According to a new survey sponsored by SAP AG (NYSE: SAP) and conducted by nonprofit think tank OCEG, efforts to integrate governance, risk and compliance (GRC) capabilities are on the rise. The efforts are also leading to business benefits, including lower costs, better understanding of performance and increased confidence in GRC.
More than 500 global companies representing a wide range of industries participated in OCEG's 2012 global GRC Maturity Survey. The survey assessed management and benefits of integrating GRC capabilities in order to provide information that organizations can use to build a business case for improving their approach to GRC.
"The most striking finding in the survey is that 90 percent of those that took steps to build a GRC strategy have met their expectations in the outcome they had from integrating governance, management and assurance of performance risk and compliance," said Carole Switzer, president, OCEG. "Furthermore, 17 percent say their expectations were exceeded — a huge number for such a complex process."
This research study is conducted every two years. This year more than 60 percent of those surveyed were C-suite executives or board members.
"The survey results signify the business benefits of integrating risk and compliance programs," said Kevin McCollum, head of Governance, Risk and Compliance Solutions, SAP. "Compared to businesses without GRC strategies, those that do have a GRC framework integrated across departments are better able to meet their key business-critical objectives with a stronger ability to identify and understand their risks."