MetricStream and OCEG Survey Show Businesses are Seeking Connected GRC Systems to Ensure Risk Readiness and Resiliency
MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), and OCEG the global, nonprofit think tank and community that invented GRC, announced the results of the combined research on GRC Readiness for Rapid Change in 2022. The survey revealed that many organizations lack visibility and connected processes to manage the increased velocity and volume of risks. Risk readiness and resiliency depend on visibility, shared standards, and a centralized approach to GRC.
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“Business leaders are challenged by the pace and complexity of risks, rapid increase in regulatory requirements, and constant market disruptions. It’s nothing short of a tidal wave of risks that have made GRC feel unmanageable”
Businesses that have historically used multiple risk and compliance point solutions experience broken processes, isolated data, and insufficient insights. Connected GRC software solutions designed for professionals seeking a single, intuitive platform enables enhanced collaboration, information sharing, and a quantitative approach to risk management. Connected GRC solutions address today’s most urgent business challenges related to risk, compliance, audit, cyber risks, and environmental, social, and governance reporting (ESG).
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“Business leaders are challenged by the pace and complexity of risks, rapid increase in regulatory requirements, and constant market disruptions. It’s nothing short of a tidal wave of risks that have made GRC feel unmanageable,” said Manu Gopeendran, Group Vice President, Marketing, MetricStream. “With no sign that the intense pressure will subside, implementing a connected GRC strategy is mission critical. We know it’s a journey and we can help our customers start by managing their environment, embracing risk, and ultimately turning it into a competitive advantage.”
Key findings of the OCEG survey include:
- 60% of organizations responded that increased data privacy and cybersecurity regulations drove significant changes to their approach to GRC. The events of the past two years highlighted the need for better rapid response capability; close to 70% report new GRC challenges from having employees working remotely.
- 54% of organizations adapted to changes in regulatory and risk environment by adding more focus to risk management, while 41% focused more on compliance efforts.
- 33% of organizations say that siloed risk and compliance management is the greatest barrier to rapidly responding to risk
- 70% of organizations that responded need more integrated processes and technologies to ensure GRC Strategies perform well under stress
- This year’s OCEG survey brings to light a problem that is difficult to ignore; risks will continue to multiply and expand in scope and organizations should have a clear plan of action for future readiness and resiliency
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