SaaS GRC Tool
To understand everything about SaaS GRC Tools, it is imperative to understand GRC and SaaS's individual components.
What is GRC?
GRC, an acronym for Governance, Risk Management, and Compliance, is a strategy that manages the overall governance of an organization, its enterprise, and compliance with industry regulations. It is a structured approach that aims to align IT with business objectives while ensuring effective risk management and adhering to industry compliance regulations.
GRC is an integrated collection of capabilities, which enables an organization to achieve objectives reliably, address uncertainty, and act with integrity. Governance, Risk management, and compliance, makes up GRC.
This describes the overall management approach through which top executives’ control and direct the entire organization. This is accomplished using a combination of management information and hierarchical management control structures. The activities of governance ensure that vital management information reaching the executive team is sufficiently accurate, concise, comprehensive, and timely.
Risk management is a set of processes through which top management identifies, analyzes, and (where necessary) acts appropriately to respond to risks that might adversely affect the realization of set goals and objectives. The management's response to these risks depends on the perceived gravity and usually involves measures taken to control, avoid, accept, or transfer them to a third party.
Compliance simply means conforming to stated rules, regulations, and standards. 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.
What is SaaS?
SaaS, an acronym for Software as a Service or SaaS. It is a method of delivering applications over the internet as a service. It employs a software distribution model in which a cloud provider hosts applications and makes them available to clients or end-users via the internet.
It is a method of software delivery that allows data to be accessed easily from any device. SaaS applications can also be called Web-based software, hosted software, or on-demand software. The job of the software vendors includes hosting and maintaining the servers, databases, and the several codes that make up the application.
What is a SaaS GRC Tool?
A SaaS GRC Tool is a means through which organizations and large companies can manage IT-related operations, requiring regulations and ensuring that these companies meet compliance and risk standards. These tools also help to determine and mitigate the risks associated with the use, ownership, influence, operation, involvement, and adoption of IT within a company. Generally, these tools comprise policy and compliance, operational risk, data governance, and internal audit management.
What are the Features of a SaaS GRC Tool?
Most SaaS GRC Tools usually have the following features:
Content Management Systems that enables businesses to create, track and store digitized content.
Integrated Risk Management and analytics that help to quantify, measure, and predict risk occurrences and proffer measures to mitigate it.
Internal Audit Management, which helps to organize information thereby simplifying process involved in conducting internal audits.
A dashboard where Key Performance Indicators (KPIs) is displayed. This provides a central interface where business processes and objectives can be monitored.
An effective SaaS GRC Tool helps to create and distribute policies and controls, which are subsequently mapped to regulations and compliance requirements. They also assess whether these controls have been deployed, if these controls function correctly, and if they improve risk management.
What are the Benefits of employing SaaS GRC Tools?
When properly installed and implemented, the right SaaS GRC Tools can help organizations and companies to:
Increase their value through the provision of preventative strategies.
Generate reports about business operations in concise periods. This will enhance decision-making processes.
Automate detective controls which increases efficiency.
Shorten internal audit cycles.
Reduce compliance costs.
Receive alerts when there are changes to regulations.
If you are a top-level manager looking to utilize SaaS GRC tools for your organization, then Archer Solutions is the one for you. Archer solutions are built on a Modern Integrated Risk Management Platform, giving you the technology to implement consistent, sustainable processes across the enterprise. We also provide a comprehensive approach to integrated risk management.
Contact Archer today!
What is a SaaS GRC Tool?
Simply put, a SaaS GRC Tool is a means through which organizations and large companies can manage IT-related operations, which require regulations and ensure that these companies meet compliance and risk standards.
Is SaaS better than the traditional GRC tool?
SaaS GRC Tools should be employed when dealing with huge amounts of data. However, if security compliance of an enterprise does not allow third party hosting, then traditional GRC tools becomes the better option.