With competitive pressure increasing and the need to satisfy an ever changing regulated landscape mounting, it's no surprise that understanding the impact of this change on day-to-day operations and ensuring compliance has become a top three priority for all businesses.
A corporate governance, risk and compliance (GRC) management strategy can help manage these pressures.
In particular, an integrated, process-driven GRC approach will enable the effective management of all aspects of risk and compliance relating to both external regulatory demands and internal corporate policies and operational controls.
Organisations can gain from a process-led approach to GRC in a number of ways. By directly linking risk and controls with business processes and keeping them closely aligned to corporate objectives and policies, the business can be confident that it is fully compliant with its regulatory obligations.
The traditionally seen silos in business performance, risk management, compliance and audit that make effective governance nearly impossible are removed. This saves money because it can report at any time on how risks, regulations, controls and policies affect business performance.
Additionally, a company can comply with multiple regulations at the same time. This leads to business process excellence and creates a single point of truth for stakeholders with different interests across the enterprise.
By driving risk and control management in this way, organisations can achieve faster, more accurate decision making that ultimately results in improved performance - and in turn an increase in revenue and profitability.
Spreadsheet chaos, manual paper trails that lack security, emails -- these are common ways companies manage controls and assessments as well as track GRC issues. This approach lacks integrity. It doesn't have a verifiable audit trail.
It's time-intensive to track different versions of documentation and keep them in sync. Creating consistent reports from hundreds or even thousands of disparate information sources is nearly impossible.
Software AG's GRC solution offers you a better way. You can connect risk and controls with processes and keep them in sync with your organisation's corporate objectives and policies.
Making your internal control system process-based gives you flexibility. Changes in processes get noticed, and control design is assessed automatically. Risk and control libraries are connected to business processes, combining standardisation with flexibility.
Use our solution to reduce conflicts between business and control departments - and improve your operational performance and ability to react to changes. As new issues arise, you can identify root causes quickly.
A process-based approach lets you analyse dependencies and use advanced tools, such as process simulation for fact-based decision-making. With its relational database structure, our solution supports your risk and compliance intelligence efforts in an ideal way.
Manually managing risk and compliance issues rarely ensures risk prevention. Expensive investigations, resolution procedures and even fines can have a negative impact on your company's brand.
To resolve this, Software AG's GRC solution uses one unified repository across all different risk and compliance areas. All data concerning risk assessments, control testing, survey and audits are stored in a single database. That reduces redundancy and ensures consistency in data and reports. You get real-time snapshots of your company's risk and compliance status and can create an "in control" statement as needed.
You can easily identify ownership and responsibility because risks and controls are aligned to business processes. By empowering the business process to monitor operations, you can reduce operational risks significantly.
Keeping track of changing regulations and new requirements is tough. Each regulation impacts your business processes, your strategy and even how your company operates. To ensure your company stays compliant, you need to identify the impact of regulatory requirements and then connect those requirements to business procedures and activities.
Software AG's GRC solution lets you break down legislation and regulations into control requirements that can be handled sensibly. Overlapping laws and regulations result in a common set of business requirements.
Re-using business processes, compliance requirements and reports via a single platform helps you adapt faster to new regulations.
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