Governance, Risk and Compliance Survey Pinpoints Keys to Operational Success | AccountingWEB

Governance, Risk and Compliance Survey Pinpoints Keys to Operational Success

Results from a recent survey, by Axentis and the Open Compliance and Ethics Group (OCEG), pinpoints key technology considerations in developing and implementing successful and sustainable governance, risk and compliance (GRC) initiatives.

“GRC processes impact all large corporations regardless of their industry or geographic location. Effective management of these mandates, whether Sarbanes-Oxley or COBIT, will greatly determine the ongoing success of each organization,” Ted Frank, president of Axentis and co-chair of the OCEG Technology Council, said in a prepared statement. “The results of this survey strongly indicate that companies with comprehensive plans of attack and competent, dedicated personnel are better positioned to manage these dangerous waters and achieve superior overall performance.”

Key findings from the survey include:

  • More than 50 percent of those surveyed have not implemented a GRC roadmap.
  • 58 percent of participants having a roadmap in place stated that their compliance needs were being met, while 85 percent of those without a roadmap felt their compliance needs were not being satisfied.
  • Among respondents having an assigned information technology (IT) resource specifically to GRC, 70 percent said their needs were being addressed, compared to the 71 percent of those lacking an assigned IT resource, who stated their needs were not being adequately addressed.
  • A distinct correlation exists between program success and the percentage of applications utilized for GRC management efforts. Practitioners with 50 percent or more of their applications being GRC-specific achieved a 100 percent positive response to meeting compliance needs.

“This survey is part of OCEG’s unceasing effort [to] help organizations fully understand the steps that must be taken to effectively manage GRC applications and achieve a sustainable compliance program,” Frank added. “In the future we will introduce additional surveys, the results from which will be dedicated to answering other key questions and providing guidance to all issues GRC-related.”

Complete results are available on the Axentis website.

Axentis is a leading provider of on-demand GRC management solutions the empowers companies to turn GRC initiatives into better business performance and competitive advantage.

OCEG is a not-for-profit consortium of some of the most respected companies, non-profits, business leaders and academics in the world that provides the framework for integrating GRC management and integrity into the tangible practice of everyday business.

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