Governance, Risk and Compliance (GRC) management is an integral part of an organization’s management strategy. Once the management identifies the benefit of adopting a GRC platform, the next question that comes up is that how to choose the best GRC platform suitable to your organization? Not all platforms are the same. The key is to set the right expectations and perform the due diligence before you choose your vendor.
When the internet and technology are the lifeblood of modern business operations, it is no wonder that data privacy has taken the center stage. According to a Pew Research Center report, 79% of consumers have raised concerns about personal data that organizations collect. These concerns have as much to do with discrimination and law as they do with ethics and policy. Across the EU, UK, USA, China, Singapore, and virtually every other location on the planet, the regulatory landscape for data privacy has changed and continues to evolve. In the EU, the General Data Protection Regulation (GDPR enforceable in 2018) and its policies have effected change worldwide.
Today’s organizations face a plethora of challenges managing compliance, keeping up with internal policies, and improving social security practices. Needless to say, that managing compliance and risk management programs manually is a painful task. Fortunately, there is an influx of software applications in the compliance and risk management space claiming to reduce compliance and risk managers’ pain. However, an unintuitive GRC platform laden with poor user experience will only add to problems.