· Many small and mid-sized GRC Software consulting firms are challenged by the new climate
technology has created. These financial services risk consulting firms are
searching for ways to both overcome these challenges and to differentiate from
their larger, resource-rich competitors. As one result of the search, we are
seeing an “asset-based consulting growing trend” in the GRC consulting space.
· Another way consultants can find value in
existing business sectors is by making better use of their framework, banking
and financial services specific content, data and workflows to actually improve
on their IP. Without a connected way to collaborate and share IP, consultants
fail to build on their internal knowledge base by leveraging the most
successful elements of their engagements and frameworks. As a result,
consultants never get intelligent or agile on their engagements nor do they
substantially build on their knowledge their clients or the issues they tackle.
The value of artificial intelligence and big data approach to GRC is picking up
steam and causing disruption, and the consulting industry is no exception.
· Banking and financial services governance,
risk and compliance is getting complex and risk consultants gather huge amounts
of data from their clients, and they should be using it to build their
expertise around how to map their risk assessments to regulations and internal
controls, do benchmarking against their competitors and build the best
frameworks. This is not possible through traditional GRC consulting practices
and manual processes.
The Solution
· Face to face and paper based risk assessment,
audits, tests and survey a are out dated, it has low participation and it takes
months and costlier to your customers. Therefore, you can be an early adopter
of artificial intelligence, big data technology towards GRC consulting that can
automate mapping, building relationships between risk, internal controls,
regulations and organizational data that can help consultants to gain the level
of knowledge necessary to provide those solutions to its clients with quality,
agility and reduced cost.
· By productizing risk consulting business
models and frameworks, consultants can better provide repeatable, trackable
solutions to specific client problems. The focus thus lies less on the effort
of the consultants conducting the GRC engagement and more on the outcome of the
engagement itself. Likewise, the engagement can be priced around the output
rather than the input. This would help transform consultants “one-and-done
relationship” with their clients and get into a recurring subscription like
revenue stream.
Value
· There is a huge benefit to getting your
consultants to use a single GRC consulting platform – it allows you to
digitized and automate your risk framework, assessments, audits, compliance
routines and action plans that is being used by all consultants on various
projects. Further, it also enables you to automate benchmarking performance
against your client’s competitors within the same industry. Over time you can
productize the content, frameworks and workflows and turn that into a key
differentiator- This will immensely help boutique to mid-size firms compete
with the cream-of-the-business-school-crop talent that the top GRC consulting
firms offer
· Productizing your consulting will enable you
to rinse and repeat and scale- This would position you to scale and keep on
producing revenue without you being personally on the consulting engagement and
continue to grow.
· Once the consulting firm productized their GRC
consulting services, all they would have to do is hire, train and delegate to
other consultants- they can begin removing themselves from the tasks of
servicing clients by hiring key roles and delegating those tasks. Or, if they
prefer to stay small and work solo, the principals can find ways to eliminate
or automate the unnecessary tasks and side-services that are
low-value-low-margins to high-value-high-margins
- It would make sure GRC services
more predictable and allows you more control and create a balance between
quality, speed and cost regardless of who the consultant is. Once you’ve
build predictability into your risk, compliance and Audit Management Software workflows,
you will eventually build predictability in your revenues and costs.
Just because you’re selling your time chunked
up into engagements doesn’t mean that risk consulting service needs to feel
like hamster-wheel of death. If you’d like to learn more in how to Embracing
the Product Mindset through Predict360 GRC consulting software, please fill out
the form.
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