There has been no shortage of publications this week regarding the umbrella concept of GRC, or Governance, Risk Management, and Compliance. In today’s blog, we’ll look at an analysis of the return on investment for GRC software, and explore how it may relate to your business.
Analysts at FierceComplianceIT.com have taken a look at the potential returns of a GRC initiative, something which has been somewhat dismissed until now. “Regarding GRC justifications, the returns can be somewhat hard to pin down, though I wouldn't say they are completely intangible,” the article reads. “The justification is usually there, it just has to be articulated in terms that key decision makers can understand.”
With help from Corporate Integrity’s Michael Rassmussen, they compiled a list of the most obvious ROI wins for using GRC software. One of these returns was a significant reduction in reporting errors, as high as “30 percent to 40 percent.” Other researched companies were able to save time and money by eliminating the need to manually update and compile paper manuals detailing compliance regulations.
“Lowering your overall risk creates a more stable environment … customers don't like to deal with unstable organizations,” said Stephen Fried, CISO and Vice President at People’s United Bank, “If you have a failure in your risk management program, it will affect your organization's ability to operate effectively.”
Of course, XBRL solutions, like MerrillCorp’s XBRL Complete, are one such way to control GRC in your financial reporting. XBRL Complete is an end-to-end service offering producing accurate and reliable data in XBRL format supported by dedicated XBRL experts, regulatory expertise, four decades of financial services experience, and a cost-effective and efficient process
Merrill Corporation is proud to offer XBRL Complete, a suite of services that meets - and has options to exceed – the mandated requirements for XBRL for mutual funds. For more information, please click here or call 866-367-9110.
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