Governance Risk and Compliance Solution
Governance, Risk, and Compliance (GRC) is a term that covers the approach of an organization towards these three practices: Governance, Risk Management, and Compliance.
You could think of Governance, Risk, and Compliance as a generic term that refers to an organization's integrated strategy for tackling issues in corporate governance, enterprise risk management (ERM), and corporate compliance.
Governance, Risk, and Compliance Solutions help risk managers and professionals understand the relationship and connection between these issues while providing a singular, holistic solution that tackles all of them. To understand how Governance, Risk, and Compliance Solutions work, let's see how these solutions work for each part of the acronym.
Governance refers to the various internal management processes that help to achieve effective decision-making at all levels of an organization. These decisions made are usually critical in enabling an organization to attain its set goals and objectives; hence complete, relevant, and accurate guidelines must be established and communicated across all employees. This ensures that employees are as productive as possible, irrespective of their individual aims and functions.
A viable solution will be to help top management and professionals to create, implement and track decision-making throughout their organization, from a singular place.
Risk Management Solutions
Risks elude no organization. Every organization faces risks. These risks could vary from company to company: an equipment supplier might run out of business, a law passed could affect data-collection processes, or there could be an economic depression. No matter what these risks may be, it is important that they are identified, tracked, and appropriately mitigated. This should be done as effectively, efficiently, and comprehensively as possible. Top management and professionals need to develop a culture of risk management in their organization. They should also set appropriate and acceptable risk thresholds to ensure that potential threats are addressed promptly.
Again, a viable solution will be to help organizations put these tracking protocols in place.
Every industry has rules, regulations, standards, and best practices that have been put in place to define how organizations and companies should carry out business operations. If these companies and organizations fail to adhere to these standards, they will face consequences such as fines, disbarment, or revenue loss. Therefore, companies set internal processes to conform to external rules and regulations, aligning with the company's goals and objectives. This is called compliance.
Who can employ Governance, Risk, and Compliance Solutions?
GRC solutions can be implemented by any organization – public or private, small or large. Any organization that wants to align its business activities to business goals, manage risk effectively and be industry compliant should implement GRC solutions.
Benefits of implementing GRC Solutions
It provides an efficient management of risk and compliance initiatives. This is obtained through the establishment of a secure and stable organizational structure in one secure system.
It guarantees an efficient compilation of standardized GRC processes. The compiled items include reports and performance of internal audit management, risk assessments, penetration tests, vulnerability scans, and vendor assessments. GRC solutions are often designed to enable top management and professionals in organizations to access relevant information in a particular location and format.
The relationship between key stakeholders in IT and other business departments is often improved because of a reduction in redundancy. Redundancy is experienced when representatives from IT GRC request the same information from other stakeholders many times for various reasons. GRC solutions help to provide access control to share information securely among those who need this information.
Deployment of GRC solutions results in substantial savings in finances and time. This occurs because archaic business operations and practices are discovered and subsequently "retired." This also results in the reduction of systems and savings costs as disproportionate assets are discovered.
Archer provides holistic, integrated risk management on a single, configurable platform that manages multiple risk dimensions and drives accountability across your internal functions and extended third-party ecosystem.
What solutions do we offer?
IT Security Risk Management: Archer IT & Security Risk Management helps improve decision-making by enabling you to compile a complete picture of technology and security-related risks and understand their financial impacts.
Third-party Governance: Archer Third Party Governance presents an accurate and complete picture of third-party risk while also providing capabilities for managing and monitoring the performance of third-party relationships & engagements.
Compliance Management: Archer Regulatory & Corporate Compliance Management helps improve decision-making by enabling you to compile a complete picture of technology and security-related risks and understand their financial impacts.
Enterprise and Operational Risk Management: Archer Enterprise & Operational Risk Management provides a clear, consolidated view of risk across the organization by aggregating disparate risk information in one central solution.
What is a Governance Risk and Compliance Solution?
Governance, Risk, and Compliance Solutions help risk managers and professionals understand the relationship and connection between these three combining forces, while providing a demonstrative solution that tackles all of them.
Do all Companies need a Government Risk and Compliance Solution?
Any organization that wants to align its business activities to business goals, manage risk effectively and be industry compliant should implement GRC solutions.