According to Ovum, enterprises should develop a vision of the benefits resulting from organization-wide adoption of an integrated risk management and compliance practices approach. It should outline which GRC functions to implement, future-oriented strategy, current capabilities, and impending change. Setting the business context Like many enterprises, a major US energy company faced the challenge of complying with a number of demanding and intersecting regulatory requirements. It strived to improve and refine GRC practices across the organization, ensure compliance framework integrity, and adhere to industry standards. Subsequently, top-level requirements for a services partner were established, including the ability to analyse current GRC processes and reform them. It was also essential to detail technical possibilities of automation using the RSA Archer solution.HCLTech presented a future-ready roadmap before the client initiated the implementation program, and simultaneously delivered inputs for resolving potential challenges. The client recognized HCLTech’s contribution towards effecting a 50% saving on the cost of the program. Further, the client categorized the major “soft” benefits as follows: 

Establishment of a “single version of the truth” of all risk and compliance-related information

• Integration of risk-related information 
• Implementation of best practices across a spectrum of functional areas
• Enablement of a program approach visibility
• Facilitation of an enterprise view of risk and the related management capability
• Automation and delivery of reduced inefficiencies
• Improvement of reporting capabilities and processes