Business Case for GRC
When it comes to Governance, Risk, and Compliance (GRC), many organizations find themselves at a crossroad. On the one hand, they recognize the importance of implementing effective solutions so they can manage risk and comply with government regulations. Failure to do so will result in lost revenue, investigation, and possibly fines. On the other hand, organizations are also under tremendous pressure to cut costs.
GRC professionals are facing daunting challenges: how do organizations build a business case for acquiring a GRC solution? How do they justify GRC initiatives and investment?
Current State of GRC: Challenges
- Challenge #1: More regulations
Each year, organizations are constantly being bombarded with new regulations. With limited resources, many organizations are overwhelmed by the demands placed on them by regulations and frequently opt for ad hoc approaches to comply. However, these ad hoc approaches don’t always integrate regulatory changes to a standard set of policies and controls. Varying frameworks, manual processes, and data silos present serious challenges for organizations to comply with regulations.
- Challenge #2: Data Silos
Many organizations (both large and small) function in silos, where each business unit has its own set of compliance regulations, vendors, and processes to meet those regulations. Inconsistent processes and disorganize data increase the complexity of maintaining data. This results in the inability to share critical information between departments, data duplication, less oversight, and hides many potential risks.
- Challenge #3: Disparate Solutions
A natural outcome of a silos approach is to manage each business unit with different solutions. Yet often these solutions are expensive and don’t integrate easily, causing fragmentation within the organization. With disparate solutions, organizations run the risk of inconsistencies and conflicting data yielding to higher costs.
- Challenge #4: Greater Risk
Risk poses negative impacts on reaching goals and expectations. Organizations need to effectively identify and mitigate risk. Yet, identifying and monitoring it can be challenging and time-consuming, especially with different business units working in silos. Failure to properly mitigate risk reduces overall visibility and makes it harder to make better business decision.
Benefits of a Comprehensive GRC Solution
- Benefit #1: Manage Compliance Effectively
By removing data silos and integrating all critical information, an integrated GRC solution enables organizations to comply with regulations, lower audit findings, and improve overall risk treatment efficiently. An integrated GRC solution empowers organizations to create compliance task management, comply with regulatory policies and processes, and create compliance and risk reports for all levels.
- Benefit #2: Tear Down Data Silos
An effective GRC solution maintains a secure centralized database for better information management, which makes it easier for all users to share data. This reduces data duplication, increases consistency, enables easier reporting, and allows management to make better decisions.
- Benefit #3: Integrated Solution
An integrated GRC solution establishes a single source of standard for the entire enterprise, enabling organizations to streamline and organize all GRC processes effectively from one solution. By leveraging technology across the enterprise, the GRC solution removes data silos and lower costs.
- Benefit #4: Comprehensive Risk Management
A comprehensive GRC solution allows organizations to streamline all risk management processes to effectively identify and mitigate risk. The result of comprehensive risk management is to drive business value by increasing the confidence of regulators and other stakeholders. With a GRC solution, management can make smarter and more informed decisions.
The Solution: Quantivate GRC
The Quantivate GRC solution enables organizations to integrate data between six modules: Business Continuity, Vendor Management, Enterprise Risk Management, IT GRC, Regulatory Compliance Manager, and Internal Audit. The Quantivate GRC solution allows organizations to implement software solutions in specific business units, flexible to the specific needs of each business area, while retaining the ability to achieve integration of information and risk data.
By implementing an integrated approach to compliance, risk, audit, and control processes, the Quantivate GRC software solution enables organizations to improve efficiency and provide greater control into overall business risks.
Quantivate Enterprise Risk Management (ERM) software enables your organization to improve the effectiveness of its risk assessment and mitigation programs and lower loss rates.
- Business Process Library
- Manage Policies/Procedures
- Prioritize Risk Resources
- Auto Risk Calculations
- Import and Convert Data
- Identify, define, and implement enterprise-wide processes and controls
From BIA, plan development, to exercising and incident management, the Quantivate Business Continuity (BC) software offers a complete Business Continuity Planning (BCP) solution.
- Risk Assessment
- Business Impact Analysis
- Solutions & Planning
- Plan Development
- Plan Maintenance
- Emergency Notification
- Incident Management
From due diligence, risk assessment, to contract management and review, Quantivate Vendor Management (VM) software provides a comprehensive vendor risk management process.
- Digital File Library
- Automated Notifications
- Risk Assessment
- Customizable Reports
- Auto Back-Up
- Audit History Log
- Guaranteed Compliance
Quantivate IT GRC is a comprehensive solution to streamline your IT GRC processes, efficiently manage IT risk, and meet regulatory requirements.
- Auto Risk Notifications
- Mitigation Management
- Control Management
- Info Systems Inventory
- Document Library
- Embedded content based on standard frameworks and regulations such as COBIT, ISO 27002, SOX, FFIEC, PCI, GLBA, HIPAA and NERC
- Harmonized controls that cover various compliance requirements including SOX, FFIEC, PCI, FISMA, GLBA, HIPAA, NERC, NIST, FedRAMP, BITS, GAPP, Jericho Forum, ITIL, SEI CMM, and SANS 20 Critical Controls
Quantivate Regulatory Compliance Manager (RCM) manages compliance processes, monitors regulations and requirements, organizes compliance documentation, performs risk assessments, audits, and demonstrates proof of compliance.
- Risk assessments
- Risk Heat maps
- Task management
- Corrective action
- Remediation tracking
- Reporting to all levels
- Audit/Status tracking
- Forms library
Quantivate Internal Audit (IA) provides comprehensive, easy-to-use tools that streamline your internal audit processes, improves productivity, and increases coordination by integrating with other organizational risk management activities.
- Risk Assessment
- Sample Audit Charter
- Audit Plan / History
- Scheduling & Task Lists
- Audit Work Tracking
- Resource Planning
- Integrated Checklist
- Automated Notifications