6 Ways to Make GRC Work When Budget is Tight

Concerned about the state of the global economy? You’re far from alone. Historically high inflation, snarled supply chains, and a potential recession looming on the horizon (which some experts say now has a 96% chance of happening) have just about everybody worried. Accordingly, organizations of all sizes are taking measures to ensure they’re able to ride out this storm.

In practice, that translates to risk leaders suddenly having fewer resources to manage the same—or, more likely, an even higher—amount of risk. Fortunately, there are plenty of steps you can take and tools available to both stretch available resources and maintain your organization’s security.

These six tips will make sure your GRC program keeps humming through these economically trying times.

1. Prioritize, Prioritize, Prioritize

No risk leader wants to leave their organization exposed in any way, so the tendency is to invest a little bit in a lot of areas with the hopes that your GRC program will cover all the bases. But when resources are tight, you’re better off focusing most of them on the most critical risk areas. That way, your spending will have the biggest possible impact.

This starts with a holistic understanding of your organization’s risk and its GRC needs. An early-stage startup, for instance, may not actually need a GRC program as robust as that of an enterprise in a highly regulated space like health care or finance.

Once you have the full picture, you can flag high-priority areas, set goals for the year, and design a

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