When selecting an GRC tool, firms must think about who will be using the tool and what data outputs they need to extract.

When scoping out requirements for risk management solutions you must consider:

• Which framework will you use to rate and categorise risk.
• Can the GRC platform be customised to meet any niche requirements?
• Can the platform grow with you and provide more functionality as your organisation expands?
• What information security protection does the software have?
• Does the GRC tool link to your other systems and data sources via API Integrations to ensure reliable risk data for your ERM dashboard? 
• Who needs to access the ERM software and what data will they input and what reports & metrics do they need to view in their risk management dashboard and extract from the platform?
• Does the platform offer ERM dashboards with bow tie visualisations and heat maps?

The benefits of utilising an ERM platform with an enterprise risk dashboard include:

• Less time spent on reporting and administrative tasks.
• ERM dashboards provide a consolidated view of risk across the whole organisation.
• ERM dashboards enable the entire enterprise to feed into the risk management process as part of everyday operations – creating comprehensive risk data to guide decision-making. 
• Enterprise risk management dashboards generate better visibility of an organisations risk profile and risk exposure.
• Increased visibility through enterprise risk dashboards offers a reduction in risk monitoring and reporting costs.
• Integrated risk management platforms with ERM dashboards enhance an organisations risk management strategy, by enabling firms to link risk to strategic objectives and enterprise performance. 

• Choose an ERM tool that is easily configurable as it will eliminate costly professional services fees.
• Choose a GRC platform with limitless risk registers, types, and categories as your ERM dashboards will provide deeper insights into certain risk areas.
• Select a GRC tool that offers instant reports and live ERM dashboards that can be tailored to suit your internal requirements.
• Select an ERM platform that integrates with your other systems to ensure a single source of truth for your risk data that can be visualised through ERM dashboards.
• Look for GRC tools that offers other GRC functionality like governance, compliance, incident reporting, and ESG – it is more efficient to manage these functions in the same ERM platform and integrate the data for enhanced reporting and risk management dashboards. 

• Poor quality operational risk management data due to a lack of data governance rules.
• Managing risk data across various forms and spreadsheets leads to inaccuracies and discrepancies in ERM dashboards.
• Disparate risk data located across spreadsheets creates inconsistent risk data, and a poorly defined risk framework that results in inaccurate reporting outputs and data is difficult to analyse without ERM dashboards. 
• Relying on manual processes that don’t offer automation slows down the risk escalation and risk resolution process.
• A lack of integration makes it difficult to map risks to the associated controls and risk mitigation measures.
• Organisations are unable to compare risk holistically across different sites, departments, and countries in an ERM dashboard due to siloed data, inconsistent risk frameworks and manual reporting efforts.

Access our online calculator tool to find out how much you could save in terms of cost and hours spent on managing risks if you were to move to a risk management platform with an ERM dashboard. Simply complete the relevant details about how you currently manage risk in your organisation and our ROI calculator will provide high level estimates on the potential time and money you could save by implementing an GRC tool.

Access our Risk Management Software ROI Calculator