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GRC Tools - Fragmented Governance, Risk, and Compliance Efforts Can Thwart Achieving Business Goals

Fragmented governance, risk, and compliance (GRC) thwarts business implementation

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Survey Reveals Fragmented Governance, Risk, and Compliance Efforts Can Thwart Companies From Achieving Business Goals

OCEG Survey Shows Business Leaders Seek and Value Integrated GRC

Most companies acknowledge the high cost and risks of fragmented "governance, risk, and compliance" (GRC) efforts, yet few have taken action, according to the 2007 Open Compliance and Ethics Group (OCEG) GRC Strategy Survey.

"The survey revealed a higher degree of dissatisfaction and pain associated with current GRC approaches than we expected to find," said Lee Dittmar, a Principal with Deloitte Consulting LLP, a primary sponsor of the survey. "However, while respondents recognized the need to reduce unnecessary complexity and better integrate their risk and compliance needs with mainstream business processes, a relatively few have taken action to address the problem."

The key findings of the 2007 OCEG GRC Strategy Survey include:

  • 84 percent reported fragmentation of GRC activities and processes.
  • 65 percent claimed fragmented GRC caused serious business problems through duplication of efforts, redundant solutions, higher costs, and increased risk.
  • 75 percent would scrap their current programs and start over if possible.
  • 71 percent that acted on integration opportunities realized benefits that met, or exceeded company expectations.
"Organizations want and need comprehensive frameworks and enterprise solutions to address governance, risk, and compliance challenges," said Scott Mitchell, OCEG Chairman and CEO. "This survey supports what we have learned from members of the OCEG community over the past several years. It is this demand that has driven OCEG's work to develop the OCEG Framework and extensive database of guidance, standards, and resources. We expect the other parts of our 2007 benchmarking series (still in progress) to provide additional insight about how organizations are addressing risk assessment, training, and other key GRC capabilities."

Approximately 250 organizations from more than 15 countries, representing a broad range of industries, participated in the OCEG survey sponsored by Deloitte Consulting LLP, SAP, and Cisco.

For more on the survey's key findings, please go to www.deloitte.com/us/GRCStrategyStudy. To receive a copy of the report, please go to www.oceg.org/view/GRCStrategyStudy.

About OCEG

OCEG is the only nonprofit organization offering comprehensive guidance, standards, benchmarks and tools for integrating governance, risk management, internal control and compliance (GRC) processes. Our unique platform and organizational structure helps you take advantage of contributions from thousands of experts and companies - many of them just like yours. Our guidance, benchmarking, custom tools and communities of practice help you drive principled performance(TM). www.oceg.org

Edited by Carolyn Allen
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