Making the case for compliance management software
Before we can make the case for compliance management software, we must understand what it is and why we need it. A research report
by Nicolas Racz, Edgar Weippl and Andreas Seufert defined GRC as a holistic approach to governance, risk management and compliance, to ensure that a company “acts ethically and in accordance with its risk appetite, internal policies and external regulations,” by aligning “strategy, processes, technology and people.”
Compliance management software, by extension, is used to automate the tasks associated with documenting and reporting on risk-related areas across an organization. With outdated technologies, GRC becomes siloed between departments and therefore, redundant and ineffective. The right software integrated throughout an organization will consider all aspects of compliance — be it operational, financial, environmental or legal.
You may still be wondering, why is GRC so important?
Because internal and external threats continue to increase each day. Businesses are experiencing increased regulatory pressures, a trend to
outsource to third parties,
a dynamic and unpredictable legal landscape and rapidly advancing technologies. If non-compliant, organizations can face regulatory fines, legal ramifications, health and safety issues
and as a result, suffer from a negative brand perception.
It’s never too late to get started with digitizing your compliance management. Jump into the 21st century with these three steps.