The modern challenges faced by companies are increasingly calling for a new approach to risk management. Specifically, the old siloed approach to corporate planning is woefully inadequate for successfully navigating the 21st century business world. By adopting an integrated GRC approach, companies are able to leverage a range of benefits to improve their performance, resilience, and profitability.
FERMA’s European Risk and Insurance Report provides insights into industry trends, as well as the concerns and goals of members. Of particular note in the 2016 report is the rising prominence of cyber and digital risk factors. Specifically, 55% of respondents cited data protection as their chief concern, making this issue the top European priority. Yet despite this concern, alarmingly, an even higher percentage (64%) reported that their companies do not have stand-alone cyber coverage.
66% of Financial directors in a recent survey at PwC claim that they would like to improve the relevance of their KRIs in 2017.
You can re-live the session we had earlier and hear it from the GRC Pundit himself what the latest GRC market trends are, how OXIAL works in an IT GRC specific environment and learn what GRC2020 has found about OXIAL when assessing our GRC solution.
Context: a complex environment
1. The regulatory environment is changing rapidly
2. New risks requirements arise unceasingly
3. Growth in sales is difficult> trend to increase risk propensity;
4. Costs increase and pressure on incomes > Margins degrade;
5. Shareholders expect an attractive return (ROI) Without taking risk (ratio risk / profitability).
6. The challenge of the management of a small establishment
A common misconception regarding IT GRC is that IT threats are only problems for governments and Fortune 500 companies; however, all businesses, regardless of size need to ensure adequate IT risk management strategies are in place. The rise of cloud networking, remote working, and digital collaboration have made companies more vulnerable than ever.
Co-founder and co-director of the Laboratory of Market Research (LEM), Emmanuel Fragnière is Professor at the University of Western Switzerland (HES-SO). Holder of the CIA (Certified Internal Auditor) and a PhD in SES of the University of Geneva, he’s specialised in risk management, particularly interested in the use of market research to understand the challenges of trading raw materials.
GRC has evolved greatly over the past few years. It has moved on from a legal obligation (Basel II) with risk mapping to become a real dynamic for the running of a company, useful to its management and applicable to all sectors by offering control management systems, shared action plans and incident, claim and/or audit management.
GRC Pundit Michael Rasmussen and his team of analysts have assessed OXIAL GRC solutions.
Snapshot of the solution overview :
Agile. The market is inundated with GRC solutions that are frustrating clients because they are complex, time consuming, and take months to over a year to get working and then often only partly This is particularly true in risk management, but also in other areas such as third party management, and policy management. Oxial allows clients to be agile by delivering on time and on budget.
Intuitive. Oxial solutions are intuitive and easy to use, and becoming more so. Clients do not need to send staff through huge amounts of training and certification programs. Oxial delivers intuitive, engaging, and easy to use GRC at the business level as well as the back office of risk management and other areas of GRC.
Value. Oxial delivers results. The value of Oxial can be measured around efficiency, effectiveness, and agility. You make organization more efficient in GRC through human and financial capital efficiency. OXIAL can make organizations more effective in mitigating risk and meeting objectives.
Engaging. It appear that you are easy to work with. Oxial does the simple relationship things like pick up the phone, engage clients and expand their solution to meet client needs, you basically get involved in client relationships and never pass the buck. If something needs to be addressed – Oxial addresses it.
Depth. OXIAL has a competitive and feature rich solution. It has been built out carefully, instead of haphazardly put together to meet promises made in an RFP that did not really exist.
Spreadsheets, and their associates documents and emails, are the most prevalent GRC tool used by organizations. Their use comes at a significant cost if not controlled, monitored, and used properly.
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