Historically, and for those who haven’t adopted a technology-based solution yet, integration has been defined by heavy, paper-filled binders kept across different locations across the globe. With these binders, any last-minute edits would result in extra days of administrative overtime and delays in decision making. Soon, the management started demanding the convenience of tools customized to meet their needs.
Once a digital platform was established, people soon realised that it had other benefits – increased ROI, it added security, compliance and convenience. No longer would board books be forgotten at a hotel or on a plane or require a paper shredder to be securely disposed of. Such tools guaranteed a secure, high-quality experience. This peace of mind provides a sigh of relief for companies, especially as regulations tighten and change continuously.
From a GRC perspective, board members are now able to use their new tools to monitor compliance, access proof of compliance and securely archive documents that need regular access. In addition, there are tools which let you generate surveys and conduct other board-related functions all from one central location at any time!
Cloud vs. on premise GRC software:
A CIO’s dilemma? Well, maybe, and maybe not. Cloud based software solutions or cloud based computing is the new kid on the block.
69% of enterprises had applications and infrastructure running in the cloud. Looking at such statistics, you are forgiven for thinking that everyone is moving to the cloud: after all, if something is in the cloud it is better, right?
SaaS is short for software as a service. Gartner defines SaaS as remotely managed software that is owned and delivered by one or more providers. Software delivery is done on a shared code, and data definition. It is then consumed in a one-to-many model by contracted customers on a pay-for-use or subscription basis.
GRC stands for governance, risk management, and compliance which allows for integration and management of IT operations. The software combines GRC applications into a single package.
The truth is there are those who are sticking to on premise software. In as much as this on premise vs. cloud debate is raging, I would like to be the moderator and say the cloud is winning. Here are a few reasons why buying SaaS GRC software is a safe decision (ignore those who mention crowd mentality).
Why SaaS GRC software?
Lower cost of entry
SaaS is considered an operational expense and not a capital one. That is: you pay only for what you need without necessarily having to acquire hardware to host your applications. This is not the case for on premise solutions. You do not need to appropriate internal resources either for software installation; the provider does much of the work and provides you with an API (application program interface). The low cost makes a huge reduction in your budget if you are on one, which you should be.
Reduced time to benefit
A working solution in SaaS GRC software can even be in a matter of hours. The software is already installed and configured unlike the traditional model. A ready to use application lowers the time it takes to benefit from the investment. It even allows for quick demonstrations or prototyping. Many SaaS companies offer free trials which eliminate learning curves and what-nots to prove the concept.
SaaS GRC software is a kind of pay-as-you-go solution. You can very well predict subscription and administrative expenses you are likely to incur. Good news directors and CIOs? You bet it is. As you plan to scale your operations upwards or even downwards, you will be able to more accurately budget for a cloud solution. Internal IT solutions may develop unexpected issues which make it hard to predict their cost.
Upgrades, uptime, and security responsibilities belong to the provider
While on premise IT people worry about security outside of their walls, you can afford to smile and only worry about underutilization of your cloud solution. As it is the vendor who hosts the software, he takes maintenance and upgrades responsibility. As a result, your GRC software is reliable, data and applications are secure, as well as meets agreed upon service agreements. Automatic data backup should give you peace of mind, high return on investment, and disaster recovery in case stuff hits the fan (very unlikely). Save your IT staff time and let the provider manage the rest for you as he worries about his competency.
Integration and scalability
Most SaaS GRC softwares take in some amount of flexibility or customization to your business. Providers have come up with software solutions that can connect to other SaaS providers as opposed to internal applications only. Such design eliminates the need for increased server capacity or software licenses as is the case for hosting software on the premise. You just need to adjust your subscription.
This software is hosted on a cloud accessed via the internet. You can access it with a mobile device. For sales people, this means you can check your customers’ order histories, make an order in real time, and receive instant feedback. For executives always on the move, the ability to access data wherever you are is important for that successful business trip.
Gartner says that the global public cloud service market will grow by 18% in 2017 reflecting the potential for SaaS solutions. VComply is one such SaaS GRC tool which enables the user to proactively manage its GRC woes from a single integrated platform. In the end, it is the financial executive’s call to make after focusing on organization needs/ requirements. As conclusion, buying Saas GRC software is a safe decision.Add to favorites