How to Choose and Implement an IT Risk and Compliance Platform
IT Risk & Compliance Platforms: A Buyer’s Guide examines how purpose-built IT risk and compliance (ITRC) management software can make your organization more secure and better equipped to respond to new threats and regulatory changes. Download the full guide for actionable insights on how to choose and implement an ITRC platform.
Organizations face multiple challenges with managing their information technology risk and compliance (ITRC) programs. It’s difficult keeping up with changes to requirements and regulations. Assessments are often rushed and lack the proper thoroughness. Compliance, audit, and risk teams aren’t seamlessly communicating due to operational silos that lead to decentralized data and disaggregated reporting, making data-driven decisions impossible.
Risk and compliance programs are usually implemented manually, using annual or twice-yearly company-wide internal risk assessments, evaluations of third-party vendors, and, sometimes, external audits. Staffers and vendors must fill out long questionnaires that are then processed and analyzed by risk and compliance teams. These practices may work for smaller organizations, but are too burdensome for larger enterprises with thousands of employees as well as assets and dozens of third-party vendors.
In a February 2023 AuditBoard survey of 1,000 compliance, audit, and risk management professionals, 23% said their top compliance challenges were “business and technical transformation” while 22% cited “talent management/strained resources.” Fifteen percent identified “rapidly changing requirements” and another 12% cited “regulatory expansion.” Amid these challenges, two-thirds of respondents said continuous GRC monitoring helps compliance teams be more efficient and proactive.
One solution to these overlapping challenges is an ITRC management platform that can automatically implement framework changes, provide visibility for all stakeholders, and enable continuous monitoring of your ITRC posture. Download IT Risk & Compliance Platforms: A Buyer’s Guide for actionable insights on how to choose and implement the right platform for your organization.
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