The automotive industry continues to face a variety of dramatic changes – developing emerging markets, introduction of new technologies, sustainability initiatives, and changing consumer behavior around ownership and use. Other influencers are changing the landscape as well, including digitization, driverless cars, increasing automation, electrification, and connectivity. These trends will continue to materialize, offering current little clues of how they will develop, correlate, and integrate.
Moreover, automotive companies continue to seek efficiencies from their existing business model and to gain insight across the value chain. This includes insights into vendor and supplier practices, operations, increasing regulatory demands (e.g., conflict materials), externalities, and global competitive intensity.
These business challenges and opportunities are generating an ever expanding set of risks putting pressure on second and third line functions to better collaborate with the business and provide transparency into both the internal and external risk environment. Executives, regulators, and external constituents are seeking for confidence that risks are identified, assessed, being addressed appropriately and quickly, and that practices are being sustained. A Governance, Risk, and Compliance (GRC) solution that incorporates leading practices, provides the ability to aggregate and disaggregate risks, and is scalable and configurable has shown to have tremendous benefits. Bwise does exactly that.
BWise develops and efficiently delivers robust Governance, Risk, and Compliance management solutions. The BWise GRC solution suite is meant to support an organization’s risk management processes, including internal audit, internal control, business continuity/resiliency, vendor/3rd party management, information security (including cyber), enterprise, and operational risk management (people, systems processes, external events). Moreover, BWise Process Management enables a corporation to fully model and build a framework of their business processes and their associated risks and controls. Corporations are enabled, through a user-friendly interface and highly configurable solution, to support a dynamic risk management process. Dashboards and reports will show the risk profile in real-time enabling quicker decisions to thwart harmful exposures and to take advantage of opportunities.
Customers within automotive companies have seen a number of benefits from having a GRC technology. These include control optimization (e.g., removing duplicative controls), improving capital expenditure decisions, insurance rationalization including decisions to self-insure, reducing the likelihood of recalls, improvements in safety, quicker response times to events affecting assets, reduction in regulatory fines and findings, fewer lawsuits, and insight into process deficiencies. BWise not only helps a company get “in control,” but is also a true driver of understanding risk information, confidence in decision making, and efficiencies in execution.