GRC implementation may not be a part of the common project management criteria where standard operating procedures would be compatible. However, the management team and the stakeholders should invest in deploying advanced strategies and solutions for efficient GRC management.
Let’s dive deeper to get a comprehensive understanding of the significance of GRC implementation, the common failures that hinder the process, and how ServiceNow can help overcome these challenges efficiently.
Significance of GRC Implementation
A poor risk management strategy can cost the company a lot of money in terms of non-compliance and other potential business risks that often go unnoticed. With the traditional approach, there is limited visibility and the deployment of cumbersome spreadsheets further creates additional complexities.
Integrating a technologically advanced robust GRC solution is crucial. It helps an enterprise in the following ways –
- Eliminates the common risk management challenges by providing a comprehensive view of the problems.
- Companies can efficiently anticipate and manage risks early, even before they pose a challenge for the enterprise.
- The legal and regulatory complexities in today’s businesses require deploying advanced GRC solutions to further go up the GRC maturity curve. This helps enhance the overall operational efficiency.
A proactive GRC solution makes an enterprise stand out from its competitors in today’s competitive market.
What are the Common Failures in GRC Implementation:
GRC implementation comes with its challenges and it is imperative to understand what can hamper the implementation. Challenges and failures in GRC implementation often take place due to the lack of an underlying strategy by the stakeholders.
Common Factors Hindering GRC implementation
1. Absence of the Right Leadership Team
Let us compare the Manufacturing industry vs. Financial Services Industry. Some of the major risks in the manufacturing industry would be equipment sabotages, supply chain attacks, ransomware, integration vulnerabilities, and so on. And the financial services industry would be more worried about phishing attacks, fraud prevention, unauthorized data access, and similar risks. Both industries have their own risks and challenges.
Therefore, the GRC team for an organization should be formed after careful evaluation and understanding of the risks pertaining to that particular business/industry. Having said that, to be able to set up a highly efficient GRC team in an organization, the leadership team should extensively analyze their company’s existing GRC strategy, understand the specific business requirements, identify which areas of the business would undergo a transformation, decide whether they would require an external team’s assistance or not, and assemble the team accordingly.
2. Organizational Silos
3. Inadequate Investment in Modern Technologies
4. Undefined Scope of Implementation
5. Poor Change Management and Technology Integration
6. Lack of Resilience Across the Enterprise
Business leaders should set up relevant processes to monitor risks continuously and build resilience in their business operations, thereby establishing a risk-aware culture.
How does ServiceNow Solve the Challenges Involved in GRC Implementation?
- Improves clarity on governance and risk by 98% across business processes in the enterprise.
- Helps enterprises in replacing their traditional business processes with modern intelligent solutions.
- Enables integration of all business units of an enterprise into a single unified platform.
- Provides enterprises an appropriate roadmap for GRC implementation and builds a strong GRC foundation through extensive pre-planning work.
- Supports seamless integration of GRC suite with the existing business processes of an enterprise. The management team of the enterprise can easily coordinate and get all the necessary support from the ServiceNow GRC team.
- Offers advanced real-time visibility of an enterprise’s risks. This way, enterprises can get a comprehensive view of their operations and can continuously monitor the risks associated with their business.
- Includes automation and advanced capabilities in its GRC solutions that enable organizations to tackle the common GRC challenges and issues that cause risk management failures and make way for an interconnected risk management system.
- Imparts relevant training on the foundation and fundamentals of GRC for better planning and a more efficient GRC implementation.
Experience the ServiceNow GRC Advantage
Although GRC implementation comes with some challenges, a proactive approach powered by the right GRC solutions can empower the management and the decision-makers of an organization to take measured steps in the right direction.
Using best-in-class platforms and rightly skilled resources is critical in ensuring the GRC operations are perfectly in place. ServiceNow is undoubtedly one of the best GRC companions, offering a host of advantages and technologically advanced solutions to enterprises across the globe.