4 GRC Mistakes That Can Derail Your Risk Management Plan

• Non-compliance with data-related regulations can cost organizations dearly
• Between Jan 2020 and Jan 2021, GDPR fines totaled up to US$191.5 bn
• Companies such as Google, British Airways and H&M were on the receiving end of penalties
• Organizations generally have GRC regulations and measures in place, meaning that poor
• Implementation may be worse than an absence of frameworks

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1. Creating a long-term GRC schedule with rigid rules

• Businesses may tend to have a fixed "best practices" rule-list for GRC
• Long-term schedules reduce the need for investment, thereby saving costs
• Rigidity often leads to susceptibility during crisis situations
• Businesses must opt for evolving, explainable rule sets for data governance and management
• Short term, flexible GRC schedules on a project-to-project basis reduces business vulnerability to compliance-related problems

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2. Having poorly-defined Service Level Agreements (SLA)

• An inadequate SLA affects the quality of GRC solutions
• Communication gaps between your organization and GRC solution vendors
• Your business will be unable to ascertain whether the service received is satisfactory or not
• Businesses must have a clearly defined SLA to evaluate vendor performance
• Service expectations, penalties and termination clauses must be clarified before signing service

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3. Lacking an integrated, holistic GRC framework

• On-the-surface GRC norms demonstrate a lack of attention to detail
• Businesses may have different rules for different departments, not adequately integrated with all business operations
• This may lead to inconsistencies when it comes to data management and handling in different business units
• GRC regulations need to be made with the business as a whole in mind
• Comprehensive GRC frameworks need time to develop. Businesses must update norms from time to time to improve the flexibility of frameworks

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4. Missing automation tech for GRC implementation

• Old, manual mechanisms only add lag in business operations, especially for medium and large corporates
• Risk management is affected due to lack of GRC automation
• Lack of automation may lead to Segregation of Duties (SoD) conflicts
• Competent data handling involves the evaluation of thousands of data files for errors
• Automation through AI and machine learning reduce data handling errors