What is “governance risk and compliance management”? How can this new management system help you and your business? What does each element mean to its overall advantage?
What Is Governance Risk And Compliance Management?
Three elements compose this, namely, governance, risk, and compliance. This is also called as ‘GRC’. This concept has come until the year 2007.
This is a new management system that combines these three key elements altogether. Which affects the processes of departments in a company.
Three Keys to Help You Understand
- Corrects the ‘silo mentality’. This leads departments in a company cache information and resources.
- The GRC System is merged into departments. As a result, encourages more efficiency.
- Governance Risk and Compliance Management aims to mitigate risks. Also, minimizes costs and redundancy of work.
Understanding The Three Key Elements
GOVERNANCE- This is also called ‘corporate governance’. What is this about? This is about how the company is governed. Moreover, this includes the system of rules, policies, and practices.
RISK- or also known as the ERM, or the ‘Enterprise Risk Management’. From the phrase ‘risk management’, this speaks how the company deals with the risks. Includes the development of strategies of identifying, assessing, managing, and controlling the risks. In addition, this aims to mitigate the impact it will bring on finances.
COMPLIANCE- it is the process of ensuring legal practices are followed in the company. Moreover, this concerns the following:
What are the laws that apply to the company and its employees? Is the business running in an ethical manner?
Introducing The GRC Software
Governance risk management and compliance software (or GRC Software). It is a set of tools that aid in business processes.
For example, the software automates routine auditing. And also, the compliance processes. Moreover, this helps in the reduction of fraud.
Consider what a GRC Software can do:
- It can monitor the user’s access. It can even notify the management when an unauthorized user gains access.
- Identify and label a suspicious activity.
- Maintains audit logs.
- Generates reports for auditing and risk analysis
- The compliance team can make use of the GRC software. Especially, in monitoring how the company does in compliance with the laws.
Top GRC Solutions
Here’s a list of top compliance software.
- Standard Fusion– designed for businesses of all sizes. This simplifies the work of Governance Risk Management and Compliance.
- Soterion– this is best for SAP businesses. Especially, for those specializing in security and risks.
- IBM OpenPages– This tool bridges operational risks, compliance, and policy. It also includes IT governance and internal audit.
- ServiceNow Governance Risk and Compliance- Incorporates risk management, compliance activities, intelligent automation. Aids in your cyber business processes.
- SAI Global Compliance 360- This is an Enterprise Risk Management (ERM) software. It identifies the gaps and detects threats early. Moreover, this tool can help your team to quickly act on appearing risks.
Governance Risk and Compliance Management. It is a modern way of addressing your company’s needs. It ranges from security to governance. Even into the company’s compliance with the law.
Having this method in one’s business surely aids in security and efficiency.