Background
Risk Management, Compliance and Govenrnace reforms that followed the corporate failures of the past decade have dramatically changed today’s business environment. Organizations worldwide are coping with a proliferation of new regulations and standards, and are challenged to do so in a way that supports performance objectives, upholds stakeholder expectations, sustains value and protects the organization’s brand.
Recent studies indicate that Fortune 1000 corporations are subject to 35-40 different regulatory mandates and the management of regulation and compliance has become a serious risk factor in itself. Complying with each individual regulation is always complicated, lengthy and costly. Managing the burden of complying with multiple and overlapping regulations is becoming increasingly difficult and expensive. The need for an integrated GRC (Governance, Risk Management and Compliance) platform in today’s business environment is obvious. Despite the hype around this topic, only few organizations have succeeded in implementing a truly integrated GRC platform due to the complexity of the GRC environment.