Convergence of GRC
A true GRC platform that can grow along with your organization
The business process is the ultimate area where converged controls and risks meet. A truly integrated GRC solution will include fully embedded process documentation capabilities. BWise enables an organization to document business processes at any level, from a strategic enterprise level down to transactional levels, with all corresponding risks and controls. The BWise® GRC Platform offers multiple role-based software solutions for Risk Management, Internal Control, Internal Audit, Compliance & Policy Management, IT GRC and Sustainability Performance Management. The platform is flexible enough to grow with the requirements of the enterprise today and in the future.
Convergence of Governance, Risk and ComplianceThe integration of Governance, Risk and Compliance Management initiatives into one converged approach is not easy. There are huge benefits to organizations that perform the duties involved in true GRC convergence. A successful, embedded and integrated GRC approach will result in a transparent organization, with streamlined processes, significant cost and time savings, reductions in key controls and risks, and numerous options for business performance improvements.
The importance of the Process-based approach
To gain benefits an organization must develop a GRC strategy. Internal Audit, Risk Management and Compliance departments must work closely together and agree on the framework to be used, for example for COSO or ISO 31.000. Consensus also must be made on the language and definition of terms, as well as the GRC platform to be used to embed the GRC strategy into the entire organization. Many questions must be answered:
- How are risk management and compliance initiatives integrated into one overall corporate framework?
- How can the enterprise ensure a control is tested once, but used many times for different regulatory reports?
- Regarding risk management, how do risks roll-up and relate?
Convergence is an ongoing process
Many well-defined Enterprise GRC platforms are able to support an already converged organization, but convergence is a process, and very few organizations have already reached a truly converged state. Companies need a solution to assist them in the ongoing process of convergence, not only the end result. Without a proper methodology and supporting technology to aid the enterprise in the convergence process, it may never achieve the desired converged state.