Glossary

GRC Tools

An Introduction to GRC Tools

GRC management has become a necessity. To integrate a GRC management strategy, a company must choose a GRC tool that implements its vision. A plethora of services are available as both data software and cloud-based GRC tools. With the proper GRC tool implementation, companies can more efficiently govern their business while managing risk factors and compliance regulations.

GRC Tool

From Traditional GRC to Integrated GRC Tools: 

A Short Explanation of the GRC Evolution

GRC can be understood as a framework to help organizations address business governance, risk management, and compliance activities.

  • Governance: the capability to reliably achieve business goals and values
  • Risk Management:  reducing the possibility of risk and mitigating its potential impact
  • Compliance: meeting legal and regulatory requirements

The GRC trio has functioned independently in business enterprises for decades. In the traditional model, each branch of the acronym was responsible to support different functions in a given enterprise. Legacy GRC solutions and old-fashioned spreadsheets are expensive and cumbersome respectively, and even more important, lack a holistic view.

In a modern-day GRC approach, however, the three components work in an integrated fashion, and the intersection of these concepts is where the benefits become apparent. Today, a synchronized GRC tool is necessary to inspire accelerated performance, higher accountability, and trust in an organization.

How to choose a GRC Management Tool to help your company implement GRC-related workflows

To determine the GRC tool requirements that most accurately address your company’s needs in aligning business objectives with risk management, business policies, infrastructure, and resources must be assessed. A sustainable solution means looking at the ever-evolving risk landscape and making informed decisions that will keep the company in a proactive position for the long run, instead of “putting out fires” that could have been averted.

Start Getting Value With
Centraleyes for Free

See for yourself how the Centraleyes platform exceeds anything an old GRC
system does and eliminates the need for manual processes and spreadsheets
to give you immediate value and run a full risk assessment in less than 30 days

Benefits of Using a GRC Tool

A cutting-edge GRC tool can help you take a data-driven approach to risk, reducing the likelihood and impact of cyber attacks and human error while providing you with the tools you need to monitor, analyze and adjust your strategies. A robust GRC platform can help you visualize your data effectively and come up with actionable insights.

An enterprise GRC tool that suits your company can use machine learning and artificial intelligence to benefit your organization in the following ways:

Efficiency

Unlike spreadsheets, GRC tools make it easy for multiple departments to collaborate within the platform. They also assist in breaking down silos and redundant risk management functions by providing a centralized, easily visible environment.

Agility

Good risk management helps your enterprise understand its objectives and performance goals, align them with the current and future threat landscape, and be prepared to move and navigate quickly, making more informed decisions and allocating resources appropriately. 

Automation

GRC tools keep you up-to-date with compliance regulations and automate the data entry process. Using dynamic tools, a GRC solution can locate compliance gaps, suggest a remediation process, and mitigate the likelihood of human error.

Real-Time Reporting and Monitoring

Backed by automation and artificial intelligence, GRC solutions can help identify and evaluate risks and red flags, and provide actionable insights.

Scalability

Contract terms for GRC solutions can span several years, and your business will inevitably evolve over that period. A scalable, flexible solution that can adapt to those changes offers new modules to address growth as well as new regulatory compliance frameworks.

Accountability and Trust

Stakeholders and board members have greater trust in an organization with a sound GRC strategy and a high level of transparency. Staying compliant with industry certifications and standard assessments, or even going beyond the standard regulatory requirements, enhances accountability and builds corporate trust.

Important Features to look out for in GRC Solutions:

  • Real-time risk analysis that measures and predicts risk- and remediation steps
  • Regulatory compliance walk-throughs and questionnaires
  • Centralized dashboard with emphasis on UE (user experience)
  • Synchronized data entry to mitigate redundancy
  • Visual tools and metrics for board meetings
  • Integrations that connect to third-party tools and software
  • Third (and fourth!) party vendor and supply chain management
  • Scalability for future compliance standards

The Centraleyes platform is a comprehensive GRC tool that simplifies GRC  management, fueled by AI and data-driven conclusions. Scalable and cloud-based, it provides a user-friendly platform in a completely unified environment.

Request a demo today.

Start Getting Value With
Centraleyes for Free

See for yourself how the Centraleyes platform exceeds anything an old GRC
system does and eliminates the need for manual processes and spreadsheets
to give you immediate value and run a full risk assessment in less than 30 days

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