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Recession creates need for better GRC uniformity, accuracy

by Scott Priest, Managing Editor

April 16, 2010

by Scott Priest, GRC Expert

The recession affected every aspect of business, and the way it has altered GRC is in the increased interest in a uniform approach to all concerns in the governance, risk management, and compliance spaces.

In an article on Risk.net from earlier this week, David Benyon talks to a few GRC professionals who have noticed this change, and how companies early adoptions for various GRC problems became too big, in need of clarity. When they got too big, then they became unreliable.

"You have to make sure the governance structure you have in place is reflected within your risk management and GRC software in a coherent way," says Gez Llanaj, business development manager, insurance, at business intelligence software firm SAS UK.

"One of the software pitfalls has been that, although you might implement operational risk or GRC software, if they are not embedded and flexible enough to be aligned with the business, they quickly lag behind and the reports produced by the systems tend to be three to six months out of date, providing little value to the business. The GRC concept has evolved and will continue to evolve over time," says Llanaj.

 

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