At face value, an enterprise risk management (ERM) and governance, risk and compliance (GRC) software solution appears to be a costly investment because it doesn’t directly relate to revenue-generating activities. As many companies must justify committing to an investment, demonstrating the potential return on investment (ROI) for ERM/GRC to seasoned leadership teams is essential.
So how can an enterprise assess ROI to prove the benefits of ERM/GRC solutions?
To effectively consider risk as an enterprise-wide function, an ERM/GRC automation tool is needed that can drive business efficiency and resilience. Procipient® does that and more as it provides opportunities to deliver ROI by helping your organization implement ERM/GRC best practices.
Building a Risk Threshold with ERM/GRC
Hiring more staff to manage risk can be costly, and experienced risk management professionals are in high demand. Putting the responsibility for risk management on managers and department heads can be cumbersome and often results in isolated risk silos.
A common solution is to combine data from various existing systems and reports in an attempt to create an enterprise view. A more effective solution to this challenge is to support a company’s risk needs with purpose-built ERM software that features a flexible, intuitive and comprehensive risk framework.
While a company implements a robust ERM/GRC program, it should be easy to integrate standardized processes to support compliance. This ensures that GRC activities are carried out in all business units and are integrated into the company’s sustainability framework.
A drastic overhaul requires commitment at all levels of a company, but enterprise-wide solutions can save time, improve decision-making and reduce stress in the future and prove your investment even more profitable.
How Procipient® Can Provide ROI for ERM/GRC
One way to maximize ROI is with Procipient®, the next-generation ERM/GRC software. This SaaS solution allows you to realize a return more quickly than traditional solutions through its ease of use, as it has pre-built enterprise risk templates and configurability which enable implementation in less than 90 days, compared to the industry average of two years.
By simplifying ERM/GRC with Procipient®, your enterprise produces effective and sustainable results. Procipient® can continually empower your enterprise to anticipate, respond and adapt to risk and compliance concerns.
Realizing both ERM and GRC work together through risk-centric and data-grounded practices can prove out ROI results. For a deeper dive into how an ERM/GRC platform can produce ROI for your organization, or to help convince your peers and fellow leaders in your company, download this whitepaper.
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