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GRC Crisis Planning Survey: How Ready Were We for COVID-19?

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August 24, 2020

No one could have planned for the exact circumstances of the novel coronavirus pandemic, but some organizations were more prepared than others: those with well-integrated governance, risk, and compliance (GRC) capabilities.

The Open Compliance and Ethics Group (OCEG)—which created the concept of GRC to allow organizations to achieve objectives in a principled way—surveyed 828 individuals about their companies’ crisis planning before, during, and after COVID-19. Below are some key findings.

Siloed teams and departments were far less equipped for a global crisis

Among survey respondents, 29% had highly integrated GRC capabilities across their enterprise, 20% had mostly siloed processes, and the remainder fell somewhere in between. The integrated group was far more prepared for a global crisis.

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Source: OCEG Crisis Readiness Planning Survey 2020 

OCEG suggests organizations with integrated GRC capabilities have set themselves up for better communication, the agility to adapt to changes and shifts, and engagement in effective crisis readiness planning and the advancement of planning processes.

Teams using integrated GRC technology were more prepared than those with manual processes

The differences are even greater when comparing respondents who use integrated GRC technology to those using manual methods (e.g., spreadsheets, file sharing) to conduct their processes.

Once again, those with integrated GRC capabilities were more prepared for a crisis. Their capabilities led to clearer communication, easier access, and increased agility to changing risks. The stats show:

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Source: OCEG Crisis Readiness Planning Survey 2020 

Most do not feel their organizations are prepared for another global crisis

The survey found that only 25% of respondents were very confident that their organizations had planned well for a crisis prior to COVID-19. 

Additionally, only 36% of the respondents feel very confident that their organizations have the right resources and processes in place to manage another global crisis in the next 24 months.

No one foresaw the impact of COVID-19, but the complexities left in its wake can be used to build better crisis management plans. One way to better an organization’s preparedness is through the use of a GRC system. When GRC is integrated throughout an enterprise, supported by a strong architecture of GRC technology, several key steps in the crisis readiness planning process are already at least partially completed. 

The use of a GRC system also can provide visibility into crisis planning and therefore build confidence in your workforce. Then the crisis controls are available, visible, and practiced, and employees and stakeholders can trust that they would be executed if needed.

Check out the full report to see more statistics on crisis management before, during, and after COVID-19.

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