PwC’s Integrated Risk Technology (IRT) Framework outlines the key components for tech-enabling modernized risk management programs - including, and beyond, enterprise Governance Risk & Compliance (eGRC) technology. From risk vision and strategy through to the people and change management required to drive change and deliver value to the organization. Follow this series to learn more about PwC's perspective on IRT and what we’re seeing in the marketplace; and to take a deep dive into the different areas of the framework.
An abundance of data, emerging technologies and ever growing complexity in the business landscape are forcing organizations to rethink how to modernize their risk management to keep pace. And while it’s not the only component of modernization, a large part involves designing and implementing Integrated Risk Technology which includes eGRC that enables risk and compliance functions to work in concert to proactively manage risk and achieve strategic business objectives.
Let’s face it — organizations no longer rely on one technology to enable all of their risk programs and processes. Most companies have moved from a single system of record to an IRT ecosystem, which includes and goes beyond enterprise GRC technology. While the goal is the same — a complete and relevant view of governance, risk and compliance across the organization that provides insights to inform business decision making — the journey to accomplish this looks different.
Managing an IRT ecosystem is a whole new challenge — as if managing one tool was not hard enough. So think about your risk programs and the multiple interconnected technologies that make up your ecosystem. Do you have your blueprint? What needs to change to more effectively govern the ecosystem? And what resources do you need in order to capitalize on the power of the data within the ecosystem and deliver valuable risk insights to your organization?