Challenges with Legacy Governance Risk Compliance Tools

This eBook serves as a technical report that outlines the challenges organizations face with legacy Governance, Risk, and Compliance (GRC) tools. It describes how these tools, initially designed to simplify risk management, have instead contributed to increased operational friction and complexity. The report details the fragmentation of risk information across various systems, which complicates decision-making and erodes confidence in data accuracy. It highlights the significant costs associated with maintaining outdated systems, including an estimated annual waste of $370 million due to technical debt. The document also discusses the impact of artificial intelligence on GRC platforms, adding new risks and pressures. Furthermore, it emphasizes the need for organizations to transition from these legacy systems to more effective solutions that enhance clarity and operational efficiency. The report concludes by addressing the importance of traceability and streamlined processes in achieving confident governance.