For risk and compliance professionals in the financial services industry, GRC technology is like a nice suit – it can make you feel like a million dollars, but only when it fits just right. Too small, and you can barely move; too big and you’re drowning in it.
One of the biggest reasons banks, credit unions, and financial services companies put off purchasing GRC technology is that they fear they’ll get a system that’s too big for their needs. Most often, this issue happens because firms buy GRC platforms that aren’t designed for their industry or with their needs in mind.
And a too-big system is a legitimate problem: It can overwhelm your employees and keep you from realizing the full benefits of GRC technology. But for a long time, these firms didn’t have much choice, because right-sized, industry-specific solutions weren’t even available. The only options for smaller and mid-sized firms were to buy a stock platform or stick with a hodgepodge of spreadsheets, homegrown tools, and stand-alone tech.