Every company, whether they are large or small, faces the constant evolution of risk, especially in today’s digital economy. In order to remain resilient and prosper, it is important to understand these risks, their impact and how to minimize and mitigate them to limit damage.
With growing risk emerging in our digitally transformed world, it’s no surprise that the demand for integrated risk management (IRM) solutions has grown exponentially. Gartner predicts that by 2021, 50 percent of large enterprises will use an IRM solution set to provide better decision-making capabilities.
With so many different solutions in the market, finding the right one can be challenge. Here are some tips to help you navigate the buying process:
- Find a solution for your organization: Find a solution that serves your organization’s needs, not necessarily the one with the fanciest label, the one rated highest by analysts or the one with the most brand awareness. Develop a criteria list and see which vendor can accommodate your specific needs rather than designing your risk management program around a product.
- Demonstrate the business value: This is an investment and your Board will want to see results and gain insights that will allow them to make better decisions faster. To get buy-in, understand how quickly the system can be set up and how long it would take to train users and how soon you will realize value and deliver results.
- Buy for tomorrow, not today: Traditional GRC solutions can often take months (even years to set up) – in a world where things are constantly changing, this is insufficient. Standards and regulations are constantly being updated so you’ll need a solution that can adapt to the changing environment easily so that it can support you in the short and long term. Evaluate the flexibility and the configurability of the solution.
- Remember the bigger picture: All teams within an organization should be working to achieve the same common objectives. Understand whether (and how) other teams and departments may be able to use the product too to avoid functional silos and create a centralization location for this information. This will allow you to take an integrated approach to risk management.
- Look beyond technology and features: While technology is important, without effective collaboration, no risk management project can achieve maximum potential. The vendor’s teams should encompass a diverse set of experience to support and guide you through this journey. It shouldn’t be treated like a transaction.
To find out more, view our webinar on-demand: Transitioning from GRC: Creating Holistic Risk Management. This session features Alexandra Limbean, Senior Information Security Analyst at McKinsey. She shared her experience buying risk management solutions in previous roles and the challenges she faced along the way.