Investment in Risk-Based Compliance Can Make GRC a Reality; SOX Efforts Pay Off Highlighted Links. Approva GRC Survey Results
The lack of a single point of ownership and accountability seems to be a major roadblock to a successful Governance, Risk and Compliance (GRC) strategy, but an overwhelming majority of public company executives remain committed to implementing a GRC plan in the near future despite organizational challenges. Approva® Corporation, the leader in continuous controls monitoring and audit automation software, recently conducted a state of the GRC industry survey to examine public companies' perception of the three-lettered acronym that is gaining traction in the boardroom. More than 200 respondents from publicly traded companies responded to the Approva GRC survey. Respondents included internal and external auditors, IT, finance and compliance professionals; with nearly 60% representing companies with one billion or more in annual sales.
As expected, lack of executive ownership, limited coordination among functional groups and pallid funding remains problematic. However, the majority of those surveyed have a governance, risk and compliance plan in place.
"Battle-worn from the years of implementing Sarbanes-Oxley programs, compliance groups now understand how to make governance, risk and compliance a reality out of existing and future investments," said Prashanth "PV" Boccasam, CEO of Approva. "The majority of the respondents are using or plan to use commercial software to automate compliance efforts and realize the value of extending corporate investment towards a well governed risk management process. Enterprises are now starting to understand that good governance translates into good business."
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