More organisations are now realising and implementing the latest technologies and automation tools to reduce costs of business processes. The process of governance, risk, and compliance management is not exempt from this requirement either.
Digital systems are replacing manual labour across industries. According to the Deloitte Global Risk Management Survey (12th edition), 46% of the participating institutions reported the use of cloud computing, while 39% reported planning to use the same in future for risk management.
Is your organisation looking to deploy new technology for managing GRC procedures and activities? Let us help you learn more about the benefits of using automation in the form of GRC management software.
What is the GRC management system?
Governance, risk, and compliance (GRC) management systems are an automated tool that helps organisations perform GRC related tasks in an easy and timely manner. It is an umbrella term for a platform that enables a varied set of business GRC processes and activities. The main aim behind developing and deploying this system is for organisations to be able to take control of their GRC strategy implementation and avoid the consequences of non-compliance.
Why implement GRC management software?
A GRC management software helps solve complex organisational structures and communication breakdown throughout an organisation. Efficient implementation of GRC is adaptable and can help reduce downtime in business operations. Regardless of the size of your business and industry type, GRC management software can help manage risks in line with business goals and stay compliant.
6 Key Benefits of implementing a GRC system
A GRC system can help your organisation in more than one way. Some of the most common benefits of implementing a GRC system include:
1. Improved operational efficiency
One of the biggest advantages of implementing a GRC solution is the ability to automate redundant and time-consuming business processes due to the continuous monitoring of controls, key risk indicators, and risk exposure. This automation of common tasks results in more efficient ways to manage business operations and reduce the time and duplication of efforts required for GRC management across your organisation.
2. Superior quality information
The integrated approach to GRC management provided by automation enables your staff to have a holistic view of the organisation. It simplifies the methods to collect and process data into higher quality information. This also helps management to make more effective and productive decisions.
3. Enhanced business and stakeholder relationships
A comprehensive GRC tool implements authorised access control where information can be shared easily over cloud storage. This control helps reduce stakeholder touchpoints and provide information necessary to understand the business unit profile and applicable risks and challenges.
4. Introducing sustainable organisational hierarchy
A clearly defined organisational hierarchy is the prerequisite to integrating GRC processes. Defining and embedding the hierarchy inside a GRC tool helps enable various role-based access features and enhanced GRC management. It can also support evolving business hierarchy when required.
5. Reduced costs
Defining business rules, monitoring controls, and visualising the GRC roadmap for your organisation will result in implementing effective GRC activities. Reduced costs are the first positive impact of efficient operations and management.
6. Comprehensive reporting
GRC software helps employees and management draw out robust reports with just a few clicks. It no longer takes hours or days to generate informative reports.
How does the GRC system work?
Organisations develop a GRC framework to support their strategy. This framework enables leadership and helps professionals see the effectiveness of their efforts and strategic decisions. It encompasses all business sectors, and it is important to have connected GRC software across your organisation.
As seen above, the benefits of GRC software are aplenty and result in both financial as well as productivity gains. When selecting the best GRC software for your business, prioritise your GRC requirements and select the automation that helps you align them with business goals.
GRC management software benefits businesses in more than one way and streamlines the implementation of your GRC strategy. If your organisation is looking to implement a GRC system, contact Sentrient today. Our expertly crafted governance, risk, and compliance management software provides extensive features to help you perform GRC related activities easily.