GRC implementations increase compliance levels, lower risks, and make businesses more effective. While it is easy to see that GRC software has brought improvements to the way the business operates, assessing the benefits in an objective, quantified manner often remains an elusive goal. That is why it is important to create metrics that can be easily quantified and tracked.
Creating the right metrics allows management to assess the benefits provided by the GRC implementation and also helps discover areas where the GRC implementation is not delivering results. The key to getting the right results is choosing the right metrics. Businesses need to find the metrics that serve their own needs the best. There are some general metrics which are useful for every business, but different industries and regions may need some unique custom metrics to properly track GRC performance.
See our recent post GRC Based Risk Mitigation Strategies.
Tracking the Time It Takes to Resolve Issues
Mean time to resolve is a very useful metric. Your business simply needs to track the time that passes between an issue being discovered to when the issue has been resolved. GRC technology are designed to help your business be more efficient in resolving governance, risk, and compliance issues. If the mean time it takes to resolve an issue is not drastically reduced after the implementation of the GRC solution, the solution is not delivering you the promised results.
If you are not getting the results you should, you will need to investigate the problem. There are a lot of different domains where the issue could be. It could be an issue related to technology – maybe the GRC software is not performing as it should. It could be an issue of culture – maybe the employees are not using the GRC solution because they do not want to change the way they work. It could even be a training issue – maybe the employees do not know how to properly use the GRC solution. Only an internal audit software will be able to discover why your GRC solution is not helping your employees resolve issues at a faster pace.
Tracking the Time Between Compliance Violations
GRC solutions do not just help your business catch issues, they also help ensure that those issues are eliminated at the root level. This metric is very easy to track. Management simply needs to track the total number of compliance issues that have been detected during a comparable time period. If your GRC system is performing as intended, you will see a noticeable drop in the number of compliance violations occurring during the noted time period.
If your GRC solution is not reducing the number of compliance violations that occur, it could point to many different possible issues. It is possible that your GRC implementation was not deep enough, and while it may help in resolving issues and collaboration, its monitoring capabilities are not properly integrated in your business processes. Stopping compliance violations requires constant monitoring and intelligent parsing of data and information.
Tracking Audit Performance
Audit management systems are an integral part of GRC. GRC solutions increase both the pace and the efficiency of audits. GRC systems provide a centralized location for all governance, risk, and compliance data and information. This collection is immensely helpful in internal audits as it allows internal auditors easy access to all the documentation and data which they need to perform the audit. Holistic GRC solutions like Predict360 also have specialized audit management and collaboration features, which further enhances the productivity of auditors. There are two different metrics which should be tracked for audit performance – the total number of audits that take place and the time it takes to complete an audit.
If you want a GRC solution that can deliver you the results your business needs without causing any financial strain on your organization, Predict360 is the solution you are looking for. The cloud based GRC tools has been designed to be easy to implement and afford and is known for its efficiency. You don’t need to take our work for it – get in touch with us and we will demonstrate the solution and provide you a trial month so you can assess the solution yourself.
About the Company
360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.