So long, silos?
Posted on February 23rd, 2010 by Katina »Permalink
KPMG International has published interesting findings from a global study of nearly 550 executives – the majority of whom (some 64%) cited bringing GRC efforts together as a priority for their businesses.
In the press release on the survey, KPMG’s John M. Farrell, its GRC Service Network Leader, does a good job of detailing why – explaining that as regulations have added many layers of compliance processes to businesses, businesses are struggling to keep up with new processes and requirements across various business functions. And the release and survey make a good case for integrated GRC efforts that bring those functions together instead of piecemeal measures in various silos.
But despite the enthusiasm for eliminating dreaded silo syndrome, we’ve got a ways to go in making the case with business leaders on the full value of GRC and CCM investments. According to the full survey, only 39% of respondents believe that convergence helps improve overall business performance, and an even smaller percentage sees GRC spending as an investment, rather than a cost of doing business.
As we’ve been saying for quite a long time now, one of the best things to come of increased regulation is automation of business processes that improves efficiency and helps the bottom line even as it keeps the regulators at bay.
Meeting compliance requirements and reducing risk provide invaluable benefits to businesses, and addressing those concerns is of critical importance. But we as an industry need to do a better job communicating the power that complete CCM initiatives hold for breaking down operational barriers and flagging potential issues and inefficiencies across functions.
Stay tuned in coming weeks as we work to do our part on that one. It’ll be good (and you won’t have to take our word for it).
March 4th, 2010 at 5:44 pm
[...] we keep saying — with apologies for the broken-record resemblance, but this is important – truly complete [...]