Key Challenges Facing GRC in Healthcare

Governance, risk management, and compliance (GRC) is a contact sport – and many organizations are afraid to get in the game because they fear getting hurt. Overcoming this fear is key to unlocking the value that GRC can bring to your organization.  In the end, a proactive GRC program can help protect patient safety and care operations, and is a critical part of any healthcare delivery organization’s (HDO) cybersecurity effort.

Here are four key challenges faced by healthcare organizations when it comes to GRC:

1. The Fear Factor
   GRC is often seen as a negative, punitive function that only gets brought in after something has gone wrong. This couldn’t be further from the truth! GRC should be seen as a positive, proactive force that can help organizations avoid problems before they happen. If done correctly, GRC can help HDOs manage and accept more risk to drive the business forward.
2. Lack of Automation
   Another common challenge faced by healthcare organizations is the lack of automation when it comes to GRC. This can lead to cumbersome, manual processes that take up valuable time and resources. Financial services organizations have been leading the way on GRC automation, thanks to the pressure of avoiding audits and reducing the pain of manual auditing processes.
3. Making the Case for GRC
   Investing in GRC can be a hard sell for some organizations, but it’s important to remember that businesses grow and change over time. What might not be a risk today could be a major issue down the road. Just think about how different the business landscape looks now compared to 10 or 20 years ago! As technology evolves and new regulations are put in place, GRC will become an increasingly important part of doing business.
4. Elevating Enterprise Risk Management
   Finally, healthcare organizations should view GRC as a means to elevate enterprise risk management (ERM). Too often, ERM is siloed within individual departments with little coordination between different functions. By integrating GRC into ERM efforts, organizations can gain a more holistic view of risk and make more informed decisions about where to allocate resources.

Conclusion:

Governing risk effectively has never been more important for healthcare organizations. By understanding and addressing the key challenges facing GRC today, you can set your organization up for success in the years to come.

Join Censinet and Renee Murphy principal analyst at Forrester Research for our next webinar on Healthcare GRC on Monday, November 21, 2022 at 12PM ET/ 9AM PT. Sign up today!