Governance, risk management, and compliance—known collectively as GRC—play a crucial role in the health and compliance of any organization, across both business and government sectors. Quality GRC practices lead to more awareness of changing regulations, new processes to embed compliance in the organization, better communication of policy and process changes, and enhanced control and documentation to prove compliance.
Enterprise Content Management and Business Process Management are critical components that enable and facilitate a corporate governance, risk and compliance program. Together, they empower organizations to implement solid recordkeeping practices, a secure central content repository, and consistent, auditable business processes.
OpenText and AIIM recently asked organizations to share their pain points in addressing GRC and how ECM and BPM help solve them. See the results in the AIIM white paper, Managing Governance, Risk and Compliance with ECM and BPM.
GRC by the Numbers
- Keeping policies and procedures up-to-date was ranked as the #1 biggest challenge when it comes to regulatory compliance or risk management
- 44% of organizations see reputational risk as the biggest driver for compliance—followed by being a good corporate citizen (32%) and avoiding fines and penalties (20%)
- 85% of respondents believe that ECM/RM systems provide key capabilities that would help them meet their compliance requirements
- 81% of organizations agree that “GRC is good for business”