Need to take your GRC maturity model to the next level?

Josh Reid
Need to take your GRC maturity model to the next level?

With today’s limited resources and budget constraints, governance, risk, and compliance (GRC) teams are constantly trying to put out fires sparked by business changes and external market factors. These factors make it difficult for risk and compliance leaders to manage their existing program, let alone to take the necessary steps to consider improving their GRC program maturity with enhanced processes and new technologies.

For example, it’s still common for disparate risk and compliance teams to use cumbersome manual tools such as spreadsheets to perform assessments and monitor programs. This siloed approach often leads to confusion, inconsistency, and errors in risk assessment reporting. The resulting confusion permeates throughout the business, causing risk and compliance program leaders to isolate and focus only on their areas of responsibility rather than holistically address problems.

Since the bulk of GRC efforts are often reactive in nature, companies find it challenging to allocate appropriate time and resources to build a more proactive, mature, and inclusive risk and compliance framework.

Assess where your GRC maturity model stands

Assess where your GRC maturity model stands

It’s important to remember that GRC maturity models are a journey, not a destination, and your organization’s path might look very different from other companies in your industry. GRC maturity models require steady advancements in leadership collaboration, process efficiencies, and technology enablement that can allow you to strengthen the maturity of risk and compliance programs. Organizations take various approaches along a spectrum when trying to ascertain their own strengths and weaknesses. They usually begin in a reactive and anticipatory stance, but then mature into collaboration and orchestration. Which approach might characterize where your organization lies?

  1. Reaction. The reactive, ad hoc approach involves a “get-it-done” attitude with individualized processes and point solutions that address specific needs but aren’t comprehensive or part of a broader strategy. As a result, GRC teams and stakeholders often find themselves working in isolation with their risk and compliance efforts.

  2. Anticipation. With this approach, GRC programs can gain efficiencies, automate processes, and identify connections between teams and departments. A GRC software platform might be used in pockets but not as a strategic tool to manage risk. Most companies find themselves in this place.

  3. Collaboration. The collaborative approach involves GRC teams working together to identify and manage risks and to help business stakeholders prioritize mitigation activities. With this approach, organizations can incorporate processes and technologies to make their GRC programs more consistent and efficient.

    Many companies find it difficult to advance to true collaboration. This approach requires leadership across risk and compliance programs to be open to collaboration while managing and monitoring risks in their unique risk domain.

  4. Orchestration. This approach integrates risk management processes and aligns GRC objectives with business strategy. You will use a centralized GRC software solution to continually monitor risks through automation and provide increased visibility into risk exposure and business performance.

    You might think it’s impossible for your GRC program to even reach the level of orchestration. But by combining impactful risk management strategies with leading technology solutions, you can reach levels of GRC maturity that you never expected, and that’s where Crowe can help.

Use technology to bridge the gap

Use technology to bridge the gap

We created the Crowe Risk Intelligence Suite to help you improve the maturity of your GRC program with a library of industry-leading risks that can be monitored throughout your business. This suite builds on the strengths of traditional GRC tools with three fundamental features:

  1. A best-practice content library of risks, key risk indicators, key performance indicators, and mitigation plans covering privacy, cybersecurity, and third-party risk management
  2. A turn-key system integration framework to retrieve data from your key business systems to analyze data and convert into quantifiable risk and performance metrics
  3. A risk quantification tool that measures the potential economic impact related to privacy, cybersecurity, and third-party risks

Test your organization’s GRC maturity

Download this self-assessment tool to see how you’re doing.
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Let's connect

Want to learn more about how you can evaluate your GRC maturity model? Download our maturity self-assessment tool and see where your company’s GRC maturity model stands. Or get in touch. We’d love to make time to chat further.
Josh Reid
Josh Reid
Principal, GRC Technology Leader