From loss of trust to brand damage, the cost of non-compliance and governance failures are high. Meanwhile, technology continues to fall short of compliance needs, confronting organizations with a wide range of issues every day. In Comsensure's recent infographic, they break down the current GRC landscape and the true cost of non-compliance.
Since GRC is a complex business, version control and data integrity issues can result in costly mistakes and even an organization’s failure to achieve its central GRC mission. Without a robust risk management system in place, companies across industries are experiencing significant errors in audits and assessments managed by disparate spreadsheets and outdated compliance systems.
While over 60% of businesses say they do not have an effective risk management system in place, and 42% say their current GRC systems require significant improvements, it’s clear an absence of a core culture of compliance can lead to a failure in organizational process and insight.
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