Deloitte Consulting, Cisco Systems, SAP and the Open Compliance and Ethics Group have released a study indicating the dangers of fragmented approaches to governance, risk and compliance.
The study found that a lack of integrated efforts in those areas leads to compliance and governance failures. It also could increase the risks for the company.
"Companies are realizing they're approaching these issues too many different ways and in too many different parts of the business," said Lee Dittmar, a principal with Deloitte.
Eighty-four percent of the 250 organizations surveyed reported fragmentation in their activities and processes for governance, risk and compliance. Sixty-five percent said the fragmentation caused serious business problems, such as duplication of efforts, redundant solutions, higher costs and increased risk.
Seventy-five percent of the respondents said they would scrap their current programs and start over if possible. And 71 percent that acted on integrating the three areas saw benefits that met or exceeded their companies' expectations.
Deloitte is working with clients on taking a more integrated approach. "One of the things that our clients would like is to have a set of controls to meet most requirements, instead of a set of controls for one domain and a set of controls for another," said Dittmar. "It's not about whether you're in compliance or not. It's about looking for more efficient ways to do it."
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