Foundations of GRC
Organisational exposure to compliance risk is rising while the cost of compliance soars. Additionally, the ad hoc, reactive approach to compliance brings complexity, forcing business to be less agile. Organisations typically address compliance as singular issues and obligations; as a result they have multiple initiatives working in isolation to respond to each regulatory requirement. These isolated compliance initiatives tend to rely on manual processes burdened with costly assessments managed through spreadsheets, often proving costly and unreliable. This modus operandi is not proactive and makes it difficult to adapt to new regulatory requirements while increasing pressure and anxieties on management, employees, and business relationships.