John Wheeler, the founder of Atlanta-based consulting firm Wheelhouse Advisors (wheel houseadvisors.com), has spent a lot of time the last few years thinking about how knowledge management solutions can support the governance, risk and compliance (GRC) efforts of financial services firms. As a consultant, Wheeler has seen financial organizations continue to spend more money on GRC than they should, because of inefficient, manual processes. Several years ago, as SVP of SunTrust Banks' (suntrust.com) Financial Reporting Risk Management Group, he began the effort to integrate GRC systems. At SunTrust, Wheeler and his colleagues recognized the need for a solution to help with Sarbanes-Oxley controls. One mistake Wheeler sees executives make is leading with the software as a focal point and then painting themselves into a corner with it. The new regulatory requirements of legislation such as Dodd-Frank bring attention to GRC and that is good, but focusing just on regulatory compliance may not be the best approach.