Risk Management with GRC

Risk management still holds leadership for being the initial reason for a company to purchase GRC softwares according to OCEG’s GRC maturity survey. The most common risk management use cases that are being utilized within 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 comes with multiple benefits for 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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