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Convergence
The importance of the Process-based approach to Convergence
One of the most challenging tasks in developing a true GRC Strategy is delivering on the convergence opportunity.
- How can various risk management and compliance initiatives be integrated into one integrated framework?
- In compliance, how can you ensure a control is tested once and used many times for different regulatory reports?
- In risk management, how do risks roll-up and relate?
These are important but difficult questions and are not so easy to solve.
Convergence is a process
All well-architectured Enterprise GRC platforms are able to support an already converged situation, but convergence is a process, and very few companies have reached that ideal state. Companies need a solution to help them in the process of convergence, not only in the end result of convergence. Without a proper methodology and supporting technology to aid you in the convergence process, you might never get to the desired converged state.
A process-bases approach
The unique process-based BWise Enterprise GRC platform allows you to take a process-based approach. As the process is the prime place where converged controls meet, a truly integrated GRC solution includes a fully embedded process documentation solution. BWise allows you to document business processes at any level, from strategic business levels down to transactional levels, with all the corresponding risks and controls. At all levels, risks and controls can be converged. The risk component of the BWise solution allows for a true top-down risk-based approach, with all the benefits of improved focus and risk management associated. This unique top-down method allows you to keep documentation at the level you need it.
