How do you put it across to your board members and persuade them to have GRC tech in your annual budget? Let’s dive in to understand how GRC software can help in cost savings.
How GRC software can help in cost savings
You are convinced that your organization needs GRC software to improve governance, risk, and compliance management across the organization. You have seen multiple demos, understand how you can implement it, and above all, done your due diligence and confirmed that there are risk processes in your organization that can only be addressed through a GRC implementation. But how do you put it across to your board members and persuade them to have GRC tech in your annual budget? Let’s dive in to understand how GRC software can help in cost savings.
What is GRC software?
A GRC software helps you mitigate the risks associated with governance, risk, and compliance. If you have been doing all of these on multiple spreadsheets and forging through a paper tracking system whenever there is an audit requirement, you are putting yourself at risk of regulatory action. Needless to say, regulatory action has its implications, along with hefty fines and financial losses. Implementing GRC software can safeguard you from regulatory actions, and automate your GRC tasks, so you spend less time scrambling through spreadsheets.
Additional Read: In depth guide to GRC tool
Six ways GRC software can help in cost savings
1. Cost savings from regulatory actions
Do you know that a single HIPAA breach can cost approximately $4.24 million per breach? Apart from the monetary loss, it can take several years for your business to recover from the brand reputation damage that a breach can cost. Investing in GRC software is a one-time investment that can save you from multiple breaches in the future. Plus, it helps clear up the headspace for your employees so they can focus better on other priority tasks. A GRC platform like VComply can help you save money by proactively identifying and addressing compliance issues or risks.
2. Improve your worth to your prospective clients
Investing in a GRC platform is wise because it helps prospective clients trust you with their sensitive data. A complete GRC suite tool gives visibility to your system so that you can spot non-compliance activities or identify risks early. GRC helps you build trust and reliability that will prove its worth in the coming days. Plus, whenever you have an external audit, all your data will be at your fingertips.
Learn what to look for in a GRC tool
3. Cost-saving by reducing fraud risk
While tracking your compliance, risks, and governance through spreadsheets, gaps and loopholes can often remain unnoticed until an incident happens. A GRC tool can save you millions of dollars from fraud risks alone. A GRC tool can help you identify gaps and tighten control to avoid fraud risks. While implementing the GRC tool may be considered an implementation cost, the ROI will pay off quickly. So consider expanding your budgetary limits to lower your total cost of ownership through better compliance management and effective audit reporting.
4. Reduced licensing cost
A GRC-integrated platform like VComply saves you from multiple licensing costs. With a unified approach, you can achieve the same result with greater efficiency. The cost for a combined subscription will almost always outweigh the licensing cost for multiple software.
5. Cost saving through risk and compliance data consolidation
Many organizations often run separate programs for risk, compliance, and governance. Moreover, the processes they follow are not standardized, which doesn’t present a holistic view of all the risk and compliance issues that may become big threats in the near future. Through an integrated GRC platform, you can have a holistic view of your GRC framework and effectively mitigate them before they become threats.
6. Cost saving through automation
GRC software lets you automate your workflow, control assessment, automate notifications, etc. This can significantly help you save staffing costs, reduce costs due to human error, and let employees focus on higher-value work.
Learn more about having a successful GRC implementation
Other benefits of GRC software
GRC software not only helps save costs but also has other benefits.
It optimizes your framework, eliminating non-value add tasks and streamlining only value-added tasks. For example, manual preventive controls are replaced by automated controls for better efficiency and traceability.
It helps you establish a stable and scalable environment by proactively identifying risks and compliance issues and eliminating them.
GRC gives you a complete picture of the whole organization and its processes, so business owners have complete control and visibility on the business profile, the associated risk, challenges, and how to mitigate them.
Remember, GRC is not just a technology you want to add to your tech stack. When done right, GRC can help you optimize your workflow and become an excellent cost-saver for your organization!
If you’re ready to explore how GRC can help your business, book a free live demo with VComply.