Why is it important to optimize GRC system management in the company?
The GRC strategy of companies is implemented to work effectively and efficiently with a unique methodology for the entire organization Optimizing GRC system management in the company is important because it allows aligning business objectives with the risks of the activity and compliance with regulatory and legal requirements in the sector.
How to optimize GRC system management?
The key to optimizing the management of the company’s GRC system is to use GRC software that allows for the integration and management of operations subject to each regulation.
Implementation of strategies
The company must achieve effective monitoring of the compliance system and the implementation of strategies in risk management, allowing for continuous improvement in GRC.
Additionally, it is advisable to conduct periodic assessments that help control short, medium, and long-term results.
Identification of process improvements
Another key to optimizing GRC system management is to stay updated and identify improvements in the organization’s processes. Identifying new risks and conducting tests or simulations are useful practices for working proactively on future incidents and establishing action plans.
Risk measurement and analysis
Traceability of the results of monitoring, measurement, and monitoring is a fundamental part of GRC system management, as every strategy must have a monitoring control. This analysis is not only useful in day-to-day operations but is also important for reporting information obtained from changes in the strategy or proposed alternatives.
Communication and awareness
Working on GRC system management involves communication and awareness-raising efforts for the rest of the organization’s employees. The responsible body must involve all areas, promote the organizational culture of the business, and ensure the proper fulfillment of objectives and regulatory requirements.
Functionalities of GRC software
GRC software helps companies streamline processes and reduce uncertainty in terms of risks and compliance, in order to ensure the company’s compliance with legal requirements.
Thanks to these types of tools, businesses improve the performance of operations through automated processes, leaving behind manual tasks that require more time and available personnel. Good GRC software allows for the configuration of customized methodologies, error avoidance, time and task reduction, result analysis, and objective monitoring.
Identifying, managing, and analyzing risks in the business
The automation of program tasks begins with the identification of risks in the business, both internal and external, as well as third-party requirements. All this information is collected to determine the scope and establish the GRC compliance management system.
Subsequently, the software works on risk management, analysis, and evaluation to determine their status.
Monitoring the organization’s regulatory compliance
The GRC system ensures the organization’s regulatory compliance by executing the established monitoring tasks for all identified requirements.
Conducting internal audits
Proper GRC software processes require objective controls of risk management and compliance levels through internal audits. The purpose of these evaluations is to measure the effectiveness of implemented strategies and achieve an adequate internal control framework.
How to work with GRC software?
Opting for GRC software helps companies simplify the implementation of compliance and risk management processes and tasks. Not only for medium or large companies but also in a SME, the responsible person should be able to delve into the software’s capabilities with specific materials, tutorials, webinars, or videos. Additionally, it is advisable for the program to have technical support to ensure the optimal functioning of the GRC system.
When do you start to see results with GRC software?
Depending on the organization’s size and the amount of information integrated into the software, results in the GRC system will begin to be observed within an acceptable period of time. According to an internal study that analyzed the ROI of implementing GlobalSuite® GRC Software, it was concluded that the tool achieves a 357% ROI, meaning that for every euro invested, you will get €3.5. The payback period will be 20-24 months to recover the initial investment.
Other results obtained in the study were:
27% more time savings with the use of the software, resulting in better outcomes and more time for analysis.
Up to 26% faster in carrying out the continuous improvement cycle without duplicating information and having more reliable results.