In the modern business world, where doing things holistically is a Board directive, adopting an enterprise-wide approach to managing governance, risk and compliance (GRC) is a no-brainer. Unlike other business philosophies that have come and gone, this is no fad; it is a forward-thinking way of working that has taken root across industries. Unfortunately, organizations often struggle to implement GRC in an integrated and synchronized manner, aligned with business processes and strategic objectives – and it is easy to see why.
Let’s set an all-too-common scene: a company implements disparate GRC tools in silos, none of which integrate; therefore, while each department has a tool in place, the data they produce is not connected because the applications do not communicate, a scenario that is often compounded by outdated legacy GRC software, which fails to make alignment more achievable. Further, managing redundant risks, controls, etc. across the disparate systems prevents sharing of information across the various lines of defense. This is then compounded by many IT departments implementing a cloud-first philosophy, leaving the question of what to do what those legacy on premise GRC solutions. The subsequent lack of connectivity between solutions prevents these companies from establishing a holistic approach to GRC that identifies economies of scale, maximizes investments, and delivers efficiency.
This myopic view means organizations often struggle to make effective use of these isolated tools and the siloed information they produce, causing them to fall short of achieving their objective: to provide guidance and insight to the business decision making process. These companies have reached an inflection point, bringing an enterprise-wide approach to managing GRC into sharp focus.
By its very nature, GRC as a discipline is aimed at collaboration and synchronization of information and activities. Therefore, integrated GRC demands that key roles – including risk management, compliance, and audit– work in harmony to share information via an automated platform. The most effective platforms are those that seamlessly connect to and co-exist with other IT applications that provide data to facilitate risk, compliance, and audit exercises – providing the power to leverage existing risk solutions that are fit-for-purpose. Get this right and the benefits are compelling:
In true consolidated GRC style, these factors combine to create an overarching benefit of adopting an enterprise-wide approach to GRC: greater efficiency – with actions performed proactively instead of reactively, holistically rather than in silos, at greater speed, and more accurately. According to an OCEG GRC maturity survey, 93% of organizations report that GRC integration provided benefits that met or exceeded expectations.
Camms.Connect provides your organization with access to robust business services via standards-based, real-time Application Programming Interfaces (APIs). These APIs facilitate seamless interaction with many critical areas of the Camms ecosystem, including staff, financials, projects, incidents, risks, and measures.
How does it work?
How can you use Camms.Connect APIs to provide a holistic approach to GRC management? Here are just a few examples:
What can you integrate the Camms suite with?
An organization works best when you have a single source of truth. Don’t remain stuck in the past where isolated tools and siloed data restrict GRC management. Embrace software and systems that communicate and exchange data with each other to solve business problems holistically.
Andrew Cutter
Vice President - North America