How Automated Risk Software helps Startups challenge global firms

There has never been more innovation in our economy than right now, especially in high growth a areas like FinTech, Health Tech and even space tourism. Smart driven entrepreneurs are disrupting markets with great products and services that consumers love and queue up to try.

But in areas like financial services it is no as simple as having a good product or service, because of the sheer weight of regulation and compliance, a startup must deal with. This serves to protect Goliath and hold back David’s innovation in their quest to make life better for ordinary consumers.

It is hard to know the exact scale of this barrier, as many businesses and entrepreneurs give up before they even start. – often because of a conversation with an industry veteran that goes something like this.


“So, you want to be a banker, kid? You think it’s easy, right?

You’re one of those FinTech Hotshots aren’t ya punk?

*Have you even thought about the cost of P01NTless certification??

“Just go home kid, I need to do real work”


So in reality, this is much closer to a parody of straight to DVD film than it is to the reality of running a startup and working with established banks or any other big corporation in 2021.

But the problem is real, no matter whether it is talked about politely, professionally or after watching too many episodes of Mad Men. Because while technology has opened up new opportunities for innovation and competition, the barriers are huge in certain sectors. These are often the areas most desperately in need of competition and where there is the biggest potential benefits for consumers.

Real vs Perceived Risks

A good idea, even a great one driven by passionate leaders with industry experience, can fall at the first hurdle. It could be because of very real challenges, but very often it is just the fear of those challenges, of the unknown. Dealing with governance, risk and compliance issues often seem overwhelming, and getting reassurance from lawyers can quickly make it not worth it for an entrepreneur – or not even possible

Luckily, there are ways to manage these risks, both for tech startups and for any small business trying to grow in a stable, managed way. With the right, advice and the right tools for the job, it is possible to turn good ideas into a successful, profitable business.

Why are Governance, Risk and Compliance so important

What separates great leaders and gives dynamic businesses an advantage over the established firms is execution.

Every business has a product and every startup has something unique to offer. But the best technology and coolest ideas will never make it to a customer if the business isn’t run properly and the risks are not managed well.

How to run a successful FinTech Startup

There are 3 things that every startup and business needs to be successful and disruptive in an established market like healthcare, financial services or government, IT service contracts.

  1. Governance
  2. Risk
  3. Compliance

This is known as GRC. When a business is doing these things well, you barely notice them, especially not if you are a customer.

But when they go wrong, the whole world knows!

Think about the last corporate scandal you saw in the news? We can think of a few but, because of our own GRC processes, we won’t mention any names here!

But there are a few types of corporate scandal that always seem to make a splash in the news.

  • Big data breaches
  • Accusations of fraud
  • Regulatory Investigations
How firms benefit from good Governance, Risk and Compliance

It is possible to survive 1, maybe even 2 scandals for a company that is truly global with decades of strong performance and that is a household name. For startups and innovative challengers, the risk of never recovering are extremely real.

When something goes wrong at a company, people lose their jobs, investors get spooked, and the business enters a downward tailspin of criticism, fines, sanctions, and financial losses.

As customers leave in anger or fear, revenues drop and many firms never recover.

The good news is that almost all scandals in recent years could have been avoided.

Unlike the innovative ideas, great products and high-level services startups are known for, getting GRC right is not about changing the world.

  • Good GRC is about doing the little things right, day in and day out.
  • Good Governance means people are watching out for anything that could be illegal, immoral or not fair for the customers.
  • Good Risk Management  means everyone knows what is happening both inside and outside the company so that plans can be made to identify, handle and minimise the costs and impact of anything that starts with

“What if this happens”

Good Compliance means everyone is committed to working hard to achieve their own goals and those of the company. To play by the rules, you have to know the rules of the game and stick to them.

Managing risk in a dynamic high growth business

Innovation is about moving fast, which means sometimes things go wrong – the ‘break stuff’ part of Facebook’s famous culture during the early years.

It is easy to think that focusing on good GRC will be bad for innovation and at worst, stop it dead in its tracks.

In reality, the opposite is true!

Businesses that have good GRC are also the most successful. This is true in every sector and also across the entire range of businesses – including tech startups.

The truth is that GRC is not one thing and good GRC will be different if you’re a small agile startup or a big Global Bank operating in different markets

On a practical level, implementing the types of processes and policies big banks and corporations have would be impossible for a startup. It would also not be an example of ‘good’ GRC –  it would be terrible.

Having both co-founders sign a purchase order and fill in a technology onboarding request form when they want to use Slack, to message each other, is clearly ridiculous.

But, it does make sense at a company with thousands of employees operating in different markets with a complex technology infrastructure that costs millions of pounds in lost revenue when it goes down.

GRC is all relative, and that is where firms like us can help with the technology and tools you need to deliver great GRC for your firm, no matter what stage of growth a business is at.

The role of Automated Risk Management Software in GRC

While Compliance and Risk Management policies are more often the butt of jokes than poster child for tech and innovation, it truly doesn’t represent the reality. There is a huge amount of innovation in Governance Risk and Compliance services that is making it easier for small businesses and innovative startups to make better decisions.

Our software platform is designed for ordinary people and gives your team the tools and information at the right time to make the right decisions for your business. Good GRC is the backbone of any company, as it protects you and your company from getting sidetracked or derailed, so you can focus on what you do best.

It also doesn’t have to be expensive! Startups and other dynamic small businesses face the same range of challenges, which is what our software helps you to navigate daily.

Most of all, using regulated, approved software developed by experts give you the peace of mind to succeed

Further information can be found here or you can contact us directly here.