An enterprise GRC solution is an online software tool that enables firms to implement structured governance, risk & compliance processes that align with industry best-practices. Firms can build online risk registers and control registers, carry out risk assessments, and set up workflows to reduce risk in high-risk areas. These platforms can also support firms to manage regulatory compliance, audits, and incidents and manage risk to align with enterprise performance and strategic goals. These platforms usually offer a variety of dashboards and reporting options ensuring teams can get a holistic view of risk and compliance and investigate problem areas.

When selecting an enterprise GRC software provider, companies must consider which staff and teams will be using the tool and what metrics they will want to report on. When considering the requirements for enterprise GRC software to improve your GRC strategy you must consider:

• Any GRC regulations that you are required to comply with that will affect how you structure your GRC framework.
• How will you categorize and rate risk to create one rating system across the enterprise.
• Can the enterprise GRC software be tailored to align with the bespoke, niche requirements of your organization?
• Can the enterprise GRC solution grow with your organization and offer further functionality as your requirements expand over time? 
• What data privacy & security does the enterprise GRC solution offer out-of-the-box and what additional security options do they provide?
• Does the enterprise GRC software link to your other systems and software platforms via API Integrations to ensure a single source of truth for risk & compliance data?
• Who needs to use the enterprise GRC software and what data will they enter and in what format. What reports & metrics do they need to extract from the tool and in what format and how often?

The benefits of utilizing enterprise GRC systems include:

• Less time spent on risk reporting, data manipulation and admin tasks.
• Enterprise GRC software for risk and compliance management provides a centralized view of risk and compliance activities across the entire companies’ global operations.
• Enterprise GRC software enables the whole organization to feed into risk management activities as part of their daily role – creating mountains of risk data to support enterprise decision-making.
• Enterprise GRC solutions generate better visibility of an organizations IT risk profile and support them to manage cyber risk.
• Enterprise GRC systems reduce the costs associated with risk monitoring and reporting.
• Enterprise GRC software platforms improve an organizations enterprise risk management approach, by facilitating vital links between risk management, strategic planning, and operational performance.
• Enterprise GRC solutions support firms to build a risk intelligence database – providing detailed insights about how companies can amend operations to reduce risk, meet strategic objectives and ensure governance and compliance.

• Choose an enterprise GRC software tool that can be configured by your own users as it will significantly cut back on costly implementation charges and professional services fees.
• Choose enterprise GRC management software with limitless risk registers, types, and categories – these key features enable your company to report on risk in certain areas and across the enterprise as a complete entity.
• Select enterprise GRC software with multiple reporting outputs – that can be further customized to meet your individual needs.
• Opt for a GRC software platform that integrates with your other systems and data sources to ensure a single source of truth for all your risk and compliance data.
• Look for reliable enterprise GRC solutions that offer numerous top features including best-practice GRC use cases across compliance, governance, incident reporting, and ESG – it is beneficial to manage these functions in one enterprise GRC platform and integrate the data for better reporting outputs. 
• Select a platform that offers out-of-the-box templates and forms to meet regulatory requirements like, GDPR, ISO 31000, COSO, and NIST to ensure regulatory compliance.

• Poor quality risk and compliance data due to a lack of data governance rules – resulting in data entry errors and incomplete information.
• Capturing risk and compliance data across various forms and spreadsheets leads to data problems like copy and paste errors, over written data, and incomplete fields.
• Disparate enterprise GRC data held in disconnected spreadsheets creates sub-standard risk data, and an ambiguous risk framework that generates misleading reporting outputs leading to poor decision-making. 
• Relying on manual processes that lack automation slows down the resolution of risk events, allowing risk to further escalate to intolerable levels.
• Siloed processes and dispersed data sources make it difficult to link risks to the relevant controls and understand the correlation.
• Large firms are unable to compare risk across different buildings due to the use of multiple risk frameworks and siloed data. This makes it difficult to make risk-based decisions across departments and sites.

Access our online ROI calculator to find out how much monetary value you could save in terms of cost and hours spent on managing risk if you moved to an enterprise GRC software platform. Fill in the applicable details about how you currently manage risk in your organization and our online calculator will produce estimated figures on the likely time and money you could save by implementing an enterprise GRC solution to manage risk.

Access our Enterprise GRC Risk Solution ROI Calculator