Break the cycle: Choose the right GRC software

Many banks have been burned by governance, risk, and compliance (GRC) software that promises to give them all the tools they need – including optimization, consistency, transparency, stability – but then delivers little to no value in practice because of implementation or configuration challenges and lack of usable content. Finding a better alternative can seem like an impossible task. How do decision-makers justify their decisions? What if they make the wrong selection?

These questions can paralyze risk professionals when the time comes to select new GRC technology, especially when they already have one or possibly more than one GRC solution deployed. But there is a way your bank can respond to those fears and doubts to get the most out of its GRC software investment.

Banks often repeat the same mistakes when they buy a different GRC technology

The banking industry is continually changing, which can create stress for risk and compliance teams that are trying to evolve at a similar pace.

Many banks don’t derive maximum value from their current GRC software because they didn’t make a plan to address common issues prior to implementation. Banks often purchase generic GRC platforms that fail to address how data is collected from various sources, that don’t consistently define risk taxonomies and risk methodologies, and that perpetuate siloed information. Out-of-the-box GRC technology often has to be custom configured and might not contain the specific risk content every bank needs.

Configuring GRC software and populating it with content is no small undertaking, and unless your team has the expertise, resources, and existing content to complete this process, the result might only address a small percentage of your bank’s requirements.

Banks might use the same flawed implementation process and run into similar issues when they purchase a different GRC technology. As a result, they remain frustrated with GRC software investments that waste valuable time, money, and resources. In turn, stakeholders can become jaded and skeptical of GRC software in general when, in fact, the problem lies in the implementation process.

Banks can break the cycle, though, by preparing for a holistic approach to integrated risk management (IRM) that centralizes data, breaks down siloed activities, and improves communication.

Banks should create a GRC blueprint before implementing technology

Creating a GRC blueprint before implementing technology can break the cycle

Purchasing GRC software is only one part of the IRM equation. Organizations also should create a GRC blueprint before implementation that defines common risk taxonomies and methodologies, aligns work processes and workflows, and establishes shared organizational and asset repositories. This plan can be ready for multiple use cases and can adjust to future changes.

This GRC blueprint can reveal how data is being managed and identify areas to improve communication, collaboration, and visibility to help get the appropriate stakeholders on the same page. It also provides an opportunity to communicate a top-down strategy that helps the GRC program realize more immediate value across the business.

User acceptance is an important part of an effective GRC program and platform, but it’s a step that banks frequently struggle with. If organizations don’t focus on delivering added value to the users and departments that are required to use the platform, those users might view the platform as a burden. Focusing on a good user experience, making activities intuitive and efficient, and providing valuable reporting and outputs can set the stage for an engaged and accepting audience.

Crowe IRM-as-a-Service can help your bank break the cycle of frustrating GRC software experiences

Crowe understands why many banks struggle to achieve an integrated approach to risk management. To solve this problem, we used our extensive financial services experience and GRC technology knowledge to create Crowe IRM-as-a-Service. This right-sized platform provides the benefits and capabilities of a GRC software specifically designed for the banking industry. And Crowe IRM-as-a-Service is easy to configure and ready for use within days of purchasing, not months or years.

To learn more or schedule a demo, visit the webpage for Crowe IRM-as-a-Service. 

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Let’s start a conversation

Have questions about Crowe IRM-as-a-Service or just want to chat about your current GRC technology challenges? Let us know – we’d love to talk and find out how we can help.

Gayle Woodbury

Principal, Integrated Risk Management Leader

+1 630 586 5325

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Jay Fogelson

Principal, Financial Services Consulting

+1 630 586 5193

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