Ideagen

GRC Solutions are Mission Critical as Regulation Complexify

“I think it was Oscar Wilde who said, ‘the only certainties in life are death, taxes and in my world – regulation’, so as the world continues to evolve, we see evermore complex challenges for our customers with evermore regulation,” said Ben. “Although the customers are feeling the pinch, I think we are very fortunate as we have managed to rise above that, and we are still viewed very much as a mission-critical purchase for many of our customers.”

All-Time-High Damages from Breaches

Now more than ever, supply chain disruptions can create lasting financial and reputational damage. In a recent study published by Ideagen on quality, most respondents were able to talk in detail about quality incidents that occurred even a decade ago – underscoring the potential risk of such an event for a company. “We think that this is being recognized, especially now that supply chain is very much on the chief executives’ desk,” said Ben.

Taking the Reins Over Risk Management

Managing regulatory compliance is no longer a rote exercise. “Let us be very honest and frank about it: What was a tick box exercise maybe a decade ago where organizations would do it because they had to do it… we are certainly seeing now that organizations are doing it because they know that it delivers a better outcome for their customers and for their core business activity,” said Ben.