Governance, Risk and Compliance (GRC)
GRC Eliminate barriers to enhance risk management and bolster compliance throughout the organization. Many businesses face challenges in handling risk and compliance due to the limitations of isolated work models, which struggle to adapt to the ever-changing landscape of modern-day business. Governance, Risk, and Compliance module offers a solution by establishing a comprehensive risk management framework that seamlessly brings together Information technology, corporate operations, and security, uniting them all on a single, cohesive platform
Unique advantages of Governance, Risk, and Compliance (GRC).
Acquire real-time insight
Set up real-time business and IT service performance data, pinpoint vendor requirements for automated controls testing, and establish thresholds for continuous extended enterprise monitoring.
Enhance the efficiency of internal audit operations
Leveraging risk data and issues management facilitates the efficient scoping, planning, and reporting of audit projects, leading to resource optimization for internal audit and compliance functions
Enhance strategic planning and decision-making
Through in-depth business impact analysis, streamlined task management, and contextual alignment with the Configuration Management Database (CMDB) on a unified platform, offering cross-functional visibility for identifying, prioritizing, and effectively addressing risks
Automation for third-party risk management
A structured vendor risk assessment and categorization process, enhanced visibility, and transparency result in time savings and decreased vendor risk leading to improved compliance and security
Key Elements of GRC
Risk Management
Risk management involves identifying, evaluating, and responding to potential events by analyzing data collected from across your entire business network to gauge their probability and potential impact on your operations. It also entails promptly addressing significant shifts in your risk profile.
Policy and compliance management
Policy and compliance management involves streamlining the lifecycles of best practices, integrating compliance procedures, and offering guarantees regarding their efficiency through automation
Audit Management
In the realm of audit management, one can scope and prioritize audit projects by leveraging risk data and profile information. This approach aims to eliminate repetitive audit discoveries, boost audit confidence, and efficiently allocate resources for internal audit activities.
Vendor Risk Management
Vendor risk management entails establishing a consistent and transparent procedure for overseeing the entire lifecycle of risk assessments, due diligence, and risk response when collaborating with business partners and vendors.