GRC & Chill: Kickstarting Your Risk Management with Quantification
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Welcome to the first in our Partner Spotlight Series, where we let our partners describe their companies, backgrounds, and experience with LogicGate. First up is Rich Gearity, CEO of Agile GRC Solutions.
LOGICGATE: Can you provide a brief overview of your company and how you work with your clients?
RICH: Each of our company principals have been working within the GRC space since 2006, and each have more than 30 years of experience in Information Technology disciplines, including software development, architecture, UI design, business analysis, program management, and executive leadership. Agile GRC Solution’s consultants are senior-level GRC specialists, and draw upon a rich and varied background of industry, business unit, and GRC experience. The ability to speak the same language as the client—in terms of understanding the unique challenges inherent in that business unit, within their industry—while also bringing the real-world experiences of other, similar clients to the table, are the two key factors in gaining the confidence of the customer and ultimately being successful.
What sets you apart from other companies in your field?
Many of our competitors use junior-level personnel who have not had much experience in the business world. Our competitors do this because they can simply make more money off junior-level resources than senior-level resources, who command higher pay. However, while the vendor may make more margin off of these individuals, the client is the one actually paying the price. Here is why: these junior-level folks can tell clients how they can do something but cannot explain why they should do it—they simply do not have that strategic, real world experience to do so. We have that experience, which results in incalculable value for our customers in terms of a clear understanding of the impact of all decisions and the confidence that decisions will evolve and integrate smoothly as their ERM program scales in the future.
How do you see your clients’ needs evolving over the next year? Next 3 years?
We believe the face of the GRC software market is going to change significantly. Customers will re-evaluate their strategic priorities in terms of mitigating risk and review why they initially procured the GRC software they did. In many cases this is older technology, which is costly in terms of both customization services and ongoing maintenance. They will be questioning why they are spending so much financial and people capital on implementing and maintaining GRC software when their goal was simply to mitigate corporate risk. This re-alignment of priorities will be the impetus for companies to start looking at more agile, cost-effective GRC software—such as LogicGate—that has a lower cost for customization while also quickly delivering bottom-line results that align with their GRC mission. Total cost of ownership with regard to their GRC software will be the key determinant for companies going forward.
What trends have you noticed in the GRC market in the last few years?
Just like large companies, small- and medium-sized companies are realizing that they too have GRC requirements they need to address. Company size becomes irrelevant when talking about operational and financial risk and the need to recognize and mitigate those risks. However, small and medium sized companies have been largely shut out of the GRC solutions market due to cost. With more cost-effective GRC solutions—such as LogicGate—we see many of these companies embracing sound GRC practices going forward and using cost-effective, state-of-the-art GRC software to get them there. In addition, we are seeing large companies question their expenditures in bloated, cumbersome, outdated, and expensive GRC software technology. This is the core reason why these companies will reassess their original reasons for purchasing GRC software, and we believe that is going to be the impetus for these same companies to look for agile GRC software that is easy to configure and provides an immediate ROI.
What are the greatest pitfalls you see people face when tackling GRC processes?
What is the best advice you would give someone who is charged with leading a new ERM program?
Our advice is threefold:
Why did you select LogicGate as a trusted partner?
We evaluated many GRC software tools and after extensive research, LogicGate clearly emerged as the partner that made the most sense for us. This was based on the following factors:
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