Key functionalities to look for when selecting GRC-technology
Integrated governance: A unified platform combining risk, compliance, audit, and governance for seamless collaboration.
Business process integration: Provides a comprehensive overview of all risks and controls linked to processes, enabling proactive risk management.
Incident & issue management: Tools to report, track, and resolve compliance issues with automated workflows.
Regulatory risk landscape: Supports compliance with frameworks like VRM, DORA, ISQM, SIRA, and PSD3/PSR for seamless regulatory management.
Policy & control management: Centralized oversight of policies and controls to ensure regulatory alignment.
Risk response planning: Enables planning and execution of risk mitigation strategies.
KRI’s & KPI’s tracking: Tools to monitor key risk and performance indicators for compliance effectiveness
Interactive brainstorming: Facilitates risk identification and evaluation with QR code participation in interactive brainstorming sessions.
Geodata integration (GIS): Links risks to geographic locations for spatial risk analysis.
API Integration: Connects risk management tools with existing systems for streamlined operations.
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Integrated Governance: A unified platform that combines risk, compliance, audit, and governance processes for seamless collaboration and consistent oversight.
Business Process Integration: The ability to embed risk management and controls within business processes to ensure risks are identified and managed at an operational level.
Incident and Issue Management: Tools to report, track, and manage incidents or compliance issues, with workflows for investigation, resolution, and escalation.
Vendor Risk Management: Functionality to assess, monitor, and mitigate risks associated with external vendors, suppliers, and partners throughout their lifecycle.
Policy and Control Management: Centralized management of policies, standards, and control frameworks to ensure alignment with organizational goals and regulatory requirements..
Risk Response Planning: Tools to create, evaluate, and implement risk response strategies, such as mitigation, acceptance, transfer, or avoidance.
Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs): Tools to define and track KRIs and KPIs, helping organizations measure and monitor the effectiveness of risk and compliance efforts.
Interactive Brainstorming: Tools that facilitates team collaboration to identify and categorize risks and enhances engagement through features like QR code participation.
Geodata Integration (GIS) in risk analysis: Feature that enables linking risks to specific geographic locations for spatial analysis. It provides insights into environmental factors influencing projects.