Keys to Success
December 15, 2008 Leave a comment
A recent article at eWeek.com highlights the keys to a successful implementation of technology in support of an Enterprise Risk Management or Governance, Risk & Compliance (“GRC”) program. While the keys to success are fairly straightforward, it is surprising how many companies fail to address them prior to selecting a technology solution. The keys to success are:
- Define what ERM or GRC means to your organization.
- Survey your organization’s regulatory and compliance landscape.
- Determine the most logical entry point and develop a phased approach.
- Establish a clear business case, considering both short-term and long-term value.
- Determine how success will be measured.
Interestingly, the author of the article is a representative of one of the major GRC technology vendors. While some vendors may want companies to rush to a purchase decision, this author agrees it is critical for companies to gain this perspective prior to evaluating solutions. He states,
“With these steps complete, you will be in a much stronger position to qualify vendors and solutions and to determine the best fit for your organization, based on a well-defined project scope and equally well-defined business requirements and associated benefits.”
Wheelhouse Advisors can provide an independent viewpoint and work with your company to achieve the keys to success. Visit www.WheelhouseAdvisors.com to learn more.