If you own a business, you’ve probably heard of governance, risk, and compliance (GRC) strategies. Not only can they help you understand how your company is performing in the broader market, but they can also keep you on the right track in terms of how well your policies and procedures are complying with industry laws.
But what if your GRC strategies aren’t meeting all of your current business needs? What if they could use a little boost to bring everything in your company in line with your goals and values?
Here are just a few tips when thinking about GRC management.
- Decide If GRC Is Right For You
Some businesses aren’t ready for GRC. Others will need to approach it carefully and with a lot of feedback between managers, customers, investors and employees. It’s okay to take your time with GRC; in fact, not rushing into things is probably for the best. Do your research on different software options and potential policy upgrades before you make sweeping changes across the board.
- Prepare for an Adjustment Period
If you’re thinking about investing in GRC software, be prepared for an adjustment period. It can have a drastic impact on everyday operations, and while that’s not necessarily a bad thing for a struggling business, it’s something that will require time and patience during the implementation process. Don’t ask your employees to embrace it right away. Let them grow used to it.
- Build a Framework
Instead of jumping right into an all-encompassing GRC workflow program, think about building an infrastructure that you can slowly add to as you become more comfortable with GRC tools and strategies. For example, tighten up your compliance procedures and see if your employees can handle it, or make a habit out of ordering more risk assessments or looking at key performance indicators. When you have a framework in place for GRC software, it’ll be much easier to bring it into the fold without interrupting business operations.
- Know Your Brands
Before you spend a lot of time and money on GRC tools, make sure that you’re buying from reputable brands with high-quality software. For example, brands like Mitratech are well-known within the industry, so they’re a good starting point for further research. Look at what other people are buying before you make any big decisions. Compare and contrast like you would with any purchase.
These are just a few things to consider as you rehash and revamp your GRC policies. At the end of the day, you’re the only person who can determine the right course of action for your business. Look at your options and figure out what you really want to do with GRC.