Governance, risk and compliance (GRC) data provides vital business intelligence, but one of the greatest obstacles that GRC professionals face is the ability to access the right information – accurate, up-to-date, complete data – when it’s needed, to inform strategic decision-making.
It’s often the case that data sources are spread out across the enterprise, with data silos resulting from manual data collection, processing and analysis undertaken within different departments or functions. There may be GRC legacy systems in place for different tasks, but without interaction and automation, it’s a time-consuming and laboursome process for GRC personnel to assemble and analyse risk management and GRC data effectively. And it goes without saying that there can be a hefty price to pay for missing insights, failing to mitigate risk events or unfulfilling your organisation’s regulatory or compliance requirements.
One single source of truth drives alignment
Just one, sole source of real-time GRC data provides clarity and certainty for all personnel and GRC stakeholders. An integrated GRC platform means no discrepancy between multiple versions of datasets or the use of non-approved metrics. All involved can align around one source of data truth regarding the organisation’s GRC status, making it easier to meet strategic GRC objectives and maximise upon opportunities.
Breaking down silos and unifying GRC data is critical for ensuring a streamlined, cost-effective, and risk-resilient business.
Key benefits of centralisation
- Enhanced data governance - regulators demand high quality, accurate and timely data. The onus is on organisations to be able to enable assessment based on data integrity ensured by good governance and stringent verification and validation processes. In an increasingly complex regulatory environment, in which business accountability and transparency are paramount, centralised GRC data helps drive efficiencies in data quality management.
- One version of credible information - one source of GRC data ends confusion, providing a trusted ‘snapshot,’ one true version of the GRC landscape in real-time. An integrated data platform drives alignment and clarity – there’s just one version of loss data, and only one set of metrics on controls’ effectiveness. When everyone is aligned and on the same page, better decisions can be reached for managing risks and capitalising on opportunities arising from risk management as they present themselves.
- GRC inter-connectivity becomes apparent – centralising GRC data provides a clear picture of how governance, risk and compliance data links up. Chances are you have controls and key risk indicators (KRIs) in place for each of your identified operational risks. These same risks may be connected to compliance policies and audit records and/or your organisation’s operational resilience processes. Visibility into the connections between data not only drives insights, but underpins better decision-making.
- Better conclusions drawn from the ability to drill deep into data – if all GRC data resides centrally, GRC personnel can get to the heart of governance, risk management and compliance issues swiftly and efficiently. What’s more, leadership can arrive at sound decisions informed by data from a trustworthy source.
- Supports cultural evolution and change management – enterprise-wide alignment and a shared understanding of an organisation’s risk appetite and cultural goals are made possible through the centralisation of GRC data. One ‘single source of truth’ makes success (or indeed failure) in attaining desired project and business outcomes apparent to all - a basis from which cultural change initiatives can be implemented or developed within the business.
See the full picture with Decision Focus
Why run the risk of missing insights and costly repercussions – including legal fines, penalties, profit loss and reputational damage – that can stem from disparate data sources?
Discover how Decision Focus single integrated platform, built by GRC experts for GRC professionals consolidates business-critical data and provides complete, integrated assurance.
Learn more about our no-code platform or get in touch now to book a demo.