According to a recent survey by Accenture, 90% of compliance leaders across industries expect evolving business, regulatory, and customer demands to increase compliance-related and compliance operating costs by up to 30% over the next two years.
As businesses deal with increasingly complex regulatory and compliance requirements, traditional methods of managing GRC programs with spreadsheets and isolated data siloes have quickly become untenable.
GRC software provides a centralized tool for managing every aspect of an organization’s governance, risk, and compliance program, offering greater cost efficiency, transparency, and accountability.
Let’s discuss some significant benefits of modern GRC software, from managing regulatory requirements and reducing third-party risk to real-time security insights.
Benefits of GRC software
Reduce the Cost of Compliance
GRC automation saves time and money on compliance tasks like policy creation, evidence collection, readiness assessments, and more. And in the event of a security incident, organizations with compliance tools enabled have lower associated costs. According to IBM, breaches at organizations with fully deployed security AI and automation cost $3.05 million less than breaches at organizations with no security AI and automation deployed — a 65.2% difference in average breach cost.
Improve Risk Management and Mitigation
GRC software assists in identifying and quantifying risk with analytics that can predict risk likelihood and impact and offer mitigation guidance. Discover emerging threats, implement security controls, and track the effectiveness of your risk treatment plan.
GRC platforms can send alerts for failing control tests, and best-in-class solutions offer tailored remediation guidance to quickly address nonconformities and misconfigurations and strengthen security postures.
Simplify Audit and Compliance Management
GRC platforms organize, track, and streamline both internal and external compliance audits. Automated evidence collection and audit readiness dashboards streamline audit prep and provide a comprehensive overview of your compliance posture.
GRC software also helps organizations establish, deploy, and monitor GRC tasks and workflows, increasing visibility and accountability. Dashboards also measure goals and metrics to offer real-time visibility into your compliance status and security posture.
Take a Proactive Approach to Security and Compliance
Investing in GRC software helps organizations understand their unique risk profile and implement security and compliance best practices. GRC software offers full visibility into your business, including personnel and vendor management. GRC software tracks vendor access and analyzes risks to reduce your exposure.
Innovative GRC solutions are also incorporating the latest technologies to safeguard against future threats. Modern platforms are adopting artificial intelligence features, allowing for advanced risk modeling and management. Predictive analytics and real-time trends analysis give organizations instant insights into their risk profile.