When to Implement a GRC Tool? – An Excerpt from Reciprocity’s GRC Software Buyer’s GuidePublished October 24, 2016 by Aaron Kraus • 2 min read
In our last blog post, we shared the many business benefits of switching to an all-in-one compliance tool. But while the benefits of a GRC software solution are clear, a lot of businesses get hung up on timing, asking when is the right time to implement a GRC tool?
Below are three common reasons why businesses put off implementing GRC tools, and responses to why these scenarios are actually the perfect time to get started.
“We’re doing just fine using spreadsheets.”
Research shows that almost 90% of all spreadsheets have errors. When you talk about the data in your compliance program, a 90% error rate, in most industries, is going to be completely unacceptable. The underlying cause is due to the lack of structure around collaboration and version control. If you’re using spreadsheets to manage multiple compliance programs, it’s imperative that you move to a system of record that provides you with a single source of truth that’s more reliable.
“I have an audit coming up”
An audit is a great opportunity to mature from your spreadsheets to a more robust tool. Part of the audit preparation involves getting your compliance data properly documented and collated for the auditor. Taking the additional step to migrate that content into a GRC tool where you can keep it up to date and use it as the basis for ongoing reporting helps you to leverage that work, getting more value out of your audit prep investment. Once you get results back from your audit, you can track your compliance posture and use the GRC tool to aid in remediation, rather than being forced to create and maintain new spreadsheets.
“Budgets are tight right now”
No compliance team is ever over-resourced. However, paying high earning professionals to manage inefficient spreadsheet-based programs is not the best use of your limited budget. Your team’s time would be better spent implementing and ensuring controls are operating effectively, rather than trying to reconcile a handful of spreadsheets or babysitting colleagues via email. A GRC tool that can send automated reminders for compliance tasks is a better investment than having a member of your staff sending out reminder emails and tracking completion status manually!
To get more information on the GRC software purchasing process including, assessment worksheets, vendor evaluation questions, and implementation tips, download our GRC Software Buyers’ Guide now.
Be proactive and make managing GRC less of a hassle and more productive!