NAVEX Launches Tailored GRC Solutions for SMBs Amid Rising Regulatory Scrutiny

NAVEX, a global leader in integrated risk and compliance management software, has announced a suite of solutions specifically designed for small and medium-sized businesses (SMBs) to establish and scale their governance, risk, and compliance (GRC) programs. This initiative responds to the growing regulatory pressures SMBs face, especially when partnering with larger enterprises or exploring growth opportunities like mergers and acquisitions.

With a client base of over 6,000 SMBs worldwide, NAVEX has utilized its expertise to tackle the unique compliance challenges these businesses encounter. A.G. Lambert, NAVEX Chief Product Officer, pointed out the complexity of global regulations for SMBs, using the EU Whistleblower Protection Directive as an example. NAVEX's solutions, such as WhistleB, offer features like report intake and case resolution, designed to be both user-friendly and fully compliant.

The timing of NAVEX's focus on SMBs is critical, as their research shows 42% of risk and compliance professionals in SMBs juggle additional responsibilities outside of compliance. This highlights a reactive stance towards risk and compliance in SMBs, often due to the perceived complexity and lack of dedicated resources. NAVEX warns that neglecting compliance can lead to severe repercussions, including fines and reputational harm.

For EU businesses with 50 or more employees, NAVEX's WhistleB solution meets the requirement for a confidential speak-up channel under EU whistleblowing regulations. The platform ensures reports are handled legally, featuring secure report intake and confidential incident management to foster trust in speak-up programs.

Beyond whistleblowing, NAVEX offers a range of tools to help SMBs cultivate risk-aware cultures, including compliance training and policy management. These resources aim to not only ensure regulatory compliance but also enhance employee engagement in GRC programs.

NAVEX has made its WhistleB system available for online purchase and provides additional resources like a Guide to SMB compliance, insights on cybersecurity risks, and an overview of the 2024 State of SMB compliance. As regulations grow more complex, NAVEX's solutions offer SMBs the tools to meet these challenges head-on, supporting their growth and success in a tightly regulated business environment.