A GRC system is an integrated framework that helps organizations manage governance, risk, and compliance. It ensures that policies are followed, risks are identified and mitigated, and compliance with regulations is maintained.
- Governance Features
- Centralizes policies and procedures, ensuring they are up-to-date and accessible.
- Tracks organizational goals and performance metrics to align with strategic objectives.
- Goal-setting and alignment with strategic objectives.
- Central repository for all organizational policies.
- Automated alerts for policy reviews and updates.
- Key Performance Indicators (KPIs) tracking.
- Meeting management and resolutions follow-up
- Maturity Tracking and assessment
- Dashboard for real-time performance metrics.
- Risk Management Features
- Framework for identifying and categorizing risks.
- Risk scoring and prioritization based on impact and likelihood.
- Identifies and evaluates potential risks that could impact the organization.
- Develops strategies to minimize or eliminate identified risks, ensuring business continuity.
- Development of action plans for risk mitigation.
- Real-time reporting of incidents and near misses.
- Root cause analysis tools to prevent future occurrences.
- Continuous monitoring of identified risks.
- Automated alerts for changes in risk status.
- Dashboard for visualizing risk exposure over time.
- Compliance Features
- Database of applicable regulations and standards.
- Alerts for changes in compliance requirements.
- Mapping of regulations to internal policies and procedures.
- Monitors changes in laws and regulations, ensuring the organization remains compliant.
- Evaluates adherence to internal policies and external regulations through regular assessments.
- Conducting self-assessments and audits.
- Action plans for addressing compliance gaps.
- Integration and Collaboration
- Offers a unified interface for accessing all GRC functions, improving efficiency.
- Seamlessly connects with existing IT systems for enhanced data sharing and analysis.
- Implements role-based access controls to ensure security and proper access to sensitive information.
- Benefits of GRC
- Provides insights that support informed decision-making at all levels.
- Streamlines processes, reducing duplication of efforts and improving productivity.
- Proactively identifies and addresses risks, safeguarding organizational assets.
- Ensures adherence to regulations, minimizing legal and financial penalties.