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Everyday organizations make countless business decisions aimed to boost organizational performance. Unfortunately, most of these decisions are made without knowing the real tradeoffs against risk exposure. GRC solutions enable organizations to leverage the knowledge of risk to optimize performance and investment decisions. Organizations on the leading edge of connected governance, risk, and compliance rely on comprehensive technology to meet the needs of all GRC stakeholders. Purpose-built to handle the diverse requirements of internal audit, internal controls management, risk management, policy management, legal, and compliance professionals, the GRC solutions should be designed to encompass documentation and workflow, regulatory news and information, global compliance screening, board management, and regulatory disclosure.
When implementing a Governance, Risk and Compliance (GRC) solution, many organizations suffer from compliance “silos”, in which information relating to risks and controls is distributed across the organization, resulting in outdated information, redundant activities, and excessive costs. An effective enterprise GRC solution should empower your organization to implement consistent, efficient and sustainable processes for managing the lifecycle of corporate policies and objectives, analyzing and managing risks to your business, and demonstrating compliance. With the right solution, you should be able to automate, measure, validate and report at every step of your GRC initiatives, ultimately reducing costs and increasing transparency enterprise-wide.
So how does an organization decide whether the benefits of implementing a GRC solution outweigh the cost? Here are some things to consider:
- Minimizes risk. Every business, no matter what the size, has risks. Anytime human beings perform manual processes, there is a risk of something being done wrong—either accidentally or on purpose. In a privately held company, those discrepancies are potentially more devastating than they are in a public company. They are also much more personal. A GRC solution mitigates that risk by automating and regulating business processes. It can assure that all work is performed properly by refusing to allow completion of the process if the prescribed procedure is not followed.
- Tightens up business processes. When a business first starts out, all the rules and business processes are generally laid out and closely followed by everyone who works there. Over time, however, as the business expands, the processes tend to expand along with it. Different people have different ways of working and will tend to do things in the way they are most comfortable—even if it conflicts with the organization’s best practices..
- Improves change management. Anytime there is a change, it is important to document it to be able to trace back through any later problems. Yet, documentation is often the bane of an organization—something people know they should do but often put off in the interest of more urgent matters. GRC solutions automatically create the documentation for any changes, assuring that there is always a current and accurate record of every process from inception on.
- Helps drive innovation. By automating tedious but necessary manual processes, GRC solutions free up those resources, allowing more time to drive innovation and to help the organization gain a competitive advantage.
- Increases agility. GRC solutions help regain and even increase their agility, making them more competitive even in the face of factors they cannot control (such as the economy).
- Eliminates costly, repetitive tasks in the enterprise resource planning (ERP) landscape. By their nature, ERP systems have many repetitive tasks. An example could be something as simple as provisioning new users into the system. This is normally a manual task that takes time away from more important work. Yet, it is also the foundation for everything else that user will do in an ERP system, so it is important that it be done quickly and accurately. GRC solutions can automate the process of enrolling users, with the appropriate controls and audit trail to assure everything is spot-on.