Risk professionals at growing financial services companies are repeatedly asked to do more with less. This tension can lead to solutions that maximize efficiency, but it also tends to draw the focus toward immediate needs, sometimes at the cost of long-term strategy.
In the case of governance, risk, and compliance (GRC), that strategy usually revolves around some type of risk management software, especially as your bank grows and your program becomes more mature. So, if you’re a risk professional at a growing bank, how do you identify the risk management software that can accommodate your company’s growth and satisfy your compliance needs?
The consideration you should keep top of mind is that you need GRC technology that scales with your business. Your business’ changes might be growth-related – such as moving into new product offerings or lines of business – or your organization might at some point enter a different market. Regardless of the reasons, growth and change are inevitable.
The contract term for GRC tools can span multiple years, and it’s almost certain that your business will evolve over that period. So, if you buy a solution that can’t adapt to those changes, you run the risk of getting stuck with software that doesn’t meet your needs. A flexible risk management software can scale to your requirements and offers modules to address new areas of risk as needed.