The world of Governance, Risk, and Compliance is changing rapidly. Technology is reaching new heights, enabling more efficient automation of compliance. GRC has mostly been handled in a relatively primitive fashion in the past. Even now, there are still many organizations drowning in their inefficient Governance, Risk, and Compliance initiatives. So why is it taking so long for companies to streamline their compliance processes?
I think it is a combination of factors. The time that goes into implementing an entirely new system is very off-putting to some companies. In larger organizations, especially, training everyone to do something a completely different way than they have been for years seems quite daunting. What they don’t realize is that automated regulatory compliance software would effectively eradicate some of their current GRC processes and would ultimately make everyone’s job much simpler. This is especially true if the solution is user-friendly.
Another factor that might scare some companies is the cost. When you are housing your policies in a shared folder and organizing your compliance with spreadsheets, the cost seems so much lower. In reality, however, the extra time spent organizing and updating will end up costing an organization more than if they updated to a cost-effective policy and procedure management software system.
The future of GRC in a perfect world is complete automation that leaves little-to-no room for human error. What makes it so exciting is that we’re almost there. However, in order for it to be as effective as possible, the solution needs to be an enterprise-wide platform that connects all GRC processes, including policy and procedure document management, incident management, risk management, and training.
Another crucial aspect of automation is having a system in place for regulatory change management. Trying to manually keep up with all of the changes is not only a huge waste of time; it also leaves your organization vulnerable to human error. A powerful solution will notify you which specific policies, procedures, and training courses need to be updated every time a regulation is changed or modified.
Predict360 is a revolutionary GRC software that crosses entire organizations. In many ways, it is the future of GRC. It is a one-stop shop for multiple departments in an organization to house their policies and procedures, manage their risk, and automate workflows. On top of this, regulatory change is tracked and associated policies, risk, and training are automatically brought to your attention.
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