Analyzing the technological challenges of Governance, Risk and Compliance (GRC)

Governance, Risk and Compliance (GRC) is a novel and multifaceted means to an approach, whereby Enterprise Risk Management (ERM) and compliance are regarded as strategic initiatives that link to the business objectives. This, in turn, requires corporate governance to foster the growth and performance of the organization. The proper implementation and execution of GRC has a host of benefits for organizations. Some of these benefits include risk-based decision-making, organizational efficiency, visibility, transparency and business agility. The most convincing and demonstrable argument for integrated GRC is as an enabler for the organizational strategy. Whilst acknowledging the many benefits GRC has for organizations, it is equally important to address the numerous challenges GRC has in respect to frameworks, people, process and technology. This paper addresses the technological challenges of GRC by means of analyzing a commercial GRC software tool. The objective of this analysis is to ascertain if the challenges are valid and if organizations should invest in GRC software.