Driving success: The power of a unified GRC solution
We live in a world of perpetual risk and constant disruption. The COVID-19 pandemic changed the way people live, work and interact – and transformed the way businesses operate around the world. Advances in artificial intelligence (AI) and machine learning have given companies new tools, but they have also exposed new weaknesses for bad actors to exploit. And we have seen how geopolitical realities shift in an instant, from Russia’s invasion of Ukraine to turmoil in Israel and Gaza.
At the same time, we have also seen how evolving rules and new regulations can trip up even the most attentive businesses and corporations. New policies require new approaches and quick movement. Failures can stain reputations and impact bottom lines. The scope of organizational risk is wider than ever, and the minefield of corporate governance and compliance issues is growing every day.
In the midst of this increasingly complex and regulated landscape, the stewards of corporate governance, risk and compliance (GRC) – board directors, C-suite leaders and other GRC professionals – are being forced to take on an impossibly broad set of responsibilities. They are facing pressure to monitor reams of data, track cascading and conflicting rules, and master new topics like cybersecurity and sustainability. Through it all, they are called to take on a shared challenge: the overwhelming burden of "more." More technology, more data and more choices. More noise, more complexity and more doubt.
Navigating all these factors consumes precious time, energy and resources. Missteps can be damaging – or even ruinous.
We’ve seen how mismanaging GRC can lead to the failure of even a once-healthy company. Earlier this year, we all watched as FTX collapsed in breathtaking fashion. In 2022, the U.S. Securities and Exchange Commission filed 760 enforcement actions, recovering a record $6.4 billion in penalties and disgorgement on behalf of the investing public. While the FTX fiasco is a dramatic example, the truth is that every company that fails to appropriately manage governance and risk is in danger of a similar fate. For example, due to a lack of adequate fraud prevention procedures implemented throughout the organization, the Chicago nonprofit Center for Community Academic Success Partnerships was rocked by a devastating misappropriation of funds scandal.
In this fast-moving world, businesses need an approach that captures data, applies analytics, and allows professionals to make smart choices. At a time when there are more compliance challenges, more oversight issues and more disruption than ever before, it’s next to impossible to handle it all without dedicated software and technical tools – but fragmented solutions run the risk of creating additional miscommunications, leaving gaps in oversight or exposing vulnerabilities that can lead to devastating problems.
It’s not enough to build a disjointed program out of overlapping solutions, or a piecemeal process that leaves gaps unfilled. In a constantly evolving risk environment, companies need unified GRC software with a connected, comprehensive approach – a solution that can avoid pitfalls and separate signals from the noise.
That’s why we created the Diligent One platform.
The Diligent One platform is a purpose-built platform that applies analytics and automation to connect data and tools from across an organization to simplify and combine its GRC practices. It allows organizations to capture, analyze and report disparate data from any information source, automate controls, and continuously monitor risk and compliance. By bringing these elements together in one software solution, the Diligent One platform avoids the kinds of gaps and inefficiencies that create sudden and unexpected crises – and provides the information necessary for C-suite leadership to respond quickly and thoughtfully.
Of course, minimizing risk is only part of the bigger picture. Applying a comprehensive approach is also about seizing opportunity. That means establishing a detailed organizational view to hone and improve company performance, creating a contextualized picture of perception versus reality, and conveying a clear and concise story to the board. This approach enables board members to get clear and consistent insight into company performance and risk, extract key findings and monitor strategies, and stay ahead of evolving regulations around hot topics such as cybersecurity and environmental, social and governance (ESG) issues. By providing and contextualizing data from across the organization, the Diligent One platform allows GRC professionals to compete against their rivals and pursue bigger, bolder ambitions with confidence.
Here's the bottom line: At a time when risk is ever-present, when governance issues are top of mind, and when compliance failures can have catastrophic consequences, companies need a unified solution to mitigate risk and seize new opportunities. By using a platform that connects information across the organization, GRC professionals can avoid crises, strengthen their businesses and reach their potential.
Learn more about the Diligent One platform.
