Your organization is in urgent need of a new Customer Relationship Management (CRM) software solution to manage increasing customer data and interactions. Due to the urgency, the procurement team is under pressure to make a quick acquisition. A vendor approaches your organization with an attractive offer that promises to meet all your requirements at a competitive price. The team is tempted to skip the usual vetting processes to expedite the acquisition. Risks: Security Risks: The software could have vulnerabilities that expose your organization to cyber threats, including data breaches and unauthorized access. Compliance Risks: The software may not be compliant with industry regulations or standards, putting your organization at risk of legal consequences. Financial Risks: Hidden costs or unfavorable contract terms could result in unexpected financial burdens. Operational Risks: Poorly designed or buggy software could disrupt business operations and lead to inefficiencies. Consequences: Data Breach: Sensitive customer data could be compromised, leading to reputational damage and potential legal action. Regulatory Fines: Non-compliance with industry regulations could result in hefty fines and legal scrutiny. Resource Drain: Unplanned costs and resource allocation for mitigating issues could strain the budget and derail other projects. Operational Inefficiency: Time and resources may be wasted in troubleshooting and fixing software issues, leading to operational inefficiencies. Stakeholder Impact: Board of Directors: Will question the governance and risk management practices in place. Customers: Loss of trust and potential churn. Employees: Decreased morale and increased workload due to software issues. Shareholders: Potential decrease in share value due to reputational damage and financial loss. Given your expertise in Governance, Risk, and Compliance (GRC), skipping the vetting process would be a significant oversight that could lead to multiple types of risks, including security, compliance, and operational risks.