Rolling-out any new technology in an enterprise is rarely straightforward and can be met with eyerolls and shrugs by employees that are used to doing things in a certain way and using certain tools and solutions to do it. The rise of the cloud and Software as a Service (SaaS) over the past decade has made tech roll-outs much easier than they used to be, when in the days of purely on-premise software and technology any roll-out was a lengthy and often arduous process.

But even with SaaS so prevalent in business now, new roll-outs can still be problematic. This applies as much to GRC software solution roll-outs as it does to marketing automation and your GRC employees will be keen for it all to be as painless as possible. How can you go about this and what’s the secret to a successful GRC software solution roll-out?

Value of the compliance function

Whether it’s Financial Services, life sciences, manufacturing or retail, or whether you work in sales, finance or HR, salaries are a potentially sensitive topic in almost any organisation in any sector. Individuals rightly get annoyed if they learn that colleagues are being paid more than them and organisations can even more rightly, attract trouble if they are found guilty of a gender pay gap.

That’s why the recent ‘2019 Compliance Compensation Report’ from executive search firm BarkerGilmore makes for such interesting reading for anyone working in compliance and the broader Governance Risk Compliance (GRC) function. Of the more than 800 individuals that took part in the research, 53% were chief compliance officers and 33% were managing compliance officers, so it was a senior compliance sample base.

The variety and volume of risks and threats facing businesses in 2019 is greater than it has ever been. It can feel like there is risk at every turn for some organisations, which explains why we have seen the emergence and rise of the Chief Risk Officer and also why businesses have started to invest so heavily in enterprise risk management software.

A recent report by Transparency Market Research, predicted that the global enterprise risk management market will reach US$ 5.8 bn through 2027, a significant increase from the US$ 3.9 bn it is in 2019. It really is no surprise to see such market growth, given the complexity and severity of the threats facing businesses – organisations need the best risk management tools to protect themselves and to get the best balance between risk and reward.

One of the great skills or attributes for anyone in business to have, is a sense of how best to balance risk vs reward. Few organisations thrive by playing it safe and there is more pressure now than ever to be disruptive, innovative and game-changing.
But to be disruptive requires taking risks and while the rewards are great if this works out, it can also be very damaging to a business if the risk does not pay off. Some business people have an instinctive and intuitive understanding of risk, seemingly always knowing at what price they should sell, or which company they should partner with.

With more and more organisations turning to GRC solutions or GRC tools to ensure the business stays compliant, is well-governed and manages risk effectively it is clear that the GRC industry is established and here to stay.
There are many GRC software vendors offering an array of GRC software solutions, enough to meet a variety of different requirements in different industries. But working out exactly which GRC software vendor to work with is a challenge and poses many questions for the organisation that is looking.

Company culture is regularly cited as one of the most important factors when candidates look for a new role, and it’s of equal importance when it comes to retaining talent. Part of this company culture involves elements such as work / life balance and how that impacts the individual, but it also includes areas such as compliance.

The last decade has seen a real explosion in the use of GRC solutions and IT GRC tools to help organisations manage their Governance, Risk and Compliance (GRC) programmes. There are a wide array of GRC software vendors to cater for a variety of requirements and the market overall is one that is experiencing a lot of growth.
There is now a much deeper understanding of what GRC is about and how IT GRC software can help realise the benefits of a GRC programme. GRC tools are used just as much by mid-market firms as they are much larger business, but all organisations use their GRC solutions in a different way.

GRC solutions and compliance software comes in many different guises. Some GRC tools are better suited to mid-sized firms for example, while others may be better deployed by specific vertical markets, such as Financial Services. Overall the use of compliance software has become much more widespread over the last decade, as organisations look to stay on top of the ever growing and increasingly complex regulatory compliance requirements.

compliance with government rules

The Governance, Risk and Compliance (GRC) market has made huge advances over the past decade or so. The three disparate elements of GRC have come together to make those functions more efficient and effective, and a major new market has emerged, supplying GRC tools and GRC solutions to organisations keen to reap the benefits of this more joined-up approach.
IT GRC software has been used particularly in the Financial Services (FS) sector. Increased compliance requirements, a post-financial crisis of 2008need to demonstrate that FS firms are well-governed, and a whole host of new business risk has created a perfect storm in FS for GRC software vendors.

We have only just passed the one-year anniversary of the European Union’s (EU) General Data Protection Regulation (GDPR)and it would appear that regulators really mean business and are willing to punish organisations like never before.

UK airline British Airways (BA), one of the biggest airlines in the world, has been fined a record amount of £183 million (€203 million) after it suffered a cyberattack in September 2018. The UK Information Commissioner’s Office (ICO) has indicated that this is the biggest fine it has ever issued and the first to be made public following the advent of GDPR in 2018.