StandardFusion, a cloud-based GRC platform, is proud to announce its recognition in Forrester’s Now Tech: Governance, Risk, And Compliance Platforms, Q2 2021 report. The report, authored by Forrester senior analyst Alla Valente, is available for purchase and to Forrester subscribers.
Why Deciding on a GRC provider is Hard
There are several fundamental problems GRC professionals face when deciding on a GRC software vendor, market fragmentation being one of them.
GRC software was traditionally available only to the largest companies because of its cost and unique specialization. Today, there are hundreds of tools that claim to offer all or part of a GRC solution. Determining which solution may work for your needs is made even more problematic when there is a lack of transparency during the sales process. At times, customers can find themselves deep into their buyer journey without having a price quote or hands on experience with the product.
Choosing a vendor can be grueling enough that many companies end up not deciding at all and instead push back their implementation timelines. Unfortunately, the longer the delay, the more difficult the implementation.
Managing GRC inherently entails managing how employees follow processes and procedures. This is all done to enable the company to adhere to regulations which require what are known as ‘controls’, essentially checks-and-balances that make sure the company is compliant. An example of a control could be that every employee with access to sensitive customer data has undergone a background check.
The number of controls continues to grow and there is a lot of overlap between different regulations. It’s estimated that the average cost of adhering to federal regulatory compliance in the US is $10,000 per employee. This can seem high, but pales in comparison to the cost of non-compliance which could be upwards of $14.8 million. With millions on the line, the stakes are high when it comes to deciding on a GRC software vendor.
Co-founder & CEO, Mirek Pijanowski, agrees.
“StandardFusion was born out of necessity. While implementing compliance programs in a previous role, we were condemned to managing everything using spreadsheets and calendar reminders – a system that doesn’t scale and isn’t sustainable. We know it is a system that many organizations still use today because, as we found, there were no better options. Everything we found was unattainable for an organization of that size either due to cost, complexity, or both. Fast forward several years and here we are, with one of the leading GRC platforms available today working with organizations around the globe”.