Why API Integrations are Crucial in a Modern GRC Program

When it comes to governance, risk, and compliance processes, having the right data to monitor risk and detect threats, vulnerabilities, and regulatory changes is essential. But often data is held in a variety of different systems, platforms, and spreadsheets or even accessed via external sources making it hard to get a holistic view. Consolidating this data centrally to build a complete view of risk exposure and compliance challenges is essential to protect the organisation…and that’s where API integrations come in.

For businesses using GRC software to manage their governance, risk, and compliance processes, API integrations enable them to connect their GRC platform to other software applications, platforms, and data sources – to seamlessly pull data in and out of the GRC platform. This allows them to view all risk and compliance related data centrally and ensure a single source of truth for data across the organisation.

In this blog we explore all the different ways that API integrations can be used in a GRC program to consolidate risk data and provide intelligence & insights to improve visibility into potential risks, threats, and compliance challenges.

What are API Integrations?

Application Programming Interfaces or API integrations are connections between different software applications that allow them to communicate and exchange data seamlessly. They enable the automated transfer of information between systems – allowing firms to share data between platform and departments – while ensuring consistency. In the context of GRC, they could pull in risk related data from other systems to monitor risk levels. API integrations can also be used to pull in data from external content providers – like threat intelligence or regulatory updates – which can be useful in a GRC program.

10 Ways API Integrations can be used in a GRC program

1. Risk Monitoring

API Integrations can be a useful tool when managing risk in a GRC platform as the platform can pull in operational and transactional data from other company systems and use the data to monitor the potential levels of risk exposure based on that real-time data. As part of any risk management program, firms will define Key Risk Indicators (KRIs) for each risk and then monitor the risk level to understand exposure and control effectiveness. However, KRI data could be held in another company system – for example a delivery system, HR system, finance system or a CRM platform. API integrations enable firms to link their GRC tool to their other systems to pull in the data into the GRC platform, and they can even set rules to send a notification when the risk level is too high. This helps companies to monitor risk levels in real time based on live data in other systems.

2. Control Effectiveness

API integrations can also be useful for managing control effectiveness. For example, if your control is a ‘policy’ you could link to the HR system to know which staff have attested to the policy or link to the incident log to see any compliance incidents relating to that policy. If the control was a regular check, you could link to the system where staff log the details of the check to ensure the controls are effective.

3. Data Aggregation

Risk & compliance programs are fuelled by data and often that data is held in disparate company systems, applications, and spreadsheets. Aggregating and centralising that data is essential to build a holistic view of your GRC landscape. API integrations can pull in a variety of risk and compliance data from other systems and data sources across the company directly into the GRC platform – from financial systems to HR systems. This provides firms with a holistic view of risk and compliance status across the enterprise in real-time.

4. Regulatory Updates

One of the main challenges with any compliance program is keeping up to date with regulatory changes, and API integrations can help here too. GRC platforms can link to regulatory content providers via API integrations to feed details of regulatory updates and changes straight into an organisations GRC platform. This enables firms to act on regulatory changes immediately. They can link each regulation to the related business processes & policies that would be impacted if the regulations were to change. Then when a change notification is received, an automated workflow will kick into action to notify the relevant stakeholders so the change can be implemented – the change process can be fully documented for regulatory purposes.

5. Threat Intelligence

Not all risks can be detected internally, some risks are external threats like extreme weather, war, political turbulence, market fluctuations, and data breaches. But all of these things can impact an organisation, so it is important to monitor these external threats. API integrations can help here too as firms can use them to pull threat intelligence into their GRC program from external providers. When a potential threat is received, the relevant stake holder is notified via automated workflows so they can assess the threat and take the appropriate action.

6. Link to Your Active directory

API integrations can also be used to link to your active directory of staff, departments, and locations. This is particularly useful in a GRC platform as risks, controls, and incidents can then be attributed to specific staff members and workflows can be based on organisational hierarchy, positions, and location. This fosters ownership and accountability in a GRC program and ensures tasks and actions are not allocated to staff that are no longer with the company or away on leave.

7. Improve Operational Efficiency

One of the key benefits of API integrations in GRC is the automation of time-consuming tasks and the ability to streamline critical workflows. By eliminating manual data entry and reducing the need for human intervention, organisations can significantly enhance their operational efficiency. This not only saves time and resources but also minimises the risk of human errors, leading to more reliable risk data and a faster decision-making process.

8. Third Party Risk Intelligence

API integrations can also support firms to manage vendor and third-party risks. Organisations can use API integrations to link to third-party risk intelligence providers to pull vital details about their suppliers into their vendor risk management program. These third-party risk intelligence providers can provide vital details around the financial stability of your vendors and highlight any compliance breaches, fines, or headline news about them to ensure you are working with reputable vendors. Once these notifications feed into the GRC platform, automated workflows notify the relevant staff so the issue can be escalated and addressed.

9. Enhanced Platform Security & Compliance

API integrations can also be used to enhance the security of your GRC platform and to protect sensitive company data. API integrations play a crucial role in maintaining robust security measures and ensuring compliance with industry standards. Modern GRC platforms with API integrations are designed with security in mind, incorporating advanced authentication, authorisation, and encryption protocols. This approach helps firms safeguard sensitive information, maintain customer trust, and adhere to stringent regulatory and data security requirements.

10. Better Reporting Outputs

Ultimately having better GRC data will result in more accurate risk and compliance reporting. Therefore, using API integrations to pull more risk & compliance data into the GRC platform and being able to view instant reports and dashboards based on live data from other systems will generate vital business intelligence to support overall decision making.

Make Use of API Integrations in Your GRC Program

Modern GRC programs rely on accurate real-time data and automation to highlight risk and compliance issues instantaneously. GRC integrations with other data sources via APIs provide a vital connection across company systems to ensure risk and compliance data is accurate and centralised – enabling firms to get a holistic view of GRC across the enterprise. If you use a GRC platform, the chances are that API integrations will be part of your set up to automate the aggregation of data and streamline processes. API integrations also make it easy for firms to scale and mature their GRC processes, adapt to changing business needs, and incorporate new data sources as required.

As the business landscape continues to evolve, organisations that leverage API integrations in their GRC programs will be better positioned to navigate uncertainties, protect their assets, and maintain a competitive edge in an increasingly complex world.

To find out more about the Camms GRC platform and how it uses API integrations to aggregate risk data and provide vital insights for risk and compliance teams, request a demo.