Most organizations rely on multiple technologies to manage GRC across the enterprise. Optimizing a GRC technology ecosystem aligned with a defined GRC process structure improves risk-informed business decisions and achievement of strategic business objectives. This illustration outlines ways to continuously optimize your GRC technology ecosystem for
- greater process consistency
- and development of actionable information.
An integrated GRC technology ecosystem built on common vocabulary, taxonomy and processes enables
- more accurate and timely reporting,
- increased reliability of achievement of objectives
- and greater confidence in assurance with less burden on the business.
Here are just a few of the key benefits:
Process and Technology Alignment
- Common methods for core tasks, uniform taxonomies, and consistent vocabulary for governance, risk management and compliance across the organization
- Risk-based actions and controls that ensure timely responses to changed circumstances
- Standardized GRC processes based on understanding where in the organization each defined process takes place and how data is used in managing risks and requirements
- Connected technologies as necessary to gain a complete view of the management actions, controls and information needed by each user
Governance Systems to include:
- Strategy / Performance
- Board Management
- Audit & Assurance Tools
Risk Systems to include:
- Brand & Reputation
- Finance / Treasury Risk
- Information / IT Risk
- External Risk Content
- Third Party Risk
Compliance Systems to include:
- Policies
- Helpline / Hotline
- Training
- EHS (Environment Health and Safety)
- Fraud / Corruption
- Global Trade
- Privacy
- Regulatory Change
- AML (Anti Money Laundering) / KYC (Know Your Customer)
Enabling Systems to include:
- Data Visualization
- Analytics
- Business Intelligence
- Predictive Tools
- External Data Sources
Protective Systems to include:
- Information Security
- Data Protection
- Assets Control
Benefits and Outcomes
- Enhanced tracking of achievement of objectives and obstacles
- Connected reporting for board/management/external stakeholders
- Timely understanding of impact from operational decisions
- Actionable view of changes needed to meet regulatory requirements
- Clear action pathways for resolution of issues and process reviews
- Consistent risk assessments feeding into advanced analytics
- Improved predictive capabilities to support strategic planning
- Control testing and audit trails for response to regulators and auditors
- Greater confidence in assurance with less burden on the business
- Enterprise-wide, departmental and geographic control standards
Tips for Optimization
1. Process Framework
- Identify tasks appropriate for standardization and schedule implementation across units
- Assess vocabulary used throughout organization for inconsistencies and establish rules
- Adjust process model periodically to continue alignment with business objectives and activities
2. Technology Ecosystem
- Periodically review GRC technologies for gaps and duplication of systems
- Assess appropriateness of connection of systems for data sharing and user access
- Maintain a current road map for re-purposing and acquisition of technologies
3. Outcome Management
- Apply standard processes for resolution of issues and remediation of identified process framework or technology ecosystem weaknesses
- Enhance reporting capabilities with refined report structure and delivery methods/schedules
- Ensure all users apply the process framework and understand how best to use the technology
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