Security News > 2024 > May > Effective GRC programs rely on team collaboration

One in three organizations are not currently able to proactively identify, assess, and mitigate risk with their GRC program, nor are they able to ensure compliance with regulations and frameworks - both key aspects of a mature, holistic GRC program, according to LogicGate's 2024 GRC Strategies, Teams and Outcomes Report.

"However, our research identified a common factor across optimal GRC programs: utilizing a single, comprehensive GRC solution to uphold program objectives that support the organization's core business goals and desired outcomes. By using a holistic approach to streamline GRC, organizations can better mitigate risk and deliver heightened business value."

Most GRC programs are supported by multiple teams, requiring close collaboration across functions.

It also found that leveraging one comprehensive GRC tool is more cost-effective, as organizations using two or more solutions spend 21% more to run their GRC program than those using a single solution.

The amount organizations spend on GRC varies between industries and organizational sizes, with the largest organizations spending the least due to their ability to achieve economies of scale.

GRC software tools come in second at 18%, with organizations investing in solutions to drive their programs, align teams, and automate manual GRC processes.

News URL

https://www.helpnetsecurity.com/2024/05/24/grc-program-spending/