Although we wouldn’t describe Oxial as a RegTech firm as such, we do believe that our technology can play a major role in addressing regulatory compliance for organisations in many industries, with Financial Services (FS) a particular sector focus for us.

We bring a more innovative approach to traditional GRC models, one that reduces the cost, frequency and impact of the risks racing businesses. Our GRC software suite, the sGRC solutions, is redefining GRC and is a cost-effective and highly successful GRC tool to ensure any organisation remains compliant and manages risk smartly.

effective risk management

Anyone working in enterprise risk management in 2019 is aware of the complexities and pressure that comes with it. There is more risk threatening businesses than ever before, but the severity of that risk has grown too, meaning the role of the risk manager has become one of the most important in the enterprise.

Most approaches to risk mitigation and risk managementrely on effective enterprise risk management software or IT GRC tools – it would be hard to manage risk without such technology – but there are other elements that are also vital.

Being the CEO of a sizable company is without doubt, a hugely demanding role. The person at the top of the organisation is ultimately responsible for everything that company does and a small inventory of just some of the responsibilities would include:
Defining and maintaining the company culture; making sure employees are happy and motivated, ensuring that the books are balanced and that the company is making money; managing people across the business; acting as the company figurehead and public spokesperson; keeping shareholders, investors and customers happy; and ensuring the company is governed and run in the right way – the buck stops with the CEO on many issues.

The pressure for organisations of all sizes to comply with regulatory governance and compliance has grown and grown over the past 10 to 15 years. Compliance has always been important of course, and businesses have invested in compliance software and their own internal compliance teams to ensure that they remain compliant.
But since the financial crisis of 2008, there has been greater pressure for businesses to demonstrate that they are governed correctly and are conducting business in a way that is seen as correct and fair. More regulation has been introduced to make this happen, in Financial Services (FS) initially but then also in a range of other sectors.

The threat posed by cyber criminals feels like it is getting greater by the month. Not that long ago, cyber criminals were relatively straightforward to defend an organisation against, but now it is something that many businesses are struggling with.
A recent study revealed that 39% of European businesses have knowingly fallen victim to a cyberattack in the last five years, with 64% admitting that they may have been hacked unknowingly. With the increased threat from attacks such as phishing and ransomware potentially causing significant damage to an organisation, protecting that business has grown much more challenging.

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.