Implementing any new technology is challenging, and a lot depends on the nature of the business. But if you know the right steps, you can achieve the best possible outcome from the technology you are implementing.
Implementing any new technology is challenging, and a lot depends on the nature of the business. But if you know the right steps, you can achieve the best possible outcome from the technology you are implementing. Here are a few recommendations if you are implementing a GRC platform that will help you get the maximum return on your investment.
Who is going to use the GRC platform? What is their purpose? Knowing the answers to these questions can help you take the right direction while implementing them. For example, if your end user needs to generate reports, implement a report-generating solution that can automate or semi-automate the process. Solving the problem or removing the roadblocks for the end user can result in better adaptability and acceptance of the product. When a user needs to work with the solution for many hours in the day, seamless integration of the solution in their workflow can help them concentrate more on the task at hand rather than managing the system.
When the end users constantly switch between spreadsheets and emails and Sharepoint to share and store data, they are already wasting too much time and resources on managing the process. Make their life easier by implementing a single holistic GRC platform where the entire organization can collaborate and share data. Ensure that with minimum handholding, the end users can automate most processes to enjoy a holistic GRC program inside the tool. Remember, when the end users are able to automate most of the processes, it can help them free up their headspace and concentrate on the tasks at hand.
While implementation is important to get the end user started on the right foot, they will need ongoing support to explore new features as the business environment changes or evolves. So look for a GRC provider who offers lifelong support.
Before implementing a successful GRC program, ensure there is a well-defined process. Having a dedicated team to work on the vision of the GRC program can help you succeed in the desired outcome from the GRC implementation. When the team has a clear vision of what exactly you need to achieve from the GRC tool, the team will move the needle in the right direction to get things done. Forming the dedicated vision team from the key user group is a huge plus as it will ultimately help you solve your main goal —- making the life of the users easy! The team will ensure that they have the right tool that will be useful to them going forward.
While you are collating all the inputs from the vision team of key users, it is also beneficial to take a peek and identify any operational gaps. Look for missing data, duplicate data, duplicate processes, manual steps that you can automate, and any scope for automating workflows like communication, reporting, approval, emails, etc.
No matter how good your GRC platform is, ensure it has a strong foundation. Having a strong foundation ensures the tool can withstand the test of time. A GRC platform with a strong foundation should have important components like a risk framework, controls framework, vendor and engagement inventory, policy inventory, issue management program, and standardized reporting features. Having a strong foundation ensures smooth workflows in the future that are aligned with your organizational goals.
Additional Resource- The top 10 GRC platforms
The GRC tool will evolve beyond the initial implementation phase. So, as your company evolves and grows, let your team share ideas for enhancements to their GRC programs. Additionally, over time, the regulations will change, the business decision will change, and so your vendors will change. Keeping room for the GRC platform to grow and evolve is something you need to consider during the implementation of the platform.
Identify the processes in your GRC strategy that multiple teams will use. Standardize these processes across the organization. Additionally, the GRC tool should have the flexibility to allow teams to implement certain GRC components to be able to implement in their function. However, the GRC committee should have a standardized baseline for driving the program.
If you’re still stuck between multiple spreadsheets, VComply is the best GRC platform to manage compliance, identify and mitigate risks, and establish governance. Book a live demo.
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