When enterprises adopt a governance, risk and compliance (GRC) framework, they’re able to adapt and operate in a volatile business environment much better. A GRC framework enables an organization to align its IT resources with business objectives while regulating risks and meeting compliance requirements.
What is a GRC framework?
A governance, risk, and compliance framework is an organizational strategy for managing governance, risk, and compliance while meeting industry and government regulations. This synthesized approach helps organizations to reduce inefficiencies and miscommunication, and act ethically while achieving business objectives. However, without the implementation of necessary tools, a GRC framework can prove challenging to adopt. Hence, the implementation of a GRC platform becomes an imperative.
A GRC platform simplifies how organizations manage risk and regulatory compliance by centralizing the siloed risk management function. Fueled by emerging technologies such as AI and Big Data, these platforms are highly scalable and can operate on any cloud. They leverage a wide array of capabilities to provide ease of use and automate an organization’s response to GRC challenges.
GRC Platform: Benefits to Businesses
Customized Technologies – A GRC platform offers tools that are built on customized technologies to offer a 360-degree view to businesses into policy violations across regulations and compliance frameworks. In addition, it automates reporting to help minimize risk and maintain compliance. These platforms also govern access management for systems that contain confidential employee or financial data.
Enhanced Efficiency – Governance, risk management, internal audits, and compliance, if done without the assistance of specialized tools, can prove to be tiresome and time-consuming activities. A GRC platform enables companies to break down silos in processes and data, comply with regulations, and further monitor, measure, and predict losses and risk events. Through its AI driven models, organizations can predict the lifecycle of their financials and exhibit greater controls over it.
Risk Assessment and Reduction – The purpose of the GRC framework is to automate and manage risk assessments, govern and meet compliance requirements. A GRC platform facilitates this by displaying comprehensive information on a single dashboard, thereby enabling informed decision making and quick allocation of resources to mitigate risks.
Full-service Platforms – A GRC platform is a robust and integrated platform with a wide range of solutions that span over several areas of threat assessment and compliance. These platforms have an in-depth expertise, and make a more advanced use of emerging technologies such as AI, ML and data analytics for threat detection and risk mitigation mechanism.
A GRC framework assists organizations in enhancing the efficiency of their communication and collaboration. A well-planned GRC strategy offers plethora of benefits to organizations such as improved decision-making, more optimal IT investments, elimination of silos, and reduced fragmentation among divisions and departments. However, implementation of a seamless GRC framework requires the support of specialized tools that are custom built on emerging technologies to streamline and optimize efforts.