With the right GRC Software in place, organizations can proactively monitor and mitigate risk activities – Let’s review 10 key features for success!
With complex regulatory obligations and intricate processes across departments, companies face challenges when it comes to reducing risk. The traditional approach to governance, risk management, and compliance software (GRC) is often executed in an ad hoc manner, using messy spreadsheets to meet business objectives.
Most companies have some tools to support their GRC program, but it’s usually not adaptable to the changing environment of the business and outside governing policies. With the right technology in place, an organization can proactively monitor and mitigate potential risk activities.
Understanding the top items to look for, while reviewing GRC software features, is invaluable for taking a proactive approach to meeting business objectives.
#1 – Centrally Capture and Identify Data
Often, there’s a lack of transparency in understanding how new and existing data is stored and the speed of collection from various sources. Creating a streamlined single source of truth across an inventory of data flows is necessary. Businesses can use this foundation to gain better visibility into the extent of risk exposure across their digital enterprise.
#2 – Measure and Track Risk
The best GRC tool will allow you to flexibly score risk, prioritize action, and review progress in real-time. Utilizing a tailored risk methodology lets you extract raw data. Providing metrics with context delivers easy to understand and readily accessible insights for senior leadership to capture relevant information. Getting the right information at the right time means enabling quick decisions to configure a flexible game plan.
#3 – Mitigate Third-Party Risk
While most companies rely on third-party vendors to streamline business tasks and functions, outsourcing also increasing your exposure to potential risk. There’s always the chance that you could expose sensitive data and loose oversight to contributing risk factors. Using GRC software features that extend the platform to engage external stakeholders, companies can automate the entire vendor lifecycle – from onboarding to offboarding – as well as continuously monitor for security and privacy compliance. The supported visibility and engagement help to prevent as much third-party risk as possible.
#4 – Collaborate Across Functions
To understand the full scope of risk, organizations need to integrate the existing tools they use to collect data. Making connections across teams and stakeholders is essential to map the scope of your business. Connect business processes and tools with open APIs to push and pull data across systems, increasing volume, and quality from all business units for better risk monitoring.
#5 – Customize Reporting and Dashboards
Spreadsheets are now a thing of the past and won’t cut it anymore with the lack of data they provide. Useful GRC software allows for complete data in real-time, revealing the current risk posture. The best GRC software solutions deliver unique data visualizations such as heat maps and lineage charts – in addition to standard dashboards – to decipher meaningful information for your business to best handle short and long-term objectives.
#6 – Automate Risk from Multiple Sources
Managing a GRC program in DIY spreadsheets results in maintaining isolated silos while trying to keep up with compliance jurisdictions as they unfold. It’s inefficient and not scalable. With this limited perspective, you cannot see the whole picture when it comes to risk. Leveraging a dynamic source of data gives you immediate and accurate information from a single source of truth.
#7 – Embrace Agility
In today’s business world, things move fast. But keeping up with demand and shifts at a swift pace shouldn’t have to be a complicated task. The smart approach to GRC software is to leverage technology that collects data from sources in real-time applied to your unique business model, for ongoing insights into potential risk. GRC 2020 outlines the history of GRC solutions and GRC software features and capabilities to consider for an Agile GRC platform.
#8 – Leverage Artificial Intelligence
While having a current view of your risk landscape is essential, it can be challenging to keep up with the pace of digital technology and evolving threats. Incorporating AI to analyze and automate monitoring activities is key to gaining compelling insights. Where once manual processes slowed things down, you can use AI to analyze, identify gaps, and recommend the next steps in a literal snap of your fingers.
#9 – Scale for Future Compliance
In today’s evolving regulatory landscape, your GRC software should be able to adapt to new and existing frameworks such as ISO, NIST, SOC 2, GDPR, and more. It’s more important than ever to stay up-to-date with regulatory frameworks, considering the speed at which new and ongoing laws are evolving. Beyond just staying up to date with regulatory obligations, you can gain additional efficiency and insights by aligning them with business initiatives and practices.
#10 – Meet Policy Compliance Standards
Using a tool for policy adoption across compliance and HR business units helps organize, store, and keep a record of who has received and acknowledged a level of understanding with your policies. Not only can you streamline policy engagement, but also strategically stay up to date with regulations, flag confusing or unclear policy language, and make training suggestions.
With the right tools, you can automate and streamline the best GRC software features into every aspect of your business. Eliminating former manual processes of collecting data and implementing processes to comply with risk management frameworks, and replacing them with a proactive approach to risk monitoring.
The OneTrust GRC platform can help you identify, track, and monitor risk across your business functions. Learn more about how to streamline and scale your GRC program.