GRC stands for governance, risk, and compliance. It is an organized approach to aligning IT with business objectives and managing an organization’s overall governance, enterprise risk management, and compliance with regulations. A flexible GRC strategy benefits companies in improved decision-making, elimination of silos, increased IT investments, and reduced fragmentation among divisions. GRC can be implemented regardless of an organizations size and type. A GRC framework in companies defines measurable that highlight the leadership, organization, and operations of the firms’ IT areas to ensure that they support the company’s strategic common goals. A GRC technology solution enables companies to create and coordinate policies and map them to regulatory and internal compliance requirements. These cloud-based solutions introduce automation for increased efficiency and reduced complexity. There are multiple GRC technology solutions available in the market, but GRC is more than just a set of tools. It aligns a company’s IT operations with the business goals, and it ensures that the risk associated with the organization's activities is identified and addressed, and then it ensures that organizational activities are operated in a way that meets the laws and regulations impacting the system.
Integrating a GRC software solution in companies requires risk and controls assessment. The organization should have adequate controls in working condition and controls should be added if necessary. GRC tools used by companies bring the responsibility for evaluation and remediation of controls back to the process owners. These tools result in significant cost reduction. A GRC Technology solution can provide capabilities such as enterprise risk management framework, GRC scorecards and dashboards, risk assessment and calculation, risk prioritization using heat maps, remediation workflow, support for multiple compliance frameworks such as COSO and COBIT, ability to create a comprehensive risk-based controls framework, and flexible scheduling of testing of controls. However, achieving GRC in the interconnected digital age require digital technologies like big data, artificial intelligence (AI), machine learning, and blockchain which is a distributed ledger technology. These technologies can bring a measurable increase in the efficiency to risk management operations. As companies are also using GRC tools to collect, correlate, and report data, technologies like AI and machine learning can assist in the collection and the correlation of data while blockchain can help in storing, sharing, and reporting of the data to get a more comprehensive view of organization performance.
To help you make this choice, we present to you our latest edition featuring Top 25 GRC Technology Solutions Providers - 2018. These companies have been making great strides in tailoring enterprise-specific, cost-effective GRC solutions and assist businesses in devising suitable GRC strategies that align with the overall business objectives.
