Hi All,
In today's blog, we are going to discuss about Intergrated GRC Software – Regulatory Requirement & its Business Benefits and i appreciate if anybody gets some time to comments over this blog. Thanks and cheers.
The increased regulations and past experiences of share and stakeholders require organizations to keep special attention on Enterprise, Operational, Technological and Financial risks and to manage them properly. Since technology these days is playing a pivotal role in every field so it is inevitable to use technology in the management of risk, compliance, controls management, IT governance and internal audit. The features offered in these GRC solutions include alerts and notifications, management of compliance and controls documentation, Business workflows and notification engine and Reports and Analytics.
Leading GRC solutions in the market delivers many Business benefits which provide perfect ROI (Return on investment) such as fulfilling reporting requirements on regular basis, managing bulk of data, monitoring and testing of controls for compliance, executive dashboards for custom, flexible searching, Business process workflows and performance management.
Multinational organizations or companies with several branches can get great benefits from these GRC solutions since they can have general and specific risks and several different branches of a business can subscribe to general risks defined as benchmarks/frameworks/best practices in a GRC central library/repository and can define their own as well which surely eliminate duplication of efforts, miscommunication and inconsistent processes.
There are different Continuous Controls monitoring (CCM) solutions which offer monitoring of financial transactions, filter data and provide notifications on different transactional issues. These CCM solutions can integrate with the existing financial systems running in the organizations but do not replace GRC because they do not offer the core GRC features such as compliance documentation management, Business process workflows and controls and risk management.
Since these GRC solutions offer automation of Business workflows hence they save time and cost plus they provide report templates for recursive reports which are required by different regulations. Many GRC vendors offer their solution in a ‘SaaS’(software as a service)/ on demand subscription based model which eliminate the extra burden of application deployments and management.
