Risk Management with GRC

Risk management still holds the leadership to be the reason of initial purchase of GRC softwares according to OCEG GRC maturity survey. Most common risk management use cases that is being utilized within a GRC Platforms are listed below: 

  • Enterprise Risk Management
  • Operational Risk Management
  • Security Risk Management
  • IT Risk Management
  • Third Party Risk Management
  • Legal Risk Management
  • Privacy Risk Management
  • Business Continuity Risk Management

Related GRC Software Features

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

  • Risk and control libraries
  • Pre-defined reporting templates
  • Real time risk monitoring
  • Auto-initiated risk reviews
  • Auto-launch risk questionnaires
  • Approval workflows
  • Email notifications
  • Issues and Task Management

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: 

  • Visibility by improved risk identification
  • Effectiveness by automated risk analysis
  • Collaboration by workflows during risk evaluation
  • Accountability during risk treatment and remediation
  • Efficiency during risk monitoring and review

Integrated GRC Benefits

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

  • Alignment with other risk frameworks and processes
  • Input delivery for audit process
  • Identification from incidents and other sources
  • Improved mapping to objectives, hierarchy and assets
  • Integratation with compliance process and requirements

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