Diligent Q&A – Introducing Renee Murphy
Today we are thrilled to welcome Renee Murphy to team Diligent! Renee is a former Forrester analyst, where she spent the last 10 years focused on the governance, risk and compliance (GRC) market – simply put, she is one of the premier GRC analysts and thought leaders. We recently sat down with Renee to discuss her new role at Diligent, the current state of the GRC technology market and what she’s most excited about as a member of team Diligent.
What attracted you to Diligent? What differentiates Diligent from others in the market?
First, I couldn’t be more excited to be joining Diligent right now! I have been guiding the GRC market for the last ten years and the environmental, social and governance (ESG) market for the last three, keeping a very close eye on the software in these spaces – their capabilities, target audiences, the value they bring to users and their organizations. So how lucky am I that I get to join the team that is responsible for all the GRC software I love best and has the most potential to be disruptive?!
What attracted me most to Diligent – aside from the enthusiasm and dedication of the team – is the platform vision and strategy. The combination of incredibly talented technologists and developers and rich and extensive data sets – all of which is substantiated by compelling thought leadership – is the special sauce that makes Diligent the leader in GRC software.
What excites you the most about joining the team?
I really admire the teams’ dedication to their platform vision and the customers that rely on Diligent’s solutions to create more resilient organizations. Their commitment to their customers – and the ability to be part of that customer journey – really excites and energizes me! Our goal of providing the only GRC platform to deliver automated analysis of virtually any data, reduce manual work, build actionable insights and continuously monitor results will save our customer both time and money.
I believe Diligent is uniquely positioned to usher in the digital transformation of compliance. The rest of the business has been going through digital transformations for years – now is the time the GRC industry started leveraging data as risk intelligence. We have the opportunity to, in one big push, get rid of spreadsheets and make a tremendous impact for our customers.
How has the way companies approach risk evolved in recent years?
Ten years ago at Forrester, we surveyed the Fortune 500 asking how mature their risk management programs were. The majority of companies were at a 2.5, meaning they talked about risk management but didn’t have a mature program. Now, ten years later, most are sitting at a 3.5, meaning their risk programs are well documented, they have leaders in charge of running these programs and they are measuring some metrics, but not a lot. Their data is in manual spreadsheets.
The only way to get from a 3.5 to a 4 is software. Organizations need the tools to streamline data collection, better categorize risk, and systemize reporting to feed up insights through a platform to executives and the board.
If you don’t really want to know what’s going on in your organization, spreadsheets are perfect, because you have a mountain of data in front of you but it’s impossible to make sense of it. If you want real insights, and the agility to respond to risk quickly, you need analytics and you need a platform to provide an integrated view of risk and report on these risks clearly and consistently.
What are some of the most pressing risks facing organizations today?
Systemic risks. External forces like supply chain, economic uncertainty and geopolitical risk are putting a ton of pressure on boards and CEOs — all of this is going to come to a head, and none of it is going away anytime soon. Moreover, systemic risk is one you can’t control, so it requires a lot of agility to manage.
That said, the biggest risks out there that companies are not paying enough attention to are the ones right in front of them — what they are selling. As companies focus on operational, legal and strategic risk, sometimes sales, marketing and reputational risk can get lost in the mix. Are the products you’re selling in-line with your sales and marketing tactics? Have you considered the downside risks of a sales engagement? What happens when you start breaking rules internally and you’re in trouble with regulators? These things have the power to blow up an organization’s reputation while management is busy focusing on things like AI and geopolitics.
Tell us about your role at Diligent and what you’ll be focused on?
I will be representing Diligent in all manner of content creation, events and analyst relations. I will also be lending my expertise to help our teams tell the Diligent story and help customers understand their needs and how we are uniquely positioned to help them. This role requires a lot of passion, a lot of insights and a lot of listening. I’m incredibly excited to spend time talking to our customers, and can’t wait to meet many of them in-person at our annual Modern Governance Summit in September!
