Integrated GRC Software Platform
A truly integrated GRC software platform
Risks are pervasive throughout the organization and they are managed from the business, functions, third parties, and audit. It’s not uncommon to see disparate technologies, Governance, Risk, and Compliance (GRC) solutions or otherwise, assist and enable the risk management process. Unfortunately, disparate technologies, taxonomies, frameworks, and processes produce inconsistent conclusions on risk. This leads to stakeholder (executives, the Board, regulators, etc.) confusion on how to compare results when the aggregation of data occurs and also duplicate efforts to collect data.
An integrated GRC solution provides a friendly user-interface to efficiently and seamlessly store, mine, and extract risk data from risks various sources, whether those come from systems, external feeds, social media, customer interactions, regulatory changes, functional activities, or the back office. Organizations can achieve significant benefits from having a holistic solution and approach to risk management. BWise provides the means to do so.
THE GRC JOURNEY
The integration of Governance, Risk, and Compliance Management initiatives into one converged approach is not easy. However, a successful, embedded, and integrated GRC approach results in:
- A transparent and detail view into the risks and control environment affecting the organization
- Streamlined processes and business engagement
- Consistent communication and understanding of the risk and control environment
- The opportunity to leverage and transplant leading practices
- Share common controls reducing duplicative efforts and investments
- The ability to aggregate risk data from various parts of the organization easily
- The possibility to reduce the number of controls and risks
- Increase efficiencies of Audit plans as audit teams have access to control and risk data
- Numerous options for business process and performance improvements
To benefit from the integration it is recommended that an organization starts with the development of a GRC strategy including the financial and non-financial (e.g., culture) justification of the investments needed to embed and sustain the program. Internal Audit, Risk Management and Compliance departments have to work closely together and to agree on whether an existing framework should be used, such as COSO or ISO, or an adaptation given the maturity of the organization’s risk management practices. Consensus also has to be reached on the risk vernacular, definitions, library of terms, governance model, as well as the GRC platform to enable the GRC strategy.
Some key questions that should be answered include:
- How should the risk management functions (e.g., risk, compliance, vendor/3rd party management, information technology, audit, etc.) integrated into one overall corporate framework?
- What is the current engagement model with the business, what information is being sought, and how do we educate on the risk and control environment?
- How can I easily configure my GRC technology solution so I can get a depiction of the risk and control environment be distilled and presented to me in real-time so I can make informed decisions?
- How can the enterprise ensure a control is tested once, but used by the different GRC functions?
- How do risks roll-up and relate?
- What cost savings are expected from increased efficiencies in the GRC functions throughout the organization by avoiding duplicate efforts?
- What IT costs can be saved by merging existing GRC tools into one GRC platform over time?
Once the strategy is codified and practice alignment is agreed, the implementation can begin. Our 20+ years of experience helping organizations worldwide has shown that this is best done in phases. A step by step approach often works better than a ”big bang” so we advocate “Think Big, Start Small.” This fosters quick wins and resolves short term pain points. Additionally, clearly communicating the plan, its progress, and successes to interested stakeholders (e.g., executives, audit and risk committees, the business, regulators, etc.) provides confidence that capital and time investments are meeting their goals.
Brochure - Governance, Risk Management and Compliance Software Platform: Financial and Reputation Risk in Control with BWise.
Case Study – A Large independent oil and gas company headquartered in Australia turns risk and compliance obligations into a competitive advantage.