Why Risk Professionals Need More IT Support

 
 
By Dennis McCafferty  |  Posted 08-07-2015 Email
 
 
 
 
 
 
 
 
 
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    Why Risk Professionals Need More IT Support
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    Why Risk Professionals Need More IT Support

    The majority of surveyed governance, risk and compliance pros said they cannot fully quantify or qualify current risk levels due to a lack of tech tools.
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    Exposed State
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    Exposed State

    65% of surveyed GRC professionals said their organizations cannot fully quantify or qualify their current risk levels.
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    IT Issues
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    IT Issues

    Only 21% of those surveyed describe their current technology as "extremely" effective in supporting continuous risk monitoring, and two out of five consider their current tech as being "not particularly" effective.
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    Half of the Picture
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    Half of the Picture

    Survey respondents said they only capture and use just 46% of GRC data that they have access to.
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    Underused IoT
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    Underused IoT

    56% of these pros said they capture and use no more than half of any available Internet of things data to support GRC.
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    Fleeting Files
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    Fleeting Files

    61% said they capture and use no more than half of available email, spreadsheets and document data to support GRC.
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    Highly Sought Solution
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    Highly Sought Solution

    54% said tech tools which would allow for continuous monitoring of internal and external data would drive increased effectiveness, while 43% said it would capture more areas of risk.
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    Opposite Ends
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    Opposite Ends

    45% describe their organizations’ approach to GRC as "fragmented and largely reactive" with separate teams dealing with these issues, and only 11% say GRC is embedded at all organizational levels with common metrics throughout all processes and projects.
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    Reality Check
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    Reality Check

    54% said they'd like to devote most of their time to providing strategic input to business to drive decision-making, but only 41% actually do this. Nearly three out of five spend most of their time on administrative/transactional tasks instead.
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    Under Pressure, Part I
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    Under Pressure, Part I

    49% are concerned about increasing risk/regulatory complexities, and 47% admit that they're challenged by an increased appetite from business for visibility/insight into effectiveness of controls/compliance.
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    Under Pressure, Part II
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    Under Pressure, Part II

    44% are challenged by the need to reduce GRC costs, and 43% are concerned about a business focus on the consistency and quality of GRC information.
 

Governance, risk and compliance (GRC) professionals believe their current tech tools aren't capable of enabling them to monitor risk effectively, according to a recent survey from SAP. The report, titled "Managing Risk in an Age of Complexity," indicates that the majority of these employees say they cannot fully quantify or qualify current risk levels. Many say that their organizations’ overall approach to risk and compliance is too fragmented, and that they're not capturing and using nearly as much GRC-related data as they have access to. What would most help, they say, are tech tools to allow for continuous data monitoring. "Companies need to act fast to limit exposure to further risk," said Thack Brown, general manager and global head of line-of-business finance at SAP. "The ability to effectively manage risk can help improve profits. Garnering IT support, investing in skilled resources and opening up funds to achieve and maintain a sturdy GRC system are critically important." More than 1,000 global professionals who oversee GRC took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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