Keys to Success

A recent article at eWeek.com highlights the keys to a successful implementation of technology in support of an Enterprise Risk Management or Governance, Risk & Compliance (“GRC”) program.  While the keys to success are fairly straightforward, it is surprising how many companies fail to address them prior to selecting a technology solution.   The keys to success are:

  1. Define what ERM or GRC means to your organization.
  2. Survey your organization’s regulatory and compliance landscape.
  3. Determine the most logical entry point and develop a phased approach.
  4. Establish a clear business case, considering both short-term and long-term value.
  5. Determine how success will be measured. 

Interestingly, the author of the article is a representative of one of the major GRC technology vendors.  While some vendors may want companies to rush to a purchase decision, this author agrees it is critical for companies to gain this perspective prior to evaluating solutions.  He states,

“With these steps complete, you will be in a much stronger position to qualify vendors and solutions and to determine the best fit for your organization, based on a well-defined project scope and equally well-defined business requirements and associated benefits.”

Wheelhouse Advisors can provide an independent viewpoint and work with your company to achieve the keys to success.  Visit www.WheelhouseAdvisors.com to learn more.

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