Create a Data Archiving Strategy for Your GRC Software

It's a fact: the costs of storing data in an active GRC database are growing. The solution? Move some of this data to a comprehensive data archiving strategy. Sure, you sleep soundly every night knowing that the data in your GRC software is secure and that you're in compliance. But that comfort is soon derailed when you have to dodge the CFO in the hallway to avoid uncomfortable questions.

Archiving your GRC data can help reduce the cost of maintaining regulated data while keeping it private and compliant. Compelling findings in the IDC whitepaper: "Re-Discovering the Archive" show that:

  • 53 percent of companies report data archives saved $1 million or more over the past year in terms of risk mitigation/avoidance of litigation; 21 percent report savings exceeding $10 million.
  • 44 percent of companies report data archives saved $1 million or more by reducing operational or capital costs; 18 percent report savings exceeding $10 million.

The GRC Team: Are They On Your "A List?"

Once you've decided that archiving your enterprise's GRC data is the best solution, start assembling a team to work with an experienced data-archiving vendor.

It's essential that you include any stakeholder in your organization who's involved in governance, risk management or compliance in this GRC cloudand tape archive process from day one. Leaving key stakeholders in the dark leads to complications later in the process.

When governance, risk management and compliance stakeholders are involved from the beginning, they can:

  • Ensure adherence to all compliance and regulatory policies
  • Identify potential risks
  • Brainstorm solutions to regulatory challenges

Including GRC-related colleagues in the planning of the entire data archiving process, from design to finished product, can reduce costs, increase compliance and mitigate risk. It's an all-around win.

Keep Your Data in the Right Hands

Offsite cloud and tape storage with a trusted partner makes great legal, strategic and financial sense. What's more, the benefits of such an alliance extend well beyond the savings you'll accrue by moving data from your GRC software. Specifically:

  • Data integrity. No one can revise or delete archived information.
  • Enhanced security. Reporting and compliance documents are safely stored offsite.
  • Consolidation. All documentation resides in one place for future audits.
  • Access control. Your data is safe from prying eyes.

Cloud archives provide the same level of access protection and record keeping you'll find in leading GRC software. However, the archive allows quick access by authorized users, who may need to review it in case of litigation.

You have the tools you need to build a data archive for your GRC software. Take action right away and you can breathe easy knowing that your data is secure, your company is in compliance and you can walk the halls with confidence, knowing the CFO will thank you for cutting company costs.

Learn more about how to Bring Your Data Archive Potential Into Focus with the latest study from IDC, sponsored by Iron Mountain.

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