![]() GRC tools like those offered by Fusion Risk Management, IBM OpenPages, and SAI360 have features that help businesses take advantage of these new developments and streamline GRC operations. Innovations from the tech world have provided businesses with a range of new tools for managing and predicting risk more effectively. Emerging threats like supply chain volatility, cybercrime, and changing regulatory landscapes mean businesses must take action to protect their assets.Īt the same time, innovations from the tech world - like AI, ML, and predictive analytics - have provided businesses with a range of new tools for managing and predicting risk more effectively. Governance, risk management, and compliance are becoming increasingly important for organizations of all sizes. Using GRC Software to Streamline Governance, Risk Management, and Compliance GRC tools may be especially beneficial for businesses that face regularly changing industry regulations, like organizations that must meet DOE efficiency standards on building transformers. Changing regulations and standards regarding logistics, infrastructure, or cybersecurity can be easier to handle with the right solution in place. GRC software can also provide similar benefits for business compliance practices. GRC ensures organizations can fully leverage information from across the organization and effectively implement risk management strategies companywide. ![]() GRC tools may be especially beneficial for businesses that face regularly changing industry regulations. Risk management can help organizations identify and mitigate these issues. Major crises like COVID-19, volatile supply chains, and cybersecurity threats have exposed many potential weaknesses in current practices. Governance, risk management, and compliance processes are increasingly important to effective business practices. These are six of the most popular GRC tools, the features they offer, and the organizations they will benefit the most. Different feature sets, price points and interoperability capabilities mean organizations should choose their solution carefully. The GRC software market is large, and a wide variety of tools are available. ![]() More advanced tools may leverage technology like artificial technology (AI) or machine learning (ML) to improve risk management or compliance. GRC tools can help larger organizations streamline the development of GRC processes and manage them in day-to-day operations. For example, software and IT solutions help teams automate GRC activities, streamline work, and reduce implementation complexity. GRC often refers to specific practices and tools that help businesses perform and integrate their governance, risk management, and compliance processes more effectively. Software and IT solutions help teams automate GRC activities, streamline work, and reduce implementation complexity.Īccording to the OCEG website, GRC is a “shorthand reference to the critical capabilities that must work together to achieve Principled Performance - the capabilities that integrate the governance, management, and assurance of performance, risk, and compliance activities.” However, the term has been in use since around 2003. The GRC acronym was first formalized in 2007 by the OCEG, originally called the Open Compliance and Ethics Group, a nonprofit think tank. What Is Governance, Risk, and Compliance?
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |