Familiarity, ease-of-use and business-wide adoption have long made spreadsheets the default choice for risk management tasks. Yet in today’s ever changing landscape of Governance, Risk and Compliance (GRC), reliance upon spreadsheets imposes significant limitations. In this short post, we explore how GRC software consistently outperforms manual risk management, equipping GRC professionals to navigate a complex and evolving mesh of risks and regulatory requirements and keep organisations compliant, competitive and resilient.
Choose GRC software for:
Centralised data management
GRC software offers a centralised platform for managing all aspects of governance, risk, and compliance. Unlike spreadsheets, which often lead to fragmented data – or data siloes - held across multiple files, versions and business units, GRC software provides a single source of truth of integrated data. This ‘one stop’ centralised approach streamlines data management, ensuring consistency, accuracy and easy access to critical, consolidated information.
Greater consistency
Spreadsheets are notorious for inconsistencies in formatting GRC data and incomplete fields. Updates, version control and accessibility can create further obstacles. Using a modern GRC platform, information follows stringent data governance guidelines and if implemented, permissions can control who is authorised to make changes to GRC intelligence.
Automated workflows
One of the key advantages of GRC software is its ability to automate manual processes and workflows. From risk assessments to compliance monitoring, GRC software streamlines processes, reduces manual effort and reduces the risk of human error. Automated notifications and alerts for approvals, escalations or remediation activity keep stakeholders informed and ensure timely action on key tasks, enhancing overall efficiency and productivity.
A standardised risk framework
If teams in different business units or geographical locations are using spreadsheets for risk management, again there will be inconsistency in categorisation and risk ratings. GRC software imposes a predefined GRC framework, eliminating data silos and making risks across teams or departments comparable. Working from one risk register enables decision makers to monitor activity make informed choices within risk appetite.
Better risk assessment and monitoring
Relying upon spreadsheets makes it almost impossible to reliably monitor risk levels and ensure alignment with key risk indicators (KRIs). Digitised risk management enables seamless risk assessment with the ability to link controls back to risks as appropriate.
Real-time reporting and analytics
Unlike static spreadsheets that require manual updates and analysis, GRC software provides dynamic dashboards and customisable reports that offer real insights into risk exposure, compliance status, and emerging trends. This real-time visibility enables proactive risk management and strategic planning. With real-time reporting and analytics capabilities, GRC professionals can drill down to the detail, see how risks connect across the enterprise and the scale of their potential collective impact, informing strategic decision-making.
Enhanced collaboration
Collaboration is essential in effective risk management, and GRC software facilitates seamless communication among stakeholders across departments and locations. With features such as role-based access control and audit trails, GRC software ensures transparency, accountability and traceability in collaborative efforts. Teams can access data in real-time, share insights and collectively address risks and compliance challenges. Automated workflows and alerts ensure stakeholder involvement, enabling better risk mitigation or the identification of opportunities.
Scalability and flexibility
GRC software offers organisations the ability to rapidly adapt to changing risk and regulatory requirements, scaling their operations accordingly. Whether expanding into new markets, adopting new regulations, or addressing emerging risks, GRC software provides the agility to stay one step ahead and manage evolving challenges rather be in a more vulnerable, ‘catch-up’ position.
Regulatory compliance
Compliance is non-negotiable – in today’s business climate, the penalties for non-compliance are too severe. GRC software provides a robust framework for ensuring adherence to regulatory requirements. With built-in regulatory libraries, automated compliance assessments and audit trails, it simplifies compliance management and reduces the risk of non-compliance and reputational damage.
In his 2023 Solution Perspective, Michael Rasmussen of GRC 2020 Research identified that many customers adopted Decision Focus GRC software ‘because they found their manual, document-centric approaches consumed too many management resources, and they found things were getting lost in the continuous barrage of information and manual processes, as well as regulatory and business change.’
According to the report, the benefits gained in moving from manual to the Decision Focus platform include:
“The automation of manual tasks has already freed up significant time for strategic thinking and adding value. We have excellent risk visibility from operation to board level. Thanks to its modular structure, the solution can evolve as we do, cost-effectively. And Decision Focus’s low Total Cost of Ownership also enables us to continue to drive performance, whilst resisting current economic inflationary pressures better than our competitors.”
Jonathan Parsons, Head of Risk, Foresight Group Download the full Case Study >
If spreadsheets are still a staple within your business, learn how Decision Focus brings all aspects of GRC together in one single, no code platform with an interface users love.
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