What is GRC?
GRC is an abbreviation of Governance, Risk, and Compliance. GRC software and technology is a new and better approach towards compliance and regulations, one that proves beneficial for the organization when it comes to efficiency, competitiveness, and profitability. The GRC model aligns risk, compliance, and IT with the business goals of the organization. Governance, risk, and compliance are directly related to each other but were previously managed separately by organizations which resulted in a lot of conflicting requirements and inefficiency.
GRC is the realization that these three factors need to be aligned for an organization to truly succeed and create an efficient framework. GRC software brings all these factors together several different compliance, risk, and governance related functions within one system. This includes compliance management, risk management, regulatory change management, safety management, policy and procedure management, vendor management, Learning Management, Audit management, and many more.
The advantage of a unified system present in GRC software is that it allows management to ensure that the whole organization is moving in the same direction when it comes to governance, risk, and compliance, which results in higher efficiency and lower costs. GRC software includes full GRC solutions as well as individual GRC software tools.
Businesses need GRC systems implemented because of many challenges they face when these factors are managed manually
- Every department uses their own methodology for risk, compliance, and governance, which results in the creation of departmental silos in theorganization
- Every department uses their own methodology for risk, compliance, and governance, which results in the creation of departmental silos in the organization
- Since there is no central GRC system, there is no way for management to assess the risk and compliance status of the organization
- Important documents are spread out in different email threads, inboxes, computers, and files. When documents are needed it is difficult to determine which document is the latest version.
- Without a GRC system in place, there is no systematic management of audits, vendors, or policies
- Risks and compliance issues often go unnoticed and are only unearthed when an audit occurs
Benefits of GRC tools
- Automation based risk and compliance management GRC Tools ensure that nothing is amiss
- Lowers risk and compliance costs. Automation through GRC Tools means fewer labor hours, and constant vigilance by the system means fewer compliance violations
- Bringing all GRC concerns into one system allows management to manage everything at the same time
- The whole organization uses the same GRC tools and processes, allowing for easier cross departmental communication and data transfer
- Management has a holistic view of the whole organization’s risk, compliance, and governance issues in one place
- Reports can be automatically generated through the system with just a few clicks
- Document management ensures that every user has the same version of the file, and that files can be edited only by authorized employees
- Automatic alerts and notifications for risk, compliance, and much more.
Predict360, our GRC Platform
- Predict360 is a GRC platform comprising of many different modules which can be integrated or used separately
- Predict360’s GRC Platform has modules for compliance management, risk management, regulatory change management, safety management, policy and procedure management, vendor management, learning Management, Audit management, and more.
- All the modules can be integrated seamlessly, allowing for risk, compliance, and governance to act as one unit moving the organization forward
- Our Compliance Management module has been endorsed by the American Bankers Association
- The GRC Platform is designed specially to meet the needs of small to mid-sized organizations
- Modular and scalable – get it for one user or the whole organization, get the whole solution or just the module you need
Importance of Governance, Risk, and Compliance
Governance, Risk, and Compliance have always been important factors when it comes to managing an organization. Businesses have always had to ensure that their risks are managed, that they are complying with everything they are required to comply with, and that their governance is running safe and ethically. However, there wasn’t a lot that can be done when these were managed manually. Organizations knew that governance, risk, and compliance could be better, but they didn’t have the tools to do so. This wasn’t a major issue because the pace of business was slower back then. GRC solutions were not easily accessible for small to mid-sized organizations.
The scenario changed with the rise of IT. Over the past decade every major organization in the world has started investing in GRC solutions. The speed at which regulatory changes occur has increased. Businesses also operate at a much faster pace now thanks to robust communication through technology. The manual means of managing risk, governance, and compliance can no longer keep up with the pace of the business environment.
That is why GRC solutions are so important. Organizations that do not have a governance, risk, and compliance system in place are slower and more inefficient than organizations that do. This is why it is of paramount importance for all organizations to explore their GRC needs and look for solutions which can help.