Choosing the right GRC platform for the organization can be the most critical point. These platforms change the way that the organization operates which is why it is important to research and take the time before selecting the platform.
An effective GRC platform helps in identifying the problems even before they occur, centralizes the entire program in one place and integrates risk management across all controls and processes. These platforms allow companies to achieve their GRC targets by automating the workflow, various organizations are adopting GRC platforms to enhance operational activities and offer a satisfying experience to employees.
Defining what the ‘best’ solution looks like
One needs to identify the gaps they are facing with their current GRC Framework that can be filled in by technology. The organization needs to redefine what governance, compliance, and risk means for your enterprise. A clear understanding of the key Business objectives and important business processes will help us adopt the right GRC technology and develop appropriate policies, procedures, and guidelines for the business accordingly.
To achieve the maximum benefit from any Solution a list of organizational requirements should be drafted prior to selecting a vendor. By taking this approach an organization can determine what is important to the organization’s needs and culture.
Knowing what to spend
GRC solutions can vary significantly in price. While considering the cost of the platform, it is important to consider the total cost of ownership (TCO). Some important TCO components are hardware, implementation and consulting fees, training, customization, maintenance, security, and operational costs. Also, one must also do ROI calculations. Pricing models tend to be annual plans. However, vendors will have an additional module for different price points.
Aligning with long term business strategy helps a lot because if the business is planning to grow by 50%, we would need a system which will support your long term business strategy.
Finding the right vendor for you
We need to find a vendor which will help us without business needs as there are many different GRC software vendors, and they all specialize in different areas and can help us achieve goals.
The best way for choosing a vendor is by getting a demonstration as It’ll help us understand & see how could the solution work for you.
Avoiding common mistakes
Choosing the right GRC platform can be really difficult and one must avoid the most common mistakes. They are –
- Neglecting the communication process with employees. As employees must know before implementing the GRC platform because they will be the one using it.
- Choosing a vendor who is inexperienced can cost the business.
- Choosing a solution which will not be able to handle the business in the future.
- Buying a solution just because of its cheaper price as it will not provide the features that the business truly needs.
- Using a free solution is another major risk when it comes to GRC solution.
Listening to feedback
Before buying a GRC solution, a business should check the testimonials and reviews of different businesses. There are many different websites where one can find reviews about GRC software. They can find the reviews on Capterra, LinkedIn, Twitter, G2 Crowd.
Finally, Buying the chosen GRC Solution
And finally after going through the key areas. A business must go fo buying solution. Implementing a GRC program is a continuous business practice and must be followed every day across all departments. And since the market today is highly dynamic, It is, therefore, important to closely monitor and ensure that GRC practices are well followed within the enterprise.
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