Integrity-Driven Performance. New Strategy for ... - GRC Resource

Organisations face an abundance of issues that have technology implications, including:• Information accuracy issues and a significant rise in overall GRC costs, due to additionalmanual processes to meet new GRC burdens and a lack of linkage across disparate IT systems• Lack of a simple, efficient method to capture data critical to managing GRC programmes• Failure to achieve real-time compliance, resulting from the organisation’s inability to gatherdisparate information on a timely and accurate basis• Inability to view GRC status on an enterprise-wide basisMETA Group research 14 indicates that the projected benefits from leveraging technology forGRC are significant. As shown in Figure III-5, these benefits include having more accurateand consistent data on a more timely basis, and doing so in a more cost-effective manner.GRC technology can deliver substantial benefits and improvements by enabling an enterpriseview of risk. Such a view helps facilitate accountability and ownership, which in turn helpbuild confidence and trust with key stakeholders, including the board, investors and regulators.Figure III-5: Estimated Improvement Levels from GRC Technology SolutionsIf you are able to implement technology solutions that leverage and augment existing applicationsto achieve real-time risk and compliance, how much would it improve each of the following?Information availabilityProcess consistencyInformation timelinessInformation consistency34%32%32%31%Information accuracy28%Process efficiency/effectivenessRisk reduction23%25%Competitive advantage16%0% 5% 10% 15% 20% 25% 30% 35% 40%Source: META Group14 © 2003 META Group, Inc., Stamford, CT, U.S.A.30