Businesses today operate in complex and highly dynamic global environments. Meanwhile, risk-management and compliance obligations continue to mount. New regulations and regulatory changes are coming from global regulators at a maddening pace. Companies must now comply with several new regulatory programs, including the Dodd-Frank Act, The Patient Protection and Affordable Care Act, as well as new bills to address cyber-security and data privacy, including the EU Data Protection Directive. In short, organizations face so many compliance governance, risk, and compliance challenges that they can barely keep up with them all.
Increasingly, companies are looking to technology, and more centralized, holistic solutions to meet their GRC needs. This IDC report discusses the top 10 governance, risk, and compliance challenges that organizations are facing and the technology-enabled solutions they are employing to effectively execute GRC objectives. Among those top challenges are: Managing the complexity of risk and compliance programs; aligning risk and compliance metrics and controls across functional domains; managing regulatory complexity to reduce the cost of compliance; protecting privacy, intellectual property, and sensitive company and customer data; and many others. The report also looks at some of the best practices and technologies to automate some risk and compliance activities and to streamline and integrate others.