Achieving 360° GRC: Interconnectedness is the key to confidence
Updated: 4 days ago
360° contextual and integrated awareness of GRC is how organisations will be able to effectively manage risks, ensure regulatory compliance and enhance governance practices in the current climate of uncertainty.
GRC professionals may well find themselves reminiscing of ‘simpler times’. The business landscape of today is characterised by chaos and uncertainty. A seemingly minor event can quickly escalate into a major issue with far-reaching consequences.
The pace of change and growth across multiple areas – including risks, regulations, globalisation, distributed operations, competition, technology, and data – poses significant challenges for organisations of all sizes.
Around the globe, it’s estimated that a new regulatory alert is issued every 7 minutes on average (Thomson Reuters). And disturbingly, the pace of change is not likely to ever be ‘this slow’ again. As the regulatory burden broadens in scope, we’re seeing more forced spending on risk management – but it frequently occurs in silos, with ad hoc solutions disconnected from the broader operational risk landscape.
Boards, executives, and professionals in governance, risk management, and compliance face the daunting task of aligning business strategy with uncertainty and change at every level of the organisation.
From the top down, organisations must grapple with the task of monitoring risk-taking activities, determining whether the risks being taken are appropriate, and evaluating the effectiveness of risk control measures.
To thrive in today's business landscape, organisations need a comprehensive understanding of risk and compliance within the broader context of their operations.
360° GRC is the solution
A single interconnectedness GRC system is the only solution for getting 360° visibility across your organisation, where all information is centralised to give you complete situational and contextual awareness of risk in relation to your organisation’s context. The below capabilities and benefits have been drawn from the recent GRC Solution Perspective report from Michael Rasmussen, GRC20/20.
A centralised and integrated GRC system allows you to:
Eliminate hundreds to thousands of documents, spreadsheets, and emails, and the time needed to monitor, gather, and report on them to manage related activities and processes.
Gain significant efficiencies in time through automation of tasks, as well as reporting.
Avoid things slipping through the cracks, with established tasks, notifications, and escalation when things are approaching deadlines or are past due.
Gain efficiency in streamlining processes through identification of requirements, accountability, tracking, and getting things done.
Benefit from greater granularity and the ability to report on specific GRC details that could not be done in documents or spreadsheets.
Gain increased awareness and accountability of GRC by individuals who are informed on the subject matter in the context of their role.
Build collaboration and synergies across GRC management functions, instead of different roles doing similar things in different formats and processes.
Get consistency and accuracy of information as the organisation conforms to consistent processes and information structures.
Be accountable with full audit trails of who did what and when.
Gain increased agility in the context of change enables the organisation to be proactive and not just reactive - leading to less exposure and being caught off guard.
Stay protected with an all-in-one system
Drova is an integrated platform that allows you to manage regulatory compliance, risks, controls, events, contracts, policies, and more in a centralised space. Everything you input is interconnected, so you can track incidents and manage associated risks across your entire organisation, keeping value protected while maintaining full visibility. Meet expanding regulatory burdens and stay in front of the risk landscape.
