Growing industry-specific and governmental compliance and security regulations, tied with the immediate need to effectively manage and mitigate the increasing business and operational risks inherent to competing in a complex global market have turned the acronym “GRC” into a frequent boardroom topic. Traditionally viewed as separate operational silos, organizations are increasingly converging governance, risk management and compliance into an integrated enterprise framework.
Organizations in all industries have matured their perspectives on GRC and are expanding their initiatives to cover an integrated and enterprise-level view of risk and compliance. 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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In addition to mapping risks and internal controls, the holistic approach of SoftExpert GRC software will show how key items of the organization interact, providing organizations with a clear, shared vision of the operating model. This will enable managers to make better decisions, ensure that the right systems are in place, and lead stakeholder efforts to work towards the same operational governance strategy. To support this process, dashboards providing up-to-date information on the status of the risk and compliance activities can be rapidly created. The solution offers dashboards to visualize Key Performance Indicators (KPIs) and analyze data in a variety of ways.
SoftExpert solution for GRC offers tangible business benefits from consistent and closed-loop processes across departments and functions, real-time visibility and easy access to risk and compliance data, and a collaborative environment for improved cooperation between teams. It is a successful, embedded and integrated solution that results in a transparent organization, with streamlined processes, significant cost and time savings, reductions in key controls and risks, and numerous alternatives for business performance improvements.
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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
Reduces cost, since redundant activities are identified and streamlined or eliminated.
Reduces need and cost for reconciling information across the organization.
Reduces gaps and errors, since the integration creates a holistic system of checks.
Increases quality of the risk-based information on which strategical and tactical decisions are based.
Enhances employee motivation as contribution to achieving objectives becomes clear.
Provides trust results from consistent organizational positions and actions, from oversight through operations.
Drives agility by a clear definition of who handles what activities in what sequence.
Improves the effective management of stakeholder expectations.
Assures that expectations and objectives are met.
