Investing in a comprehensive Governance, Risk, and Compliance (GRC) software solution that centralizes your risk management, compliance, and audit functions and processes is an investment in your organization’s future. Businesses investing in integrated GRC software are better equipped to tackle the challenges of a complex risk landscape and unlock hidden opportunities in each. At Resolver, we are committed to providing a holistic risk intelligence platform to proactively manage risk, improve compliance and audit processes, and help businesses move faster to drive overall corporate performance.
But what sets Resolver apart? What concrete benefits can organizations expect when investing in comprehensive, integrated GRC software? And how do you, a hard-working GRC professional, build your business case to get buy-in and funding for a technology solution from your executives? In trying to help GRC functions better communicate the value of their efforts to their business leadership through risk data, we needed data and numbers that could help make your case for an integrated GRC software investment.
To answer these questions, Resolver commissioned Forrester Consulting to conduct a detailed Total Economic Impact™ (TEI) study. The study, based on real use cases and interviews with organizations that have implemented Resolver’s solutions, provides a compelling analysis of the economic impact that Resolver’s Risk Intelligence solutions deliver to GRC teams just like yours.
The power of integrated risk intelligence
The TEI study focused on our integrated GRC software, a comprehensive solution designed to streamline risk and compliance processes, enhance decision-making, and drive efficiency throughout an organization. According to the study, the key to Resolver’s success lies in our ability to provide better data for risk-informed decisions, which builds true risk intelligence across the three lines.
By consolidating all risk, compliance, and audit data within a single secure database, Resolver ensures that organizations have a wealth of centralized data that can be analyzed and understood in context. Crucial for risk, compliance, and audit decision-making, this integration allows organizations to assess risk properly in relation to controls, evaluate control effectiveness, and make data-driven decisions for incredible accuracy and efficiency.
We may be biased, but the results from Forrester’s TEI study are undoubtedly impressive. Organizations that implemented Resolver’s integrated GRC software experienced average savings of $1.59 million over three years. These savings were attributed to improved risk analysis and decision-making, time-saved building reports, reduced information request duplication (often known as “audit fatigue”), as well as a reduction in the frequency and severity of fines and reputational damage.
The benefits of investing in Resolver’s integrated GRC software
The TEI study not only quantified the financial impact of Resolver’s integrated GRC software but also shed light on various benefits that organizations can expect. Let’s delve deeper into these benefits:
1. Enhanced GRC efficiency and productivity
One of the standout findings from the TEI study was the significant increase in efficiency and productivity across the three lines. Resolver’s integrated GRC software streamlines processes, reducing duplication of efforts among risk, audit, and compliance teams. With shared lists of controls and a centralized document repository, teams can collaborate seamlessly, resulting in time saved and — by eliminating silos — strong, collaborative relationships fostered among all disciplines involved.
As the study found, implementing Resolver increased compliance testing efficiency by an impressive 75% and audit process efficiency by 30%. Many of the organizations interviewed reported being able to accomplish more with fewer resources and less manual effort, ultimately driving comprehensive risk intelligence and more value to their businesses.
Our automated reporting isn’t just a time-saver; it’s a game-changer! The Resolver customers interviewed for the study revealed a 95% efficiency in executive reporting. Resolver’s click-of-a-button risk reports nearly eliminate the substantial effort that risk analysts typically spend on quarterly data aggregation, analysis, and reporting. Imagine the possibilities when your team can focus on strategic tasks instead of manual data wrangling.
2. Substantial cost savings deliver 327% ROI
Resolver doesn’t just offer savings; it’s a financial powerhouse. The TEI study revealed that organizations implementing Resolver achieved significant cost savings, with an average of $1.59 million over three years. These savings can be attributed to various factors including improved risk analysis and decision-making, reduced time spent on report generation, and a decline in audit fatigue.
By eliminating inefficient and disjointed legacy GRC tools, organizations saved a substantial $190,000. But that’s not all – Resolver’s impact goes beyond the balance sheet, preventing a jaw-dropping $1.4 million in regulatory penalties and reputation risk. Additionally, organizations saw a reduction in the frequency and severity of compliance fines and reputational damage thanks to streamlined regulatory compliance management. By integrating regulatory compliance libraries (or RegTech) and automating workflows, teams are better able to stay on top of the volume of change in regulations and the resulting obligations. It’s not just about the money saved; it’s about safeguarding your organization’s future.
3. Better risk analysis & data-driven decision-making
Resolver’s integrated GRC software revolutionizes risk analysis and propels data-driven decision-making. By consolidating all risk, compliance, and audit data within a single secure database, Resolver ensures that data is centralized and readily accessible. Our solution also fosters increased engagement between the business and risk management programs thanks to user-friendly interfaces and streamlined, automated communications.
Additionally, as the TEI study proves, adopting Resolver’s comprehensive GRC solution can enhance organizational risk awareness and help to build your risk culture through improved data and granular reporting, empowering employees to delve deeper into risk impacts. Consolidated risk data and transparent reporting enable risk reduction by offering valuable insights into high-risk areas, enabling teams to focus efforts on priority areas strategically.
Moreover, our integrated GRC applications help promote better decision-making by providing enhanced visibility into risks associated with opportunities, enabling more informed, proactive, and strategic choices.
4. Improved communication and collaboration across lines
Effective communication and collaboration form the backbone of successful risk management. Resolver’s integrated GRC software facilitates seamless communication and collaboration across teams, dismantling the silos that often hinder progress. Teams effortlessly share information, insights, and updates, leading to better alignment and understanding.
Through shared document repositories and collaborative tools, teams work together towards common goals. The TEI study underscored the reduction in information request and audit fatigue and the simplified collaboration process delivered through Resolver as key drivers of improved communication and teamwork.
5. Increased visibility and insight into risk, compliance, and audit
Resolver’s integrated GRC software offers a robust vantage point into risks, controls, and compliance measures, revolutionizing how organizations oversee their GRC landscape.
Our GRC software comes equipped with intuitive, ready-to-use dashboards that empower organizations to craft bespoke, visually compelling summaries and overviews that focus on KRIs. These dashboards offer leadership and key stakeholders quick access to critical insights, facilitating well-informed decision-making. With this heightened visibility, organizations can proactively detect emerging risks, respond swiftly, and detect hidden opportunities.
Interviewees from various organizations attested that Resolver’s improved data quality and impactful reporting significantly enhanced their ability to pinpoint high-risk areas and prioritize risk mitigation efforts. To paraphrase a corporate risk manager in the financial technology sector who was interviewed in the study, “When data is elegantly presented in a graph, it becomes effortless to evaluate. We were able to identify those areas that ranked higher on the risk tolerance score matrix and subsequently channel our efforts into reducing them effectively.”
Tune into our upcoming webinar with Forrester on the Total Economic Impact™ of Resolver, where we’ll delve even deeper into the specific benefits of Resolver’s integrated GRC software to help you build your business case. In the meantime, if you’re ready to build your case for a GRC solution, we invite you to download the TEI Study here.