I’ve frequently commented on the artificiality of the emerging software category of governance, risk and compliance (GRC). The term is used to a cover a combination of what were once viewed as stand-alone software categories, including IT governance, audit documentation and industry-specific compliance management, to name three examples. While it’s still common for specific types of software to be purchased piecemeal by different departments, these disparate areas have started a long convergence process. Since just about all controls and risk management efforts require a secure IT environment to be effective, there is a growing interdependence between effective IT governance and everything else connected with enterprise GRC.
Topics: Performance Management, Predictive Analytics, Governance, GRC, Operational Performance Management (OPM), Management, process, Analytics, Business Performance Management (BPM), compliance, finance, Financial Performance Management (FPM), Risk, financial risk management, IT risk management, operational risk, Sarbanes Oxley, SOX
One of the most important trends in business over the past 20 years has been the broadening use of information technology to manage and support activities. In the early decades of business computing, companies developed islands of automation for largely numeric functions such as billing, inventory management and accounting. Each ran on a proprietary system and engaged the time of a relative handful of employees. Today, just about everyone works with an IT system for at least some of their operational or administrative tasks. They rely on these systems to support many of their daily routines, from recording transactions to using analytics to provide alerts, insights and decision support.
Topics: Performance Management, Predictive Analytics, Governance, GRC, Operational Performance Management (OPM), Management, process, Analytics, Governance, Risk & Compliance (GRC), Business Intelligence (BI), Business Performance Management (BPM), compliance, finance, Financial Performance Management (FPM), IT Performance Management (ITPM), Risk, financial risk management, IT risk management, operational risk