Compliance obligations and risk to the business is like the hydra in mythology — organizations combat risk, only to find more risk springing up to threaten the organization. Managing GRC activities in disconnected silos leads the organization to inevitable failure. Reactive, document-centric, siloed applications, and manual processes for GRC fail to actively manage compliance in context and leaves the organization blind to intricate relationships of compliance and risk across the business. Without an integrated view of risk and compliance information the scattered and nonintegrated approaches of the past fail and expose the business to unanticipated risk. In a mature GRC program, the organization has an integrated process, information and technology architecture that provides visibility across risk and compliance domains. It offers an integrated approach for business managers and executives to leverage GRC data for risk-aware decision-making and resource allocation.
To address these issues, leading organizations have adopted a common framework, information and technology architecture with shared processes to effectively manage risk and compliance, enable risk-aware decision-making, increase efficiencies, and be agile in response to the needs of a dynamic business environment. Business today requires a common GRC architecture that is context-driven and adaptable to a dynamic and changing business environment.