While the core elements of GRC management are relatively straightforward, combining these elements to achieve an effective GRC strategy takes careful planning. With regulatory requirements from around the world, 360 GRC has a similar goal as other companies: to create a long-term, holistic strategy for compliance that can be built into business processes.
As 360 GRC continues to fine-tune this framework, the company has established a number of best practices regardless of company size or industry.
- Work closely with external and internal auditors to develop a plan that best aligns to the business and its environment.
- Use well-established business processes and thorough internal documentation to facilitate efficient audits.
- Take advantage of the investment in compliance to improve general business processes and to make the organization more efficient.
- Evaluate key controls for duplication, with the goal of completely covering control objectives without expending extra effort.
- Take advantage of existing investments by using technology and systems that have already been developed.
- Document and reuse data wherever possible.
- Design and implement systems for flexibility. Assume that there will be changes in the future.
The ConfigScan software suite enables an enterprise risk and compliance strategy. Our technology is built to meet todays and future standards by being:
- Sustainable - Risk and compliance activities are not going away. The dynamism of business results in rapid changes to business processes, relationships and technologies that firms must continually map to risk and compliance requirements. When firms add new acquisitions, relationships, lines of business or products, compliance officers must keep abreast of these changes.
- Consistent - Firms can't afford not to consistently understand, approach and measure risks and controls. In an era of increased accountability and corporate governance, 360 GRC's software platform provides a centralized hub with which to manage risk and compliance across a firm's disparate business silos. Using business process and content management technologies, our software maintains a consistent taxonomy, approach and accuracy of risk- and control-related information and communication. Our technology incorporated in our software solution allows an organization to centrally store policies, procedures and controls, as well as use common assessment processes. Then the information that is gathered can be reused for other assessments.
- Efficient - Business operations today struggle with risk and compliance processes that have been stove-piped, ad hoc and inconsistent. Gathering risk information once, as opposed to through a barrage of independent assessments asking the same questions, alleviates the frustration of line-of-business organizations. Our software platforms automate risk and compliance processes with workflow, content management and collaboration features, thus relieving the burden on the business through the shared use of information across assessments instead of taxing the business by asking them the same question week after week.
- Transparent - Accurately identify and manage risk and compliance in an era of increased corporate governance. Organizations today need transparency into business operations and strategies so the organization can navigate around threats and seize on business opportunities. Further, organizations need to strive for greater transparency in reporting to executives, the board, regulators and stakeholders, as well as the community at large.
Throughout the entire planning process, it is important to maintain a clear understanding about which compliance rules the customer needs to live by, where they originate, and how they affect people and business are. This understanding can help the customer implement more effective GRC solutions and deliver short-term and long-term benefits to their organizations.
