4 Steps to Successfully Automate your GRC Functions

“Can you really Automate GRC?”

The answer is, YES.

KPMG did a research that shows most of the regulatory compliance is done in silos. Imagine having 10 different functional departments managing compliance, utilizing multiple tools. If these departments are using different tools, this only means that there are multiple groups of people managing the business processes through these multiple tools.

Can you imagine the cost it brings?

The best way to cut down the cost and to address the problems is through automation. By using a single platform that integrates the systems and processes of the organization.

How to Have a Successful GRC Automation:

Know the needs of your business – Before going into automation, you need to know the needs of your business – what are your business goals and the needs of your stakeholders. To manage your regulatory requirements, you will need a regulatory compliance software that is sophisticated and scalable and will also allow you to dynamically manage the regulations that apply to you.

Determine the size and complexity of the automation – The overall objective of GRC software automation is to contain compliance costs. The GRC requirements for an Oil & Gas company are different from the GRC requirements for a Power & Utilities company. Governance Risk and Compliance are three different areas but can be integrated and aligned using a single framework towards a common goal.

Choose a GRC framework that doesn’t operate in a silo – A unique risk-based methodology for decision making is needed, and the integrated approach to GRC means breaking down the silos in the organization for a risk-based decision making. Compliance management software integrates your regulatory change management which enables you to manage behavioral risk and audit gaps as a result of regulatory changes to prevent your organization from over and under complying.

Identify which processes should be automated and which ones should remain as manual processes – Not all processes can be automated. Gathering of regulations, translation of the regulations and standards, staff translations and subject matter expertise are still going to be a manual process. Once you have identified the risks in your organization, the importance of subject matter experts will come into play and that cannot be replaced by technology.

 

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