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3 Helpful Ways GRC Software Helps to Manage Risk

3 Helpful Ways GRC Software Helps to Manage Risk

The right tools can boost collaboration, efficiency and prevention.

GRC (governance, risk and compliance) programs give organizations a holistic view of their operations. In a perfect GRC scenario, employees from HR, legal, finance, IT, compliance and other departments work together to ensure the company's processes are consistent, fair and up to standards across the organization.

It can be tough to coordinate, but a centralized platform makes collaborating and reporting easier and focuses on prevention.

Have you audited your internal investigation process lately?

Investigations are an integral part of GRC. GRC software provides all the information you need to identify trends and areas of risk and compiles the data you need for thorough investigations, increasing regulatory compliance. Learn more in our free eBook.

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1. Identify Risks Before Issues Arise

Your top priority in risk management should be prevention. Stopping issues from happening is easier and less expensive than having to deal with the consequences when an incident occurs.

First, you need to know where your areas of risk lie. Look for GRC software with a trend analysis tool to help you spot people, locations and types of incidents that come up frequently in cases. Doing this type of data analysis manually takes hours you could be spending on more meaningful tasks, and you'd still risk human error. Using GRC software for the job ensures accurate, speedy results.

Once you've identified your "hot spots," you can create a data-driven set of control measures to reduce risk. Refocus your training programs, update policies and implement new processes using this information. Then, repeat the process in six months or a year to see if your new controls are effective.

RELATED: How to Use Case Management Software for Compliance Automation

2. Keep Everything in One Place

The main purpose of GRC software is to provide a single place where companies can work on their operations. Its central database keeps documents and information in a centralized repository, reducing information silos that can lead to confusion, miscommunication and issues falling through the cracks.

Many GRC tasks require collaboration between departments. Unfortunately, this can be a tedious process of searching for information you need and seemingly endless back-and-forth communication. GRC software lets team members work on cases right in the file. Working together is easier, faster and more transparent, helping you reach your goals more efficiently.

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3. Easily Create Reports

Final reports play an integral role in risk management. They show you what went wrong and why, and can include suggestions on how to prevent repeat incidents in the future. Reporting puts management, those involved in the investigation, the investigative team and external stakeholders on the same page and may be required to fulfill regulatory requirements.

GRC software streamlines the process.

Any team member with designated access to the case file can go in and auto-generate a report in minutes. This keeps management in the loop, since they don't have to wait for a report when they need or want one. In addition, splitting up the reporting workload allows investigators to stick to their current tasks without fear of a report request being sprung on them.

Some GRC software has built-in report templates to help you save time and ensure compliance. Whether you want to create your company's typical investigation report or fill out a form for a regulatory body (e.g. OSHA, EEOC, CCOHS, etc.), the software automatically populates the template with relevant information from the case file for an accurate, thorough report. You can even directly file some reports on the system.

Staying organized as you conduct risk assessments is key. Download our risk assessment and matrix templates to get started.