The Compliance Space Race

Compliance is entering a new era of competition and innovation

“It is imperative that we recognize today’s successes as a milestone toward advancing GRC maturity. This enables the organization to achieve greater efficiency, effectiveness and agility in broader business operations.”
—Michael Rasmussen, Chief GRC Pundit – GRC 20/20

Last week, GRC 20/20 announced its annual GRC Innovation Awards, which recognize GRC solutions that are revolutionizing the Governance, Risk Management and Compliance (GRC) market.

Awards like this are critical because they show how compliance is coming out of its antiquated and siloed past, and merging with the digital present.

We at Convercent were honored to receive two of the thirty-three awards given out this year, for our work in User Experience. Our Predictive Analytics solution was recognized for a superior design in the Issue Reporting & Management segment, and our Disclosure Manager in the Compliance Management segment.

One small step for man…

Though smaller in scale (and budget, thankfully), the compliance space race isn’t unlike the 20th century version. The competition for supremacy compelled massive innovation still being felt today.

As a result of the race technological advancements sprang up and the market benefitted from innovation and integration. The same applies to the changes we’re starting to see in the compliance space: competition is forcing GRC providers to consistently up their game.

Technological advancements lead to greater effectiveness and efficiency. In the compliance universe, this means a better ability to understand and influence good corporate behavior, while proactively reducing the likelihood and fallout from bad behavior. Talk about a giant leap…

The implications of higher expectations enabled by innovation

Awards like GRC 20/20’s serve to promote advancement in compliance. By raising awareness of the latest innovations available to compliance, these designations encourage compliance teams to push their vendors for enhanced capabilities—and force compliance technology providers to follow suit or risk being left behind. The market reaps the benefits of elevated expectations and standards for the products they use, and the value they offer.

We at Convercent believe in the critical nature of compliance, not just to avoid lawsuits and investigations but to create more ethical, stronger companies. Moreover, we believe that progress has been limited by “innovation stagnation.” Complex requirements can’t be met with primitive solutions, and for too long compliance has been stuck using yesteryears’ technology.

Forward-looking plans can’t be made when you’re working with backwards-looking data. In a world that’s changing more quickly by the day, compliance must be armed with the tools and the resources to be highly responsive, agile, and proactive.

Going boldly into the future

This is an important conversation to be had in the compliance space as the CCO continually strives to advance compliance throughout their organization, in the executive suite, and in front of the board.

We applaud GRC 20/20 and its 2015 GRC Innovation Award recipients for continuing to question the status quo as they strive to implement the latest innovations. Every small step we take to improve the way things are done behind the scenes is another giant leap forward for this critical business function.

You can read the full press release on Convercent’s awards on our website. A full list of award categories and recipients can be found on the GRC 20/20 blog.