Whitepaper from GBTEC Offers a Guideline for Successful GRC Management

It first addresses the challenges for GRC that arise for example with the rising number of national and international laws and regulations. These urge companies to transparently explain organizational activities and to consequently document and monitor business processes. Especially finance and insurance companies are exposed to complex frameworks such as the Solvency II directive in the European Union. In other sectors, requirements towards the activities in governance, risk and compliance rise as well, not least since the publication of the General Data Protection Regulation (GDPR).

In many companies the departments corporate strategy, risk management and compliance management act largely isolated. According to the Global Risk Management Study 2017 by Accenture, only 19 percent of companies coordinate their risk management activities across the borders of business areas. Nonetheless, the integrative management of GRC holds a high strategic value for businesses. This approach enables them to detect risks across the company, organize controls and actions between departments and efficiently steer the whole GRC management.

The 6-step-plan for the implementation of integrated GRC management considers the historically grown structures of each area. Specialized departments often use autonomous methods and systems without a common data base. Consolidating data with legacy software is thus hardly viable so that companies should put their trust in specialized software for their GRC projects. A workflow-supported information as well as a coordination of tasks in these tools avoid the redundant handling of risks, controls or actions. Standardized workflows also lower the effort of administrating and processing tasks. In the whitepaper, GBTEC shows how specialized software supports companies with effectively implementing wholesome GRC management at low cost.