Corporate governance, risk and compliance (GRC) is fraught with challenges for organizations operating today. It is important to have the transaction bank aspect on your side, that forms a key part of maintaining operational integrity and regulation compliance and can go a long way in preserving an organizations reputation. To address these challenges, businesses are increasingly adopting GRC tools which provide a systematic way of integrating governance, risk management and compliance processes. This guide will take you through everything a newcomer to GRC tools should know about them and how they can help businesses.Beginner’s Guide To GRC
What Are GRC Tools? Beginner’s Guide To GRC
GRC tools are software solutions that help manage the entire processes of GRC—governance, risk management and compliance in an organization. Instead of dealing these functions in silos, GRC tools provide a platform which can help organisation to approach all aspects of risk, compliance and corporate governance in an integrated manner.
Governance—This includes implementing policies and processes to make sure that the organization behaves in an ethical manner in relation to its strategic goals. Governance processes determine the decision-making process and accountability.
Risk Management: Skilled in identifying, assessing and weeding out risks that can harm the organization Such risks may be financial, operational, strategic or may even reputational.
Compliance: Compliance is for making sure that the organization complies with applicable laws, regulations, standards and internal policies. Through compliance management we avoid legal penalties, financial losses and loss of reputation.
Why Are GRC Tools Important?
GRC Tools are Essential as they allow businesses to leverage and operate under a structured framework required to handle the unique dynamics of governance, risk and compliance around it. However, with more regulations and faster pace of business, manual processes or disparate systems are far too often playing these roles leading to inefficiency, inconsistency and higher risk of non-compliance. GRC tools provide organizations the ability to: