What 2011 Holds in Store for Your GRC Program – Five Predictions | Prediction #4

Chris Noell

What does 2011 hold in store for your GRC program? My first three predictions were:

Prediction #1: Greater Focus on Risk Management Capabilities
Prediction #2: Redeployment of Internal Resources
Prediction #3: Self-Service for Greater Efficiency

Read below for my fourth prediction for 2011 GRC programs.

Prediction #4 | Increase Use of Contract / Vendor Management

As regulatory requirements expand, usage of the ‘cloud’ and SaaS technologies grows, and the number of obligations imposed by business partners increase, 2011 will show that leading organizations will need to utilize an enterprise-wide vendor risk management process and control library.  I believe we will see an upward trend in organizations using standard vendor assessments and leveraging industry frameworks, such as UCF, BITS, and HyTrust.

Come back on Tuesday, December 21, 2010 to read my final prediction for 2011 GRC Programs.