GRC Software Solutions for Managing Governance, Risk, And Compliance
Organizations face threats in all aspects of their business, and unstructured management of those crises leaves them more vulnerable. Only through a holistic view of risk can organizations mitigate potential financial and reputational damage.
Guide to GRC Key Capabilities:
Content management functionality logs requirements and findings: GRC platforms support collection of risk data, trade & transaction information, regulatory data and the outcomes of stress test scenarios. Rule sets policy and tests should be part of the system or provided by the vendor as standard plugins library.
Workflow management tools: Supporting flexible process definition - risk assessments, control testing, incident management, communications, escalation and audit.
Status reporting. Out of-the-box reporting, ideally with reports library with comprehensive dashboards and strong visualization to tell their risk management stories.
Relational data model. GRC platforms must have a data structure that allows users to create relationships between regulations, policies, controls, risks, assets, processes, business units, employees etc supporting the ability to leverage information from multiple GRC requirements and initiatives.