Compliance Management with GRC

Utilizing a GRC software for compliance management is one of the most benefiting use case to handle multiple compliance domains and requirements with high efficiency.  Most common compliance use cases that is being utilized within a GRC Platforms are listed below: 

  • Integrated Control Frameworks
  • Continuous Control Testing and Monitoring
  • Regulatory Change Management
  • Policy Management
  • ISO Management System Compliance
  • Privacy Compliance (eg; GDPR)
  • Issues and Task Management
  • Exception Request Management

Related GRC Software Features

GRC Platforms have several functionalities to kick-start and manage different compliance management processes. Some of relevant GRC software functionalities are listed below: 

  • Pre-loaded Authoritative Sources
  • Pre-loaded policies and controls
  • Auto-launch control testing
  • Pre-defined notification templates
  • Pre-defined integrated control framework
  • Regulatory change updates
  • Approval workflows
  • Historical Compliance Data Archive

Process Level Benefits

Implementing risk management process with a GRC software provides rapid benefits on the maturity of the definition, execution and monitoring of the risk processes. Here are some process level benefits listed below: 

  • Fast implementation of control frameworks
  • High efficiency in control testing
  • Accountability through the whole lifecycle
  • Agility in regulatory change and update adaptation
  • Real time control compliance monitoring

Integrated GRC Benefits

Implementing compliance management process with a GRC software has extreme benefits on other relevant processes such as Risk, Audit, Security, Privacy  and Business Continuity Management. Some of these benefits are listed below: 

  • High granularity integration to policies, exceptions and risks....
  • Feeding compliance by existing processes (Security, Privacy etc..)
  • Greater ability to gather information quickly and efficiently
  • Greater ability to present consolidated reporting to senior management
  • Reduced compliance operations and costs from siloed processes

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