Those organizations seeking to employ a GRC program are often met with pushback that this program could potentially bring additional complexities and introduce unwanted bureaucracy into your company.
In reality, GRC helps reduce complexity by streamlining already complicated processes to help the business run more efficiently.
Here are a few major benefits of implementing GRC:
1. Save on audit costs and avoid fines
While GRC improves processes and aims to mitigate risk to an organization, your organization can also reap the benefits of audit cost savings. GRC also helps to reduce unnecessary spending, for instance, fines and penalties due to non-compliance or data breaches.
This improved operational focus can also lead to increased revenues down the line.
2. Prevent cyber threats
The “risk management” component of GRC does its job to keep your organization secure from cyber threats. With a robust risk management program linked to your overall security strategy, you will have a better understanding of potential risks, make more informed decisions about these risks and what risks you believe your company can manage, a transparent understanding of your business data location, and plans that mitigate risk now and in the future.
3. No more silos
GRC promotes transparency between departments, helping to reduce information silos in your organization. Siloed information and data typically result in trouble communicating and collaborating amongst teams, leading to redundant processes and elevated risk.
With a GRC strategy in place along with strong privacy policies, you can open up lines of communication and promote better collaboration, thus saving time and mitigating organizational risk.
4. Improve operational efficiency
Implementing a GRC program synchronizes your operational strategy and creates consistent, streamlined processes across the organization. As mentioned previously in this guide, a few examples of ways GRC improves business processes include enforcing corporate policies, making previous audits easier to find, and sending automatic notifications to staff for compliance training. This makes it easier for employees to collaborate and quickly locate necessary information, resulting in time saved and reduced costs.
5. Achieve better quality data
Not only does governance, risk, and compliance improve processes and eliminate silos, but it also improves the collection of better data. Your GRC team will have an overall better understanding of the organization and be able to make more informed decisions.