Why has it taken so long for GRC to meet no-code platforms? There are obvious benefits to this beautiful marriage. Is it thought of having to do an implementation? Or is it the belief the cost involved will outweigh these benefits? It’s hard to say what goes on in the minds of decision-makers. One thing is clear if you want your business to stay compliant and relevant in 2022. A no-code platform will be your best business decision this year.
A couple of major changes on the horizon this year will make your decision a priority. Firstly the deadline for the new framework by Lloyd’s is at the end of April. The suite of 13 Principles will replace the existing Minimum Standards. Secondly, the introduction of UK SOX will be a massive change for many companies. Businesses are concerned about paying more money to stay compliant. However, no-code platforms can solve everything.
5 Things That GRC Clients Want But Don’t Always Get
All compliance departments would love to have a “silver bullet” to help them fix all their challenges. The world of GRC software traditionally has large, monolithic solutions that are inflexible and ridiculously expensive. It’s a constant search for new software that works effortlessly and can magically make problems disappear. So what do GRC clients want from this software that can give them that magical, warm feeling inside?
- The software needs to be easy to use and deploy from day one.
- It has to be simple to manage and easy for employees to understand.
- It needs to tick all the boxes for best practices in the industry.
- The cost needs to be affordable, so the client stays within their compliance budget.
- It has to be scalable to grow with the business proactively.
The Current Reality vs The Future Of GRC
While clients might know what they want, the GRC landscape constantly changes. The predictions indicate that regulations will increase drastically over time. Can you honestly say that your current setup is ready to keep up with this scenario? Are you one of the companies that have sticky-taped together GRC solutions via acquisitions? In reality, it is eight different tools cobbled together.
There is a lot of complexity involved, and things are rarely as simple as we would like to think. For example, it's impossible to use a one-size-fits-all solution for best practices. Some questions need to be answered first before creating the best-matched solution. You need intel, such as how mature is the organisation, what are you trying to achieve, is this a core issue of your business, etc.
Legacy GRC Tools Will Die Like The Dinosaurs
The legacy GRC tool vendors will continue to go on acquisition sprees to try and stay relevant. It’s sad but true to say that they will die like the dinosaurs. Your business is unique, so why not give it the attention and help it deserves. It’s also worth bearing in mind that it’s not only the compliance team that can benefit from no-code platforms. The streamlining effect helps to create smoother business processes throughout the whole organisation.
You can check out the comparison right now and feel the magical difference. A free demo is a perfect way to see how a modern solution works. Hands down, flexible no-code platforms will always trump legacy solutions. You can check out a Decision Focus demo here and see what is happening in the modern world. You’ll be amazed at the flexibility and how you can quickly improve your GRC organisation.
Why Decision Focus Offers The Best GRC No-Code Platforms
Any company can blow its trumpet, but we have many reasons to blow ours. Our no-code platform has already made a mark in the industry. This year we were the winners of the Insurance ERM Award 2022 for the ERM End-To-End Solution Of The Year. We actively promote and encourage friendly, open relationships with our clients. These unique relationships help us create no-code platforms that match our clients' needs.
- With Decision Focus, you get the best of both worlds. You have access to a dedicated team of risk, compliance, and audit professionals who are also IT specialists. We understand your pain points because we’ve been there and can provide the remedies.
- Our no-code platform can help you match regulatory requirements quickly without stress. Our platform is 100% futuristic and cloud-native. It boasts microservices architecture and some features our competitors have not even heard of yet. Seriously, our solution is that modern!
- We don’t have a huge sales and marketing department peddling unsuitable solutions to cobble together. Not only does our platform sell itself, but our client base regularly refers new clients to us. This system means you are getting better matched technological solutions for your needs.
- You can also benefit by having access to an extensive library of modules. This unrivalled flexibility means you can quickly change the platform as you see fit. Your company quickly and easily make any changes you want. It has a drag-and-drop functionality which is easy for all compliance employees to use.
Integrated Assurance Without Compromise
Instead of cobbling together eight or more different solutions, you only need to use one solution for your enterprise. You can then benefit from integrated assurance in all areas of GRC. It’s like the Lord of the Rings, with one ring to rule them all, but in this case, you only need one no-code platform. It doesn’t matter how long your company has done things in the old way. A new, more modern transition is possible for any business.
Eugene Owusu, Head of Risk & Compliance Transformation and Chief Product Owner for Liberty Speciality Markets, said this about the GRC no-code platform from Decision Focus. “Full roll-out within one quarter for all areas of our business. Decision Focus is revolutionising how we go about risk management, linking risks, controls, and incidents in a way that is simple to navigate, visualise, analyse, and report”.
Your Future Is Bright With A GRC No-Code Platform
You can place your enterprise in the future and be ready to handle whatever the regulators do next. Your compliance team doesn’t have to suffer anymore. Look at your current GRC processes and accept that you need to change. Get ready to throw out your old, sluggish processes. You can bring in a friendly, new, modern, no-code platform that is easy to use. Your team can then free up precious time for other core business processes.
Decision Focus is already the present and the future when managing GRC. If you haven’t started working on the new framework as detailed by Lloyds, then reach out to Decision Focus. You don’t want to miss out on being compliant, and we can help you manage the transition without stress. Likewise, if you are not ready for the implications of UK SOX, we can handle this process for you. We’re ready to guide your business into the future!