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.
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.
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.
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.