Evaluating Governance, Risk, and Compliance Solutions

This whitepaper evaluates the decision-making process for organizations considering Governance, Risk, and Compliance (GRC) solutions, specifically the choice between building an in-house system or purchasing a purpose-built platform like Connected Risk by Empowered. It outlines the increasing regulatory requirements and operational risks that necessitate robust GRC solutions. The document details the advantages and challenges associated with both approaches. Building a GRC solution in-house offers customization and control but entails high development costs, extended deployment timelines, and ongoing maintenance burdens. Conversely, Connected Risk provides a modular, scalable platform that can be deployed rapidly, with lower total cost of ownership and built-in security features. The paper emphasizes the importance of evaluating time to value, integration capabilities, and long-term maintenance when making this critical decision. It concludes by suggesting that while a custom-built solution may suit some organizations, the benefits of a purpose-built platform like Connected Risk often outweigh the costs and complexities of in-house development.