How can companies use the increasing demands of legislation and regulatory compliance to provide data? While good governance, risk and compliance management are undoubtedly difficult for many companies and can be viewed as a burden they can also be viewed in a more attractive light as a catalyst for change. If taken properly, they can help organizations achieve greatly improved operating results again generate increased shareholder value.
Today, there are many legal and best practice standards affect institutions and the number and complexity of these requirements is expected to increase. From our perspective it is necessary that organizations invest in GRC compliance management system to create the framework and tools to manage all the requirements of the regulations. Companies need a system which ensures that they both comply with the latest standards and can easily integrate new requirements at any time. Leading business experts recommend a single integrated GRC system approach, to help simplify management and reduce costs.
Leading GRC management solution should be able to addresses the business-critical issues, form the basis for a corporate wide unified GRC platform. As with all software applications will be different strengths. Some will be very industry-specific others will be flexible and provide functionality to reach many areas of compliance, including Sarbanes-Oxley, ISO 9000 :. 2000, ISO 14000 and ISO 18000, Biology, IS0 27001 and many industry-specific compliance requirements
key benefits Governance risk and compliance management system should provide are:
Accordingly delivered across the enterprise, using the Document Management for company wide production, including daily email systems to ensure enterprise wide adoption and membership.
Sustainability, by offering institutional framework to manage change and new requirements as they occur, whether they are structural, such as acquisition and entry into new markets; or GRC management changes, such as new or amended legislation and standards.
Efficiency of supporting the efficient allocation of resources, as the highest cost and risk areas are identified.
responsibility to ensure corrective and preventive actions are controlled and recorded on the defined process.
When selecting a GRC software solution look for the following characteristics:
rules, procedures and controls management
This functionality is important for the development, maintenance and dissemination of policies and procedures to comply with regulations and standards.
Risk assessment & control
This functionality is required for the collection of food to adhere to standards.
These provide data executive and managers to measure the overall state of risk and compliance
To centrally manage recording incidents and facilitate development and implementation of corrective and preventive actions.