Part 8. Platform Ecosystem
Choosing a GRC system is like buying a house.
The house itself has to meet your needs first and foremost; the right number of rooms, outdoor space, plumbing, central heating, working boiler. However your neighbourhood will also be a key consideration. What are your neighbours like, is the area well connected, is it accessible?Shared services such as your nearest shops, local hospital and neighbourhood watch matter; they will form part of your day to day experience living in that house.
Similarly, when considering cloud-based GRC systems, it is important to evaluate the platform on which they are built and delivered. GRC systems need to be supported by their wider ecosystem, their ‘neighbourhood’ to ensure your organisation continues to take away as much value as possible from its investment, as it evolves over time. GRC solutions that live in isolation, commonly depreciate over time as they become less integral to your business’ processes and ultimately, less usable in the long term.
A GRC system is only as good as its platform. Why? Because, like every organisation, it doesn’t work in isolation. To deliver value and be relevant to your organisation your GRC system needs a flexible foundation that grows and continuously meets your needs.
What makes a good platform?
- Accessible to business users: An open platform - one that is open to new ideas that enable Risk and Compliance professionals to make the system work for them and their organisation without having to rely on IT support.
- Integration: The platform should be inherently designed to integrate with other third-party solutions to ensure your business systems work coherently and avoid data silos.
- No language barriers: Multi-lingual support breaks down the language barrier with overseas divisions or subsidiaries.
- Support: Platform specialists, training and support services can be a much-needed additional resource.
- Collaboration: Platform providers have embraced the idea that collaboration is key to continuous innovation. Social and mobile tools enable your team to monitor risks and business developments in a way that suits them.
- Flexibility: Flexible, user-friendly tools enable Risk Managers to configure workflows and automate approval processes to ensure that reports are always supplied to the people that need them.
- Shared Resources: A shared platform means shared infrastructure, so you can easily add more users on to the system if required. Furthermore, industry standard security, maintenance and upgrades can also be taken care of.
What do you think makes a good platform? Share your thoughts below...