared Data in Modern GRC

Shared data in modern GRC breaks down departmental silos by unifying workflows and records. Here’s how it helps you overcome the limitations of traditional GRC and manage data more effectively. 

Creating a Single Source of Truth

With shared data, you keep all GRC records in one place, including:

• Risk registers
• Company policies and data practices
• Internal controls
• Regulatory requirements
• Third parties

Centralization ensures that cross-functional teams use the same GRC information, rather than referencing or maintaining separate versions. This reduces confusion and eliminates conflicting interpretations of your organization’s risk posture. 

Providing Visibility Across the Organization

When different GRC teams work in isolation, they only see the data within their own departments. As a result, it’s difficult to understand how a particular risk affects other teams in the organization. 

Shared data allows teams to see how risks, controls, policies and regulatory requirements are related across the company. A holistic view of your GRC program eliminates blind spots when determining the impact of risks. 

How Centralized Platforms Promote Data Sharing in Modern GRC Teams

To take advantage of shared data in your program, you need a centralized GRC platform such as Onspring. Implement a single place for GRC teams to access data and other key features that power modern GRC. 

Interconnected GRC Data

Besides providing a central location for storing and tracking GRC data, modern GRC software links related information. For example, the right platform can automatically: 

• Map risks to specific controls
• Link compliance requirements to supporting evidence
• Map your company policies directly to business objectives

This interconnectedness ensures that changes in one GRC area reflect across related components. You avoid storing GRC data as isolated records. 

Real-Time Updates and Continuous Monitoring

A centralized GRC platform can synchronize data across departments in real time. When one team updates a control or logs an incident, that information becomes immediately visible to all relevant departments. That way, the shared GRC data that collaborators reference is always up to date. 

You can also use the tool to continuously monitor GRC activities in real time. This ensures you notice changes in risks or regulations as they occur, enabling you to create action plans early before emerging issues escalate. 

Cross-Functional Collaboration Platform

Instead of departments working in silos, modern GRC software provides a central platform for collaboration. For example, Onspring’s data analytics come with custom dashboards or shared data pages. You choose the data elements you want to share, arrange how you want to display them and set permissions that grant or limit access to different users. You can easily tailor which insights to share based on each team’s needs. 

Additionally, you can create shared workflows in a modern GRC platform and configure them to adapt to how your different GRC teams operate. Workflow creation doesn’t require advanced technical skills when you can use no-code, drag-and-drop builders. 

Integrated GRC Management

A centralized GRC platform integrates with solutions your governance, risk and compliance departments already use. That way, data collection and sharing from different tools happen automatically. Different GRC teams can collaborate on a central platform without manually retrieving and transferring data between systems. 

Key Benefits of a Centralized GRC Platform

With a centralized GRC platform, you can save time with automations, reduce reporting errors and simplify GRC management in general. Here’s a closer look at the advantages of using it in your GRC program. 

Reduced Manual Work and Administrative Burden

Manual work creates administrative friction in GRC and consumes time. More than half of companies in the U.S. and U.K. (54%) spend over five hours per week on manual compliance tasks.

Automation workflows and AI capabilities in centralized GRC platforms can handle manual tasks such as triggering predefined actions and identifying anomalies during data analysis. Instead of getting stuck with busywork, your teams can focus on tasks that require human intelligence. 

Improved Reporting Accuracy and Audit Readiness

Because a centralized GRC platform enables teams to access data and collaborate in a single location in real time, they all see the same version of insights. This promotes accuracy and consistency in GRC reports. 

The software also enhances audit readiness. With controls, risks, compliance requirements and evidence records accessible in a central place, you can easily prepare for audits without jumping between data collection instruments.

Faster Response to Regulatory Changes

Regulations change constantly, and organizations must adapt quickly to keep up. A centralized GRC system can help by allowing you to create a rules register that maps all relevant regulators, controls, risks, policies and procedures. 

The software also integrates with regulatory content providers, automatically monitors regulatory updates and notifies you in real time if any of the changes apply to you. With ongoing insights, it’s easy to stay on top of regulatory changes. 

Building a Data-Sharing Strategy in Your Modern GRC Program

Besides making information readily accessible, an effective data-sharing strategy reduces the risk of unauthorized access, inconsistent insights and compliance gaps. The following best practices can guide your approach. 

Create Data Standards

Create rules governing how GRC teams define and format data in their departmental tools. These standards ensure data created in one system can be accurately read, sorted and shared by other software.

Use Common Frameworks Across Departments

Make sure all of your GRC teams follow the same steps when classifying risks and controls. Instead of creating your own framework from scratch, you can use popular options such as ISO 31000 and COSO. 

A shared framework promotes a trust culture among cross-functional teams. Departments are more likely to trust each other’s work when they understand the methodology behind it. 

Establish and enforce data protection policies

Create policies that determine how your GRC teams collect, store and share sensitive data to comply with data protection regulations or meet industry standards. Security features in modern GRC platforms, such as role-based access controls, configurable share settings and password protection mechanisms, help ensure sensitive information is accessible only to authorized users. 

Turning Shared Data Into a Strategic GRC Advantage

Modern GRC depends on integrated, real-time data that supports collaboration. However, sharing GRC data across the organization introduces new challenges. 

Businesses must protect sensitive information from unauthorized access while complying with data privacy and security requirements. With a system like Onspring, you can unify all your GRC data in one secure place that cross-functional teams can easily access.

Want to learn how to strike the right balance between compliance requirements and data protection? Download our Balancing Security and Compliance in GRC ebook.