Why Automate Your Governance Risk and Compliance (GRC) Functions

The world of GRC is ever evolving. With many organizations being heavily regulated, the idea of staying compliant with changing regulations, and policy & procedures is an on-going challenge. Almost daily one can come across a news item informing us of penalty or fine imposed on companies which are negligent in staying compliant with the ever changing sea of regulations. How to overcome this ordeal seems like an impossible task, however, with the growing trend of having the GRC functions automated such issues can be addressed easily.

GRC refers to taking an integrated, enterprise-wide approach to Governance, Risk Management, and Compliance:

Governance – Corporate governance consists of the set of processes, customs, policies, laws and institutions affecting the way people direct, administer or control a corporation. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the corporate goals. The principal players include the shareholders, management, and the board of directors. Other stakeholders include employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large.

Risk management is the process of identification, analysis and assessment of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.

Compliance – An organization’s process to ensure adherence to the policies, procedures, laws, and regulations by its employees and agents.

It is human nature to fear what they don’t know or understand. While there are many automation software options available in the market, organizations are reluctant to convert from the conventional way (managing on spreadsheets in silos) due to lack of knowledge, information and exposure to automation tools and applications.

Ultimately, an integrated GRC platform based on artificial intelligence facilitates a more effective allocation of resources, resulting in improved business performance over the longer term. To achieve these results, it is essential to align risk and compliance practices with strategy-setting and performance management.

How can we help? 

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship operational risk management software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform. We also offer consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management.  Its Managed Services incorporate outsourced risk and compliance services using Predict360.

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