VANCOUVER June 2, 2021 – Galvanize, a Diligent brand and the global leader in SaaS governance, risk, and compliance (GRC) software, today announced new findings from a national survey of GRC professionals that position the 2020s as the decade when the GRC industry embraces advanced technology. The data uncovered a strong post-pandemic push toward the adoption of cloud-based technology and revealed the critical value GRC professionals bring to the C-suite, as well as the top concerns from, and the evolving role of, GRC professionals. The results were released at HighPoint, the GRC industry’s premier event.
As the GRC industry escalates implementing advanced technology, Galvanize announced an update to its flagship cloud-based HighBond platform. HighBond now uses machine learning, artificial intelligence, and robotic process automation to monitor risks and recommend new controls in near-real time, in addition to built-in cognitive capabilities and predefined solutions with configuration flexibility.
The need for this intelligent integrated platform is supported by the results of the newly released report, which assessed the views of GRC professionals and non-GRC professionals in related fields. It found that nearly half of GRC professionals (45%) are still using Microsoft Office tools to manage critical programs and documents.
However, there’s a light at the end of the tunnel: although only 30% of GRC professionals currently use cloud-based technology, 41% of survey respondents say they are planning to adopt it. Additionally:
- 53% of GRC professionals say that, while their organizations now perceive them as being more valuable, the volume and scope of their workload has drastically increased, and resources continue to shrink
- GRC software protects against increased workloads—only 39% of users reported an increased workload, which is far less than those who rely on Microsoft (61%) or on multiple point solutions (89%)
- 63% of GRC professionals who use integrated technology have complete visibility into the risks faced by their organizations and how those risks tie back to their work; that’s twice as many as those who use Microsoft Office
“Much like we saw in the Roaring ‘20s of 100 years ago, the biggest post-pandemic concern is a return to the new normal,” said Dan Zitting, CEO of Galvanize. “The fastest route is through technology—especially for the GRC industry. The data shows indisputable benefits: more visibility into risk, decreased workload, and more efficiencies. It’s promising to see the strides GRC practitioners are taking to implement cloud-based technology so they can maintain their position as strategic advisors to their organizations.”
To read the full report, go to: http://wegalvanize.com/grc/the-technology-turning-point-for-grc-professionals
Survey insights were collected by Galvanize through a Researchscape survey fielded between April 23 and 26, 2021, among 213 respondents in the US and Canada. Of these, 105 were GRC professionals and 108 were non-GRC professionals who worked in a related department.
Galvanize, a Diligent brand, is the leading provider of award-winning, cloud-based security, risk management, compliance, and audit software for some of the world’s largest organizations. The integrated HighBond platform provides visibility into risk, makes it easy to demonstrate compliance, and helps grow audit, risk, and compliance programs without incurring extra costs. More than 6,300 organizations in 130 countries rely on HighBond to meet their objectives, including many Fortune 1000 and S&P 500 companies, and hundreds of banks, manufacturers, and healthcare and government organizations. Whether managing threats, assessing risk, measuring controls, monitoring compliance, or expanding assurance coverage, HighBond automates manual tasks, blends organization-wide data, and broadcasts it in easy-to-share dashboards and reports.