Governance, risk, and compliance (GRC) are fundamental to business success, ensuring organizations remain resilient, secure, and compliant with regulatory requirements. However, managing GRC effectively can be challenging, with many businesses relying on outdated, manual processes that hinder agility and increase exposure to risk.
The stakes are high. Research shows that the average cost of a business data breach is $4.8 million per incident, and the cost of non-compliance is 2.71 times higher than that of maintaining compliance. Despite these risks, 60% of GRC users still rely on manual spreadsheets, increasing the likelihood of errors and inefficiencies.
Challenges in managing governance, risk, and compliance
GRC management involves several stages, each presenting unique challenges:
- Mapping critical assets: Visibility is often a major issue. Organizations struggle with incomplete data, siloed information, and a lack of integration between systems. Without a comprehensive view of critical assets and their dependencies, it becomes difficult to map and prioritize risk effectively.
- Identifying and assessing risks: Once critical assets are mapped, the next challenge is evaluating and assessing risks. Many organizations face inefficiencies in their risk-reporting processes, relying on manual data collection from multiple sources. This fragmented approach often results in an incomplete view of the risk landscape, making it challenging to identify vulnerabilities and prioritize mitigation efforts effectively.
- Treating and implementing controls: Implementing the right controls to mitigate identified risks is another challenge. Organizations often lack a structured approach to tracking control effectiveness and ensuring alignment with regulatory requirements in a cost-efficient way. Limited automation can lead to gaps in compliance, increasing exposure to risk.
- Monitoring and controlling: After implementing controls, the challenge lies in maintaining ongoing oversight and compliance. Many organizations take a reactive approach to risk management, addressing issues only when they become critical. A lack of proactive monitoring and stakeholder engagement can result in compliance drift and increased vulnerabilities over time.
How OrbusInfinity Flow addresses governance, risk, and compliance challenges
OrbusInfinity Flow, our native integration platform as a service (iPaaS), empowers organizations to overcome GRC challenges by:
Mapping critical assets:
- Seamlessly integrating with enterprise systems to pull in asset data, providing comprehensive visibility of business-critical assets
- Automated handling of large datasets ensures accurate mapping without manual intervention
- AI-driven suggestions help identify and map critical assets more efficiently
Assessing risks and implementing controls:
- Importing and generating risk and control registers from leading risk management tools such as OneTrust, ManageEngine, and Archer
- Automated workflows ensure that risk assessments are consistent, thorough, and actionable
- AI-driven insights identify potential vulnerabilities and suggest relevant risk mitigation measures
Monitoring and controlling:
- Automated notifications and reminders engage key stakeholders to take timely action
- Regular attestation processes ensure GRC data remains accurate and up to date
- Proactive monitoring workflows help organizations stay ahead of compliance requirements
With OrbusInfinity Flow, organizations can shift from reactive to proactive GRC management. By leveraging automation and AI-driven insights, businesses can achieve regulatory compliance more efficiently, mitigate risks effectively, and enhance overall governance practices.
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