The Leadership Series: Compliance
Experton Group believes that a unified and centralized solution for Enterprise Risk Management provides numerous advantages for the organization, promoting efficiency, improving effectiveness, and reducing cost. Unification brings together GRC, security and enterprise risk issues, and centralization makes it possible to manage the solution from a single point, reducing the possibility that issues will be overlooked.
Business Imperatives
- Compliance is often implemented in a haphazard and ad-hoc manner, resulting in inefficiencies and confusion. Regulations have become increasingly complex and lack of a unified approach will put the organization at risk.
- Centralization and unification of Enterprise Risk Management has become a business imperative as regulations become more complex and the risk environment has become more acute.
- Lack of a centralized and unified approach to risk management results in numerous separate silos of activity that can sabotage management efforts and frustrate attempts to meet audit and security goals.
Enterprise Risk Management is growing to encompass a wide range of territory as IT processes and security concerns meet with compliance issues and the organizational concerns of a turbulent market environment. Implementing a centralized and unified risk management solution brings together the diverse silos and environments of enterprise risk, and unites management frameworks, governance, risk and compliance. The benefits are greater efficiency, reduced cost and improved effectiveness. Implementation of a unified solution provides numerous benefits, including the possibility of improving business processes. It does, however, require a careful implementation effort, since there is potential to affect numerous areas throughout the enterprise.
The Bottom Line: Experton Group believes IT executives need to establish a unified and centralized strategy for handling enterprise risk, security and compliance. This provides numerous benefits in eliminating silos of inefficiency, reducing cost, and improving effectiveness. It does require a careful implementation effort, however, with an initial analysis of all risk factors and planning to meet the unique needs of the individual enterprise.