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Home > Resources > Additional Resources > Risk Management
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Risk Management
In Search of a Silver Bullet for Risk Management
The following are excerpts from E&Y's CrossCurrents magazine. The article may be found at:
In Search of a Silver Bullet.
As the regulatory and control environment grows more complex, firms can no longer disregard the advantages of systems to manage Governance, Risk and Compliance (GRC).
While the campaign to improve holistic Governance, Risk and Compliance (GRC) is by no means new, the stakes and costs associated with weak performance have risen. An organization's ability to implement a seamless and holistic risk management program - one that successfully achieves alignment among business, financial, technological and compliance risks - is increasingly viewed as a catalyst for competitive advantage.
The evolution of GRC software
In the past - and indeed, in too many cases, today - companies have relied on manual, often spreadsheet-based, tracking and data compilation. Due to the heightened demand for and increased complexity of GRC frameworks, a growing number of vendors offer software marketed as GRC solutions. GRC software is a set of tools designed to help firms manage, measure and report on their IT governance, risk management, compliance and related programs and processes. This is performed according to specific risks, regulations, strategies, controls and related criteria as determined by their business drivers, regulatory reporting requirements, audit needs, leading-practice compliance efforts and other measures. Depending on the GRC tool, these tasks are achieved through a combination of out of-the-box and/or customized solutions, dashboards and reports.
The article is at:
In Search of a Silver Bullet.
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