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GRC Technology Fundamentals

In: Commercial Banking Risk Management

Author

Listed:
  • Jeff Recor

    (Grant Thornton)

  • Hong Xu

    (American International Group)

Abstract

As the use of technology has started to gain traction in addressing risk and compliance needs, the selection of which use cases to deploy and in what order takes on new importance. Three important elements are often considered when selecting a governance, risk management, and compliance (GRC) use case. First, how that solution can be leveraged by other parts of the organization; second, how to select the right fit for the GRC technology platforms; and third, the governance requirements for managing the immediate and future growth of the use case solutions. In this chapter, we explain all key elements to implement GRC technology successfully. We discuss how a GRC technology solution could be selected, covering the important considerations we have seen organizations utilize, including an example scoring approach.

Suggested Citation

  • Jeff Recor & Hong Xu, 2017. "GRC Technology Fundamentals," Palgrave Macmillan Books, in: Weidong Tian (ed.), Commercial Banking Risk Management, pages 333-392, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-59442-6_15
    DOI: 10.1057/978-1-137-59442-6_15
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