Security News > 2023 > September > Regulatory activity forces compliance leaders to spend more on GRC tools

Legal and compliance department investment in GRC tools will increase 50% by 2026, according to Gartner.

"While most organizations already have existing compliance programs, legal and compliance leaders need to ensure they are empowered to capture and elevate the right information to management and the board, take the appropriate action, and maintain documentation related to these processes," Kornutick said.

GRC tools for assurance leaders help compliance, enterprise risk management, and other assurance teams build a more holistic understanding of risks.

In practical terms, GRC tools can help assurance teams with evaluating and modifying compliance programs in near-real time, pressure-testing system operations, and together with management and the board, improving oversight processes.

"Understanding existing methodologies from assurance partners can help legal and compliance leaders more precisely understand the likelihood and probability of misconduct occurring depending on the data source available," Kornutick said.

When compliance leaders update policy and procedures in response to regulatory changes, they should prioritize testing the effectiveness of policy change by measuring whether employees understand their obligations with respect to both business conduct and reporting misconduct.

News URL

https://www.helpnetsecurity.com/2023/09/18/grc-tools-investment/