Thomson Reuters and Celent have published a report on how companies are approaching the challenge of managing effective GRC programs. The authors interviewed close to 30 Tier 1 financial institutions globally to better understand the challenges facing risk and compliance executives, as well as the technology improvements that are needed to support an integrated GRC paradigm to overcome these issues.
The report finds that leaders responsible for the various lines of defense must think of their areas as technology-enabled business ecosystems. They operate more like a central nervous system — one that governs the health of an organization through responsive two-way feedback and risk mitigation mechanisms. At the same time, they must be able to be managed and operated in a decentralized way by various stakeholders and end-users. Fortunately, the same processes that make for strong GRC controls also make good business sense and will increasingly differentiate winners from losers.
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