Smarter Compliance, Less Risk – an Excerpt from Reciprocity’s GRC Software Buyer’s GuidePublished October 19, 2016 by Aaron Kraus • 2 min read
Wondering how a GRC software tool can impact your business? Check out another excerpt from our Governance, Risk Management, and Compliance Software Buyer’s Guide to learn about the benefits of implementing an all-in-one GRC tool.
Smarter Compliance, Less Risk
Take a look at how an all-in-one tool can reduce your risk of non-compliance while decreasing costs and maximizing revenue, streamlining your audit, and improving accountability.
A GRC tool significantly lowers costs associated with managing compliance programs. First, a GRC tool will streamline and eliminate manual processes and allow teams to more easily become and stay compliant. Second, you will be able to utilize a GRC tool as your single source of truth for everything related to your compliance needs. Third, a GRC tool will significantly decrease the number of errors, gaps, and omissions that are currently being found in your spreadsheets. All of these benefits lead to a more productive compliance team.
Your All-in-One Compliance Tool
With a GRC tool, compliance teams can leverage a system of record, automated workflows, audits, pre-risk assessments, reporting & dashboards, and multiple third-party integrations all from one central platform. A GRC tool makes compliance trackable, automated and more visible for CISOs and their teams.
Automate Your Compliance Tasks
Companies commonly find that the real value of automation lies in the fact that there are routine tasks which must be completed. The GRC platform can automate some of those, and send reminders for those tasks which require human interaction.
Deliver Robust Reporting
CISOs often find it difficult to determine the ROI on their compliance efforts because of an inability to aggregate important compliance-related data. By utilizing out of the box reports, a GRC software tool allows businesses to understand their true compliance posture and identify gaps or overlaps in their programs. Dashboards and advanced reports deliver important metrics to users and business decision-makers.
Support Your Audit Team
Audit teams execute a process. And like any business process, they need quality input. A well-documented compliance program in a GRC tool and the ability to conduct an audit over that program can jumpstart your internal audit teams, and ease the burden of providing information to an external auditor. Key tasks in the audit process also gain an efficiency boost from a GRC tool, such as automating evidence collection and dashboards to show progress. At the end of the audit, the outputs can be fed back into the GRC tool for automated tracking. Issues can be assigned for remediation, while the auditor’s opinions of control effectiveness can be documented to show your compliance posture.
To get more information on the GRC purchasing process including, assessment worksheets, vendor evaluation questions and implementation tips, download the full GRC Software Buyers’ Guide now.