When it comes to big data, culture can also swallow up huge capital outlays, complex infrastructure and teams of data scientists. We have read about use of Big Data in Risk Management previously.
But the upside is that a data-driven culture can mean the difference between the full payoff of your big data analytics business case and returns that are just so-so.
A robust GRC culture portrays how organizations govern, allocate resources and set internal control practices to regulate the actions. Big data potentially transforms all of those areas. That’s why cultures built on big data and advanced analytics are increasingly synonymous with high-performance organizations.
The value of analytics is clear: finding insights in enormous amounts of previously untapped data. This helps the management to base their decisions and strategies on facts and not fears.
If a company wants to make its processes smarter to deliver what customers and stakeholders want, they should start utilizing tools like VComply.
With increasing complexities of business, we need dynamics solutions, new investments, functional ideas. This can be supported by innovative technology solutions that can integrate and automate various processes and controls. Such tools analyse the risk landscape and helps the management to monitor them regularly. Compliance issues, audits and security are gaining importance with increasing cost of non-compliance. Also, the biggest challenge is breaking down “silos” which have been prevalent in a traditional environment. These tools help the company to integrate all the functions for a better process mapping. Doing this can help organizations cultivate a more collaborative, integrated, and risk-intelligent culture, and drive effective decision-making at the corporate level.
The effectiveness of governance, risk management, and compliance hinges on data. Being able to gather, analyze, and communicate information with the stakeholders and right format is critical.
Hence, forward-thinking organizations are creating an infrastructure within the organization. Also, it can extend the supplier ecosystem to leverage data in a meaningful way. It will support governance, risk, and compliance programs and decision-making. Moreover, the vast and growing volume of unstructured and structured data today provides limitless opportunities to improve risk intelligence, support compliance, enhance customer relationships. It builds higher quality products and services, guide business strategy, and drive overall business performance.
More and more organizations are investing resources to ramp up their efforts to use big data and analytics to drive growth.
Yet, many companies feel they haven’t realized the full potential of their analytic capabilities. They feel frustrated that they aren’t doing more, faster. Thus, one should use a GRC platform which uses big data for a one stop solution for the data. One can better understand the risks, standards and internal controls governing them. This can also help organizations better understand their risk profile. They take into account various factors ranging from basic security compliance to document tracking. Also, it can track vendor or supplier risks, while also providing a clear and holistic view of how different controls affect business objectives.Add to favorites