Risk and compliance are among the top issues executives feel least prepared to address. Part of the reason is attributed to the fact that with limited resources and compliance deadlines looming, organizations often find themselves overwhelmed by the demands of new and changing regulatory requirements. But the problem is also that they do not really know what GRC (Governance, Risk and Compliance) is and how the acronym can fit into their processes.
GRC is the integrated collection of capabilities that enable an organization to reliably achieve objectives, address uncertainty and act with integrity. The goal is to effectively define, manage and monitor the external and internal business environments to assure the protection and growth of value within risk tolerance and legal boundaries. This involves moving toward a federated organizational structure, where GRC functions are centrally overseen, but responsibility is distributed across all lines of business.
The Solution – SoftExpert GRC
SoftExpert GRC is a robust web-based software for supporting all governance, risk and compliance management processes in the organization. It enables organizations to effectively integrate business strategy execution with compliance and risk management practices. As a result, managers can accomplish organizational goals while managing risk and ensuring that operations stay compliant with corporate policies, laws and regulations, such as SOX, COSO, COBIT, and ISO 31000.
The solution interconnects all the main GRC elements – risks, controls, policies, laws/regulations, loss events, KRIs, KPIs, issues, assessments, action plans and audits. This enables companies to easily visualize how each GRC element affects other elements. The integrated approach of SoftExpert GRC removes many obstacles to implementing solutions and to unlocking the value of GRC for the entire enterprise. It provides abilities to streamline planning, drive multiple methodologies and conduct refined risk modeling across business lines and functional groups, enhancing governance from IT to corporate levels.
Governance, Risk and Compliance Management – GRC
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Process modeling
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Policies and procedures
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Initiative implementation
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Risk assessment
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Tests and Control Self-Assessments
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Audit activities
Main Benefits
Reduce costs, since redundant activities are identified and streamlined or eliminated.
Reduce gaps and errors, since the integration creates a holistic system of checks.
Increase quality of the risk-based information on which strategical and tactical decisions are based.
Comply with confidence, establishing controls and acceptable levels of risk while staying in alignment with objectives and policies.
Increase transparency into risk and compliance results.
Provide trust results from consistent organizational positions and actions, from oversight to operations.
Increase agility with a clear definition of who handles what activities in what sequence.
Promote the ability to repeat processes in a consistent manner.
Create more focus on substantive issues and corporate strategy.
Assure that expectations and objectives are met.
Increase the efficiency of internal and external audits.
Increase business agility by identifying the root cause of compliance problems and acting quickly to resolve them.
Enhance monitoring and reporting with desktop and mobile dashboards.
Resources
Features
Planning and mapping
Strategy planning and mapping with objectives, indicators, tactical plans and all needed to put the strategy into action.
Workflows and incidents
Configurable fields and workflows to report, resolve and track any number of incident types and issues.
Risk
Common risk management stages support: identification, assessment, response and monitoring.
Audit
Risk-based audit, from scheduling to execution, providing better assurance when managing and tracking business requirements.
Repository
Central repository for the portfolio of policies, procedures and documents.
Performance monitoring
Management dashboards for managing and tracking corporate performance.
Solution Overview
Solution Overview
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Return on Investment (ROI)
Traditionally, when enterprise professionals discuss the ROI of an investment, they are mostly thinking of "financial" benefits. Today, organizations must also consider the "non financial" benefits of an investment.
Financial Benefits include impacts on the organization's budget and finances, e.g., reduced costs or increased revenues.
Non-Financial Benefits are the so-called "intangible", "soft," or "unquantifiable" benefits of an investment. Unlike financial returns, there may be no widely-accepted metrics for organizations to apply. However, the SoftExpert solutions present undeniable potential for producing positive impacts on business performance and mission results. These include improved customer satisfaction, more precise information and a shorter cycle time.
Know some success stories
Featured Resources
Ebook
How to improve governance, risk and compliance management
Some practical steps that can help companies transform their GRC program into a powerful tool able to mitigate risk and drive business performance.
White Paper
The Balanced Scorecard and the Business Excellence Model
The valuable synergy that can exist between these two different tools, EFQM and BSC.
Webinar
How to make Change Management work in the real world
Advice on how to make Change Management work in the real world, and not just in theory.