Mar 07, 2022

Top 3 Shaping Trends for Governance, Risk, and Compliance Solutions

In the years to come, companies will continue to meet a significant challenge represented by the ever-growing number of policies, procedures, and standards that every business must comply with. Consequently, this landscape will shape the scope of market trends regarding GRC solutions.

Efficient governance, risk, and compliance are integral for information security and data protection. The main idea behind GRC is the in-depth overview of where the corporation stands today in terms of policies required to run the business efficiently. To successfully align these policies, standards, and procedures with numerous processes within an enterprise, having the right GRC tools is necessary.

The following top three trends will help companies choose the most useful GRC software out of the hodge-podge of compliance hot topics to suit their specific business needs and objectives.

Integrated Tools for Multiple Standards

Organizations, especially medium and large corporations, must comply with multiple policies. GDPR, BSI IT-Grundschutz, ISO 27001, ISO 27019, ISO 22301 are only some standards that a company might keep up with. To properly adhere to each of them can be a challenging, time-consuming, and demanding task.
In order to eliminate all the silos caused by multiple standards management, a single point of contact is required. The latest trend that can save a situation is a robust compliance solution. It will not only help to keep policies in one place and in order, but it will also signal any discrepancies, overlaps, and inconsistencies within standards. Thus, innovative GRC software becomes vital in eradicating any bottlenecks as quickly as possible.

AI-Driven Bots for Compliance

Compliance Bots are becoming essential for every business. Companies use them not only for client support but for their internal business needs. According to Gartner, 70% of office workers interact with conversational platforms daily. Chatbots can solve various issues, be it technical-related questions, vacation inquiries, etc.

In addition, implementing an AI-driven bot for business is highly beneficial. It can solve queries around-the-clock with no interruption, which is hard to achieve with service agents. It’s also cost-effective as a single bot can serve a large number of users simultaneously.

What is more, the chatbot can aid in answering queries related to multiple standards and procedures. For example, SCM Bot Helga, explicitly created for compliance, is able to assist with any compliance-related question that an organization might have. She also generates easy-to-understand reports and notifications, thus helping employees to keep a steady eye on the current state of information security.

 GRC Solution as an Excel Alternative

With so many options of compliance software at hand, Excel should have been a relic of the past. However, businesses across the board use spreadsheets for their compliance management even when better options are available. The reasons are versatile: Excel is pre-installed on most devices, it’s cost-effective, reasonably robust, or that staff is reluctant to retrain for a new product.

Yet, Excel is notoriously prone to human error, and the spreadsheets created by employees are incredibly fallible and cumbersome. When it comes to data protection, a reliable, foolproof, and efficient tool is non-negotiable for any company.

The strong trend of 2022 is GRC tools that will substitute the widespread usage of spreadsheets. Compared to Excel, such software is accurate, effective, and easy to use. It drastically reduces manual data entering, easily integrates with other solutions, and provides sophisticated analytics and various user roles, which is integral for data safety.

Wrapping Up

Dealing with multiple policies and procedures within an organization is demanding. Thus, following top trends in governance, risk, and compliance is life-changing for businesses. A full-fledged GRC solution and an AI-driven chatbot can help manage all standards in one place, flashing out any silos and serving as a radical alternative to spreadsheets. 

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