What are the main 10 features requested in a GRC platform?
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Director of Other in Finance (non-banking)7 months ago
1) Data integration across GRC modules/applications 2) Comprehensive reporting & visualization capabilities 3) Workflow automation to include notification capabilities 4) Consolidated, controlled access roles 4) Centralized processes, risks and controls 5) Risk Assessment 6) Compliance & Regulatory management 7) Policy and Document management 8) BC Management 9) Issue Management/Risk Mitigation 10) KPI, KRI, KCI and Risk Profile Management Vice President - Internal Audit and Enterprise Risk Management in Healthcare and Biotech7 months ago
I agree with the input from Loretta and Wayne. Some additional thoughts on requirements/suggestions, based on experiences with multiplate GRC platforms:1. Integration with enterprise reporting platforms – in most cases native GRC reporting capabilities will be less robust than what you will be able to do with Tableau or similar systems. If you have leaders that are used to viewing reporting in a standardized tool, having them go to a GRC tool may result in a negative user experience (relatively). Using your enterprise reporting standard to visualize GRC outputs may reduce this.
2. Ability to enable your business processes using out-of-the-box or configured capabilities, vs. requiring customization/coding. If you can enable your processes using configuration, that will make future maintenance (and repair) easier and less resource intensive. The downside is that you may need to make more process adjustments to align with the capabilities of the tool.
3. Integrations with key “source of truth” systems will help ensure accurate and consistent reference data within your GRC tool. If you must maintain data elements like org structure and employees in your GRC tool, this will create duplicative administrative burden, vs. having real-time integrations with your source systems.
4. User access model that allows robust self-serve capabilities for users, especially super users. If the GRC tool requires developer intervention to handle non-structural updates, such as reference data and bulk data updates, this can underutilize your super-user and developer resources.
5. Ability to edit and save common document types (e.g., Word, PowerPoint, Visio) natively in the GRC tool. Our current tool requires users to save documents locally, edit, then re-upload. For processes (e.g., internal audit reports and workpapers) that require multiple review and update iterations, this is a painful user experience.
6. Ability to manage user submission of evidentiary matter via workflow, vs. via out-of-band email, makes for a more efficient process and ensures that supporting documentation is “attached” to the correct activity (e.g., audits, compliance reviews, etc.). If the tool also allows you to store evidence centrally and reference for multiple uses, this can help reduce “audit/compliance fatigue.”
7. Ability to perform & manage attestation processes (e.g., SOX, conflicts of interest, etc.), avoiding the use of external survey capabilities.
8. Ability to roll forward past period activities to use as a starting point for current period (e.g., rolling forward past period COI results, so that users only need to validate and/or make changes for the current year) and ability to report longitudinally over time so that you can assess progress/regress in areas of interest.
9. Ability to easily export needed data and artifacts in response to external requests, such as for regulators, audits, and the like.
Risk Management: The ability to identify, assess, and manage risks across the organization, including risk assessment, risk mitigation, and risk monitoring.
Compliance Management: Tools for ensuring compliance with relevant regulations, standards, and internal policies, including compliance monitoring, control testing, and audit management.
Policy Management: The ability to create, distribute, and track policies, procedures, and guidelines, ensuring employees are aware of and adhere to the organization's policies.
Internal Control Management: Features for documenting, testing, and monitoring internal controls to ensure they are effectively designed and operating as intended.
Incident Management: Tools to capture, track, and investigate incidents, such as data breaches, security breaches, compliance violations, or other events that require investigation and remediation.
Audit Management: Capabilities for managing audit activities, including audit planning, scheduling, execution, and reporting, as well as tracking audit findings and remediation activities.
Reporting and Analytics: Robust reporting and analytics capabilities to generate customizable reports, dashboards, and visualizations, providing insights into risk exposure, compliance status, and performance metrics.
Policy and Regulatory Intelligence: The ability to stay up to date with relevant regulations, standards, and industry best practices through automated policy and regulatory updates and alerts.
Workflow and Collaboration: Features for workflow automation, task management, and collaboration, facilitating efficient communication and coordination between different teams and stakeholders involved in GRC processes.
Document Management: Tools for organizing, storing, and retrieving GRC-related documents, ensuring version control, document integrity, and easy access to relevant information.
These features can vary among different GRC platforms, and organizations may prioritize specific functionalitie