Integrated GRC Software

GRC software is an online platform that enables firms to implement best-practice governance, risk & compliance processes. Teams can build online risk registers and control libraries, conduct risk assessments, and implement workflows to address high risk areas. They can also manage regulatory compliance, audits, and incidents and understand how risk impacts business operations and corporate strategy. Most platforms offer a variety of dashboards and reporting options enabling teams to get a holistic view of risk and drill down into problem areas.

When selecting a GRC software vendor, firms must consider which employees and teams will be using the platform and what information they need to report on. When scoping out requirements for integrated GRC software you must consider:

• Are there any GRC regulations that you must comply with that will affect how you structure your program?
• How will you categorize and rate risk consistently across the enterprise.
• Can the integrated GRC software be configured to align with the specific requirements of your organization?
• Can the GRC solution scale with your organization as your requirements expand? 
• What data privacy & security does the IT GRC solution offer as standard?
• Does the integrated GRC software link to your other internal applications and spreadsheets via API Integrations to ensure a single source of truth for risk data?
• Who needs to use the GRC audit software and what metrics will they enter and what reports & insights do they need to pull from the platform and in what format?

The benefits of utilizing GRC systems include:

• Reduction in time spent on risk reporting, data manipulation and administration.
• GRC software solutions provide a centralized view of risk across the entire organization.
• GRC software enables the entire organization to contribute to risk management activities as part of their daily role – creating copious amounts of risk data to inform business decision-making.
• IT GRC solutions generate better visibility of an organizations digital risk profile and cyber risk exposure.
• GRC systems offer a reduction in the costs associated with risk monitoring and reporting.
• GRC software platforms improve an organizations enterprise risk management approach, by facilitating vital links between risk management, strategic objectives, and enterprise performance.

• Choose an integrated GRC software tool that is easy to configure in house as it will significantly cut back on costly implementation charges.
• Choose GRC management software with infinite risk registers, types, and categories – enabling you to report on specific risk areas and as a complete entity.
• Select integrated GRC software with substantial reporting requirements – straight out of the box – that can be further customized to meet your needs.
• Select an GRC software platform that links with your other systems & data sources to ensure a single source of truth.
• Look for reliable integrated GRC solutions that offer multiple GRC use cases like compliance, governance, incident reporting, and ESG – it is beneficial to manage these functions in one GRC platform and map the data for enhanced reporting.

• Poor quality operational risk data fuelled by a lack of data governance & data input errors.
• Capturing risk data across various forms and spreadsheets leads to data problems like copy and paste errors, over written data, and incomplete fields.
• Disparate GRC data held in disconnected spreadsheets creates bad quality risk data, and an unclear risk framework that results in misleading reporting outputs and poor decision-making. 
• Relying on manual processes without automation slows down the resolution of risk, allowing risk to escalate to intolerable levels.
• Disjointed processes and siloed data make it difficult to link risks to the relevant controls.
• Organizations are unable to compare risk across different sites due to inconsistent risk frameworks and siloed data. This makes it hard to make risk-based decisions across departments and sites.

Access the Camms online calculator tool to find out how much cash you could save in terms of cost and hours spent on managing risks if you were to move to an integrated GRC software platform. Enter the relevant details about how you currently manage risk in your business and our clever calculator will produce estimated figures on the likely time and money you could save by implementing an GRC platform.

Access our Integrated GRC Software ROI Calculator