Today organizations are facing greater pressure than ever before to effectively manage their risk and comply with ever-growing governmental regulation. However, they must overcome a number of GRC challenges to meet these pressures. Today many organizations are adopting governance, risk, and compliance (GRC) software solutions to implement a strategic cost effective approach to managing their activities, control their risks, and comply with governmental regulations.
So what are these challenges, and how can a GRC software suite like Quantivate help organizations to overcome them?
Ever changing regulatory requirements
Organizations are constantly being bombarded with new regulations each year. With limited resources at hand, organizations often find themselves overwhelmed by the demand these new regulations place on them. Companies often develop an ad hoc approach to comply with these regulatory requirements. Over time these approaches grow and can become overly complex and even confusing. These complex and time-consuming processes fail to consider the long-term benefits of a coordinated strategic approach to compliance and undermine the need for effectively mitigating threats and risks.
The Quantivate GRC solution implements a centralized compliance structure to analyze business processes, vendors, and business units and effectively performs a comprehensive Risk Assessment in order for organization to comply with the industry’s regulatory guidelines.
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. In addition, critical information, like vendor contracts, is stored in numerous locations. Not only does this approach make it hard to manage important information but also it creates the inability to share that data and information between departments. This approach is time consuming, creates data redundancy, and hides many potential risks.
Quantivate GRC solution maintains a secured centralized data repository for efficient storage yet remains accessible for users. For instance, with the Quantivate GRC solution, you can manage all your critical information, such as contact information, financials, contracts, and insurance certificates, in one easy to manage web-based application, eliminating data silos. The system also provides comprehensive on-time notifications of critical expiration and due dates.
Similar to data silos, many organizations have different software tools in different parts of the organization. Often these tools don’t integrate, causing inefficiencies and redundancies that create greater risk and conflicting data.
The Quantivate GRC solution comprises six modules: Business Continuity, Vendor Management, Enterprise Risk Management, IT GRC, Internal Audit, and Regulatory Compliance Manager that are completely integrated and share critical data throughout. The Quantivate solution’s flexibility enables organizations to implement appropriate modules in each business units, adapting to the specific needs of each business area, while retaining the ability to achieve global integration of information and risk data.
Lack of customizable reporting capability
Each organization is unique, and hence there is no “one size fits all” approach when it comes to producing a compliance report. Many organizations have managed compliance reporting in a decentralize method—by business processes, function, or location, resulting in lack of visibility in monitoring risks and general operations. This presents a challenge, as auditors demand reliable, up-to-date, and auditable reports.
Realizing that each organization is unique, the Quantivate GRC solution provides customizable reporting capabilities that take each department, function, and activity into account. This enables organizations to have real-time visibility into key risk indicators, control policy, and overall status of compliance.
About the Quantivate GRC Software Suite
The Quantivate GRC solution approach enables institutions to synchronize data between six modules: Business Continuity, Vendor Management, Enterprise Risk Management, IT GRC, Internal Audit, and Regulatory Compliance Manager. The Quantivate GRC solution enables organizations to implement software solutions in specific business units, flexible to the specific needs of each business area, while retaining the ability to achieve global integration of information and risk data. Adding new processes, applications, or producing a real-time report requires minimal effort. Quantivate GRC solution is designed to address your immediate governance, risk, and compliance management needs today, and your unforeseen needs in the future.