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September - 2016 issue

Compliance in the Future

By Vignesh Anantharaj

Technology today forms an integral part of anybody’s compliance program for its ability to make the solution perform more efficiently and intelligently. But the problem arises when long term issues need to be taken care of in the current situation. How can technology be built in a way so as to augment real labor is a question at the back of every CIOs' head!
However the right GRC solution can only provide good accessibility to available IT assets. It is capable of allowing users to detect vulnerability and other security data. Today, instead of sorting through raw data from scanners, GRC platforms are able to correlate with third party vendors and to help identify the right priorities for the right data sets. Implementing a strong compliance program has always been an integral part to the success of companies operating in emerging markets such as India. Leadership and direction settings are always necessary for success, but the organization also requires a robust governance approach that incorporates the requirements of external markets as well as a strong internal focus.

Although global compliance has become imperative for companies across the world especially in sectors such as Banking, Financial Services, and Insurance (BFSI), energy and utilities, biotech and Pharma, Information Technology (IT) and telecom, Asia Pacific countries such as India have a more advanced, view of GRC where companies have a more clearly articulated strategy when it comes to implementing GRC solutions.

To make the GRC solution effective, different business roles must share information and work in conformity. Conformity is a vital GRC concept where different teams need to cooperate, collaborate, and share, to create a big picture of GRC and make sure the organization is properly governed. The simple four step process that can be followed by enterprises is to i) Identify the risk and react ii) be aware of risks and anticipate the worst, while hoping for the best. iii) Integrate and collaborate through perfect streamlined processes, and iv) Aggregate and have a prioritized view by managing key performance Indicators.

For enterprises looking for the perfect GRC solution that can Increase visibility, Reduce costs, Drive compliance and manage change, CIOReview brings to you the 20 most promising GRC companies in India. These companies were not only chosen for their disruptive brilliance, but also for their knack at handling situations with tact and acuity.

Do let us know what you think.