Insights into the use of Governance, Risk and Compliance (GRC) technology solutions in the Belgian market
of Belgian companies are using a dedicated GRC tool today
agree their GRC tool efficiently supports their periodic user reviews & monitoring of SoD risks
have access procedures over their GRC tool in place
of SAP GRC implementations have been supported by an external consultant
PwC Belgium conducted a survey to gain insight into Belgian organisations' maturity on the use of GRC technology. The results of this survey show the evolution in the Belgian market since the previous survey, which was conducted by PwC Belgium in 2013. At the same time it benchmarks Belgian organisations with the global trends.
96 organisations located in Belgium of various sizes across more than ten industries were surveyed on GRC tool implementation. We looked at if, when and why they used GRC technology and the advantages it offers.
Managing governance, risk, compliance and security continues to be a challenge for most organisations
Regulations and security threats are constantly evolving. Managing governance, risk, compliance and security continues to be a challenge for most organisations. With increasing compliance requirements, organisations are seeking to reduce cost and increase value derived from investment in control processes, people and technology.
GRC tools offer non-negligible advantages in the form of reduced costs, increased efficiencies through automation and minimised errors resulting in greater compliance. The results of our study show that Belgian companies have made efforts to implement dedicated GRC tools but are still behind compared to their global peers and competitors.
We see an increase in terms of number of companies using GRC tools and in terms of functionality. However, as these technologies evolve, your organisation must ensure your tools continue to adequately manage risk, including detecting and protecting against cyber threats.
A dedicated GRC solution should be an essential component of any company’s risk and control structure. Those companies relying on outdated or manual tools leave themselves at a distinct disadvantage in the face of their competitors.
Partner, PwC Belgium
Tel: +32 47 326 9227