GRC management has come a long way from binders full of documentation, unwieldy spreadsheets, and other manual processes. Rather than just a catch-all term for unconnected management activities, truly integrated GRC — sometimes referred to as integrated risk management — takes a holistic, enterprise-wide approach to understanding risks and opportunities to better support your credit union’s strategic initiatives.
For GRC management to be successful in today’s credit union industry and into the future, it must be technology-enabled to adapt to changing needs and equip teams to manage, monitor, and act on risk and compliance in real time. In short, effective GRC should be strategic, integrated, and digitized:
when it in equips leadership to make informed, risk-based decisions that align with organizational objectives.
when data is shared across business units and departments, reducing duplication and breaking down silos. This promotes a better understanding of your organization’s risks and their impact on business outcomes.
when all activities are united in a single platform that automates manual tasks, simplifies workflows, and stores data and documentation, creating a centralized management hub and standard processes.
GRC technology is only helpful inasmuch as it is paired with good processes. Once credit unions have strong policies and procedures in place, investing in a GRC solution can assist in making significant improvements in organizational performance, decision-making, risk awareness, and digital transformation.
The Quantivate GRC Software Suite was designed to help credit unions quickly implement a holistic, integrated GRC program. Our software products are robust on their own but even better together thanks to built-in integration that provides powerful data-sharing and automation capabilities.
In addition to compliance management systems for credit unions, Quantivate offers a full suite of GRC solutions for: