Strategic trends from the 2016 OCEG GRC Technology Survey
As a business strategy, integrating governance, risk management, and compliance (GRC) has moved beyond a consulting component and into a mainstream operational framework. We believe every company should have an interest in technology's role in the monumental process of breaking down the silos that have traditionally separated these areas.
OCEG (Open Compliance Ethics Group), the global think tank that first articulated the integration standards for GRC, offers the 2016 OCEG GRC Technology Strategy Survey to illustrate current trends and future plans for GRC technologies across the enterprise, including changes from previous years' surveys.
Here's a summary of a small portion of the survey. Results show that out of 290 respondents, nearly half reported relying on spreadsheets, documents, and emails for their GRC work. Only 14 percent of companies reported that their GRC strategy is substantially or fully integrated, and just 42 percent described their GRC technology alignment as either excellent or good.
And with ease of use reported as the number one factor companies are looking for when purchasing GRC technologies, poor user experience is a potential hindrance for a high quality, integrated strategy.
The good news is companies are putting plans in place to align, integrate, and collaborate more efficiently on GRC across departments. The additional spending is aimed toward technology that reduces risk and complexity and increases performance.
Ranging from documents and spreadsheets to the higher platforms that integrate information, GRC technology is a vital part of the formula for effective initiatives. Looking forward, companies are taking notice and have plans in place to implement a single, centralized GRC platform with the additional budget.
For greater detail into the current and future trends of GRC technology, click here.
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About the Author
Mike Rost is a key contributor to product strategy at Workiva and works with business leaders in the areas of financial reporting and compliance. With more than 25 years of experience assisting organizations using technology to optimize business processes, Mike has an extensive background in finance and accounting, corporate performance management, and GRC technology. Mike was a founding member of XBRL International with involvement in the XBRL initiative dating back to 1999. He has also been active in industry associations, including the Open Compliance and Ethics Group (OCEG) and the Institute of Internal Auditors (IIA). Mike has a bachelor's degree in economics and an MBA in marketing and finance from the University of Minnesota.