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GRC Solutions report reveals insights to risk management industry

Liam O’Brien from GRC Solutions

GRC Solutions report reveals insights to risk management industry

At the RMIA 2014 National Conference, we had the opportunity to speak with Liam O’Brien from GRC Solutions, an eLearning and Policy Management firm from Brisbane.

This year, GRC Solutions conducted a survey on members of the Risk Management Institute of Australasia (RMIA).

GRC then published an “Inaugural Risk Management Survey Report” which outlined some interesting trends in the risk management field.

Importantly, 92% of the 100 participants had a risk management framework in place.

Some of the more negative findings showed that 20% of respondents had more than four methods of measuring risk.

This highlights a great opportunity for vendors to streamline risk management practices as to ensure they are as effective as possible.

Interestingly, 18% of those surveyed believed their platform was ineffective or ‘bad’.

GRC hope that this report will act as a catalyst for organisational change and as they continue to review similar practices, to watch the improvement over the next few years.

Other additional findings in the report include;

  • 41% of organisations had no interaction between policy and risk systems
  • 39% said their compliance learning did not include their risk management policies
  • 22% had no compliance learning program.

The report emphasized the need to improve systems and consulting functions to implement effective risk management framework in organisations.

Written by Rod Farrar