The Ultimate Guide to GRC Software: How Integrated Solutions Enable Better Risk Outcomes

Resolver
January 4, 2024 · READ

Do you ever feel like you’re drowning in a sea of compliance requirements, endless reports, and disjointed processes? If you’re nodding your head, you’re not alone. With mounting challenges, from manual and time-consuming tasks to navigating a labyrinth of regulatory demands, many risk, compliance, and audit teams are overwhelmed and asked to do more with less.

But there’s a game-changer in town: Governance, Risk, and Compliance (GRC) software solutions offer more than just tools; a software solution can help you conquer everyday hurdles and propel your organization to new heights of operational excellence. Imagine a world where repetitive tasks vanish, leaving you with ample time for strategic thinking. Envision a unified platform that eradicates information silos and brings governance policies, risk assessments, and compliance workflows under one roof. This is the power of GRC software. It streamlines data collection, reporting, cross-functional collaboration, regulatory compliance, internal audit, risk management, and more, transforming your team from reactive to proactive, armed with advanced analytics and agile risk intelligence.

But here’s the catch: GRC software isn’t a magic wand. Delivering a truly mature enterprise GRC program demands commitment and a cultural shift across all levels of your organization. As Amanda Cohen, Resolver’s VP of Product, GRC, says, “Buying software doesn’t automatically make your organization care about compliance.” As Cohen reminds us, it takes leadership, internal champions, and a cultural shift to truly harness the potential of GRC software.

Fret not — we can help you get there. Our ultimate guide to GRC software solutions aims to provide a clear understanding of “What is GRC software, anyway?” and how integrated GRC software can enhance organizational resilience and contribute to overall success. We’re answering your questions and guiding you through the intricacies of selecting and implementing the ideal GRC software solution to match your organization’s risk maturity level.

What is GRC software, and why do I need it?

GRC software is a comprehensive technology solution designed to manage and integrate diverse business processes related to governance policies, risk management, compliance requirements, internal audit, and much more. Most solutions offer a centralized platform that automates manual tasks, streamlines GRC processes, and breaks down siloes, simplifying collaboration across various departments. By providing a unified approach to GRC functions, this software helps organizations proactively address challenges and enhance overall operational efficiency.

When executing a GRC strategy, GRC 20/20 pundit Michael Rasmussen says focusing on agility, resiliency, and integrity as pillars can help organizations to be ready to seize opportunities while avoiding threats and exposures to the business and its objectives. “Successful GRC management in the context of agility, resilience, and integrity requires the organization to provide an integrated process, information, and technology architecture that automates this,” explains Rasmussen in a blog post, underscoring the critical role of GRC software tools in building this level risk intelligence.

Connecting various GRC functions, such as Compliance and Internal Audit, enables businesses to respond swiftly to a dynamic risk environment, tying risks directly to organizational objectives. This approach not only improves efficiency and response times but also positions risk as a strategic partner rather than a mere validation process.

Resolver offers highly flexible and customizable GRC software solutions that allow organizations to centralize unique dashboard views, ensuring access control for sharing relevant information. Our end-to-end Enterprise Risk Management (ERM) solution provides a foundation for modernizing the entire GRC program, turning risk data into tangible business value.

Why consider implementing GRC software solutions?

An infographic of the forrester total economic impact study of resolver showing a financial benefit of 327$ roi to customers implementing resolver's integrated grc solutions

Implementing GRC software offers tangible benefits for organizations, ranging from enhanced compliance to improved risk mitigation and streamlined operations. To better understand the benefits, costs, and risks associated with using this software, Resolver commissioned Forrester to conduct an independent study of several GRC customers. Among the findings was a 327% ROI and cost savings of $190,000 over three years. Other benefits of GRC software include:

1. Enhanced compliance

It compliance dashboard

By automating compliance-related tasks and centralizing documentation, organizations can easily track and adhere to regulatory requirements. This reduces the risk of non-compliance-associated penalties and reputational damage. In fact, it has shown 75% improvement in compliance testing efficiency.

2. Improved risk mitigation

Various graphs in a text image highlighting it risk management executive dashboard

GRC software solutions align with a structured framework, like COSO, for identifying, assessing, and managing risks. By leveraging advanced analytics and reporting functionalities, organizations can proactively identify potential risks, allowing for timely intervention. This proactive approach minimizes the impact of risks on the business and enhances overall risk mitigation strategies.

3. Streamlined operations

Graphic detailing resolver's streamlined operations

Tasks related to governance policies, risk assessments, and compliance documentation are automated, meaning they are now streamlined to reduce the likelihood of errors and delays. Utilizing a centralized platform promotes collaboration among different departments, breaking down information silos and fostering a more cohesive operational environment.

Watch our webinar with Forrester to learn more

How to choose the right GRC software

Graphic of risk intelligence wheel

Choosing the right GRC software involves a careful evaluation of organizational needs. It requires an understanding of specific compliance requirements, risk profiles, and operational processes. Organizations should consider scalability, customization options, and the ability to integrate with existing systems. Reading relevant resources and case studies can provide insights into the experiences of similar organizations. Additionally, seeking user feedback and consulting with industry experts can help make an informed decision that aligns with your organization’s goals and requirements.

Read: 8 Questions to Ask Potential Software Vendors

What are some tips for a successful GRC software implementation?

Successful implementation of GRC software involves strategic planning and collaboration across departments. Organizations should define clear goals, establish a cross-functional team, and provide comprehensive training to users. Regular communication and feedback loops are essential throughout the implementation process. Monitoring key performance indicators (KPIs) ensures the software aligns with organizational objectives. Post-implementation, continuous evaluation, and updates are necessary to adapt to changing regulatory landscapes and evolving business requirements, ensuring the sustained success of GRC software integration.

By integrating these practices, organizations can implement GRC software more effectively and maximize its benefits, ensuring sustained success and compliance in an ever-changing business environment.

Read: FCC’s Journey to an Award-Winning Enterprise GRC Program with Resolver

What are some GRC software best practices?

Implementing an effective GRC software solution begins with a detailed assessment of your organization’s risk maturity level. This assessment forms the foundation for informed decision-making and effective risk management strategies.

Essential best practices for implementing GRC software:

1. Comprehensive risk assessment:

  • Conduct a thorough organizational risk assessment to develop a robust risk register. If a risk register already exists, review it to ensure it reflects current business opportunities and challenges.
  • Involve key stakeholders in the risk assessment process to gain diverse perspectives and a comprehensive understanding of potential risks.

2. Investment in dedicated GRC disciplines and solutions:

  • Establish clear risk assessment methodologies, frameworks, and documentation standards for consistency and transparency.
  • Determine steering committees to help build GRC advocates who will help champion new solutions.
  • Consider deploying dedicated GRC software solutions like Resolver to streamline processes and enhance efficiency.

3. Regular communication and risk management orchestration:

  • Maintain regular communication with stakeholders about risk updates, findings, and compliance requirements.
  • Foster alignment and awareness of risks across the organization, marking a transition to a dedicated risk management function.

4. Integration and strategic alignment:

  • Collaborate with second-line functions and leverage integrated GRC software solutions for cross-functional information sharing.
  • Align risk management strategies with broader organizational goals and decision-making processes.
  • Embed risk management into your organizational culture to build resilience, agility, and strategic success.

5. Tailored implementation approach:

  • Advocate for a gradual and tailored implementation, aligning the GRC software solutions with your organization’s specific needs to achieve optimal risk outcomes.

Elevate your organization’s risk intelligence with Resolver’s GRC Software

Seamlessly integrate GRC software solutions to bring about better risk outcomes with Resolver. From essential tracking to advanced innovation, our GRC software aligns with industry best practices, offering a comprehensive approach to risk management.

Drive efficiency, effectiveness, and agility in your risk assessment processes, saving valuable time and resources. Resolver’s GRC software doesn’t just manage risks; it transforms your risk management practices. Imagine a future where compliance is not a hurdle but a competitive advantage. Be empowered to make informed strategic decisions while ensuring compliance with evolving regulations.

Take the next step in fortifying your risk management capabilities. Transform your risk management practices and embrace a future of confident decision-making and sustainable growth. Request a demo today and see how Resolver’s GRC software can empower your organization in managing risks, ensuring compliance, and making informed strategic decisions.

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