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Friday, 10 June 2022 09:34

MetricStream and OCEG survey shows businesses are seeking connected GRC systems to ensure risk readiness and resiliency

By MetricStream and OCEG

GUEST RESEARCH: MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), and OCEG the global, nonprofit think tank and community that invented GRC, today announced the results of the combined research on GRC readiness for rapid change in 2022. The survey revealed that many organisations lack visibility and connected processes to manage the increased velocity and volume of risks. Risk readiness and resiliency depend on visibility, shared standards, and a centralised approach to GRC.

Businesses that have historically used multiple risk and compliance point solutions experience broken processes, isolated data, and insufficient insights. Connected GRC software solutions designed for professionals seeking a single, intuitive platform enables enhanced collaboration, information sharing, and a quantitative approach to risk management. Connected GRC solutions address today’s most urgent business challenges related to risk, compliance, audit, cyber risks, and environmental, social, and governance reporting (ESG).

“Business leaders are challenged by the pace and complexity of risks, rapid increase in regulatory requirements, and constant market disruptions. It’s nothing short of a tidal wave of risks that have made GRC feel unmanageable,” said MetricStream group vice president of marketing Manu Gopeendran. “With no sign that the intense pressure will subside, implementing a connected GRC strategy is mission critical. We know it’s a journey and we can help our customers start by managing their environment, embracing risk, and ultimately turning it into a competitive advantage.”

Key findings of the OCEG survey include:

• 60% of organisations responded that increased data privacy and cybersecurity regulations drove significant changes to their approach to GRC. The events of the past two years highlighted the need for better rapid response capability; close to 70% report new GRC challenges from having employees working remotely.

• 54% of organisations adapted to changes in regulatory and risk environment by adding more focus to risk management, while 41% focused more on compliance efforts.

• 33% of organisations say that siloed risk and compliance management is the greatest barrier to rapidly responding to risk.

• 70% of organisations that responded need more integrated processes and technologies to ensure GRC Strategies perform well under stress.

This year’s OCEG survey brings to light a problem that is difficult to ignore; risks will continue to multiply and expand in scope and organisations should have a clear plan of action for future readiness and resiliency.

You can view the full OCEG survey report here.

ITWIRE METRICSTREAM OCEG GRC FULL

About OCEG

OCEG is the global, non-profit think tank and community that invented GRC. We inform, empower, and help advance our 120,000+ members on governance, risk management, and compliance (GRC). Independent of specific professions, we provide resources, education, and certifications to drive leadership and strategy through the application of the OCEG GRC Capability Model and Principled Performance. An OCEG differentiator, Principled Performance enables the reliable achievement of objectives while addressing uncertainty and acting with integrity. Our members include c-suite, executive, management, and other professionals from small and midsize businesses, international corporations, nonprofits, and government agencies. Founded in 2002, OCEG has members around the globe.

About MetricStream

MetricStream is the global SaaS leader of integrated risk management and GRC solutions that empower organisations to thrive on risk by accelerating growth via risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise. Our ConnectedGRC and three product lines – BusinessGRC, CyberGRC, and ESGRC – are based on a single, scalable platform that supports you wherever you are on your GRC journey.

MetricStream is headquartered in San Jose, California, with an operations and R&D centre in Bangalore, India, and sales and operations support around the globe. More information is available at www.metricstream.com, LinkedIn, Facebook and Twitter.

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