Governance, Risk and Compliance
Today’s world is complicated, interconnected, and rapidly changing. And with change comes both risk and opportunity. In this context, an organization’s success is dependent on its ability to leverage change and the risks that come with it to their benefit. To enable this, Risk, Compliance, and Audit teams need the mindset, tools, and data to be ahead when it comes to risk. In this webinar, you’ll learn the must-have risk reports that help you leverage risk, compliance, and audit data to build a data-backed strategy that ensures your organization can fully embrace and capitalize on the opportunities that change brings.
Watch the recording to learn:
Though every dashboard can be different based on the data they need to show. However, there are five consistent themes that apply to risk-at-a-glance visualization needs:
A real-time dashboard is not required, as you can often refer to data from previous assessment cycles. However, having a view of your live risks can ensure that your business makes decisions based on the most updated version of your risk landscape.
It's not required to use an industry-specific risk intelligence software solution. There are pros and cons to both industry-specific vs. industry agnostic software, which businesses should evaluate in accordance with their objectives. For example, industry-specific software can delve really deep into an industry and create functionality that's specific to that area.
However, with that comes a narrow lens into the wider trends of the risk market, therefore missing other functionality that may be useful to your business. Investing in risk intelligence software that can scale with your business needs and maturity over time will ensure you're not having to replace systems and retrain staff as you grow.
When communicating within a siloed organization, it helps to emphasize the benefits of collaboration. Having a centralized view of risks, controls, and evidence will help to improve control resilience across your organization.
With collaborative reporting, your risk, compliance, and audit leaders can deliver a unified recommendation to the board and gain influence. Integrated solutions can offer teams access to better information, operate more efficiently, a greater ability to complete risk-based audits, and mitigate non-constructive risks.
The three lines of defense model (3LOD) remains relevant and important for effective risk management. As risks become more complex and dynamic, it's crucial for organizations to have a clear understanding of roles and responsibilities in managing those risks.
In a rapidly changing environment, the first line is often the first to detect emerging risks and can take action to mitigate those risks before they become major issues.
The second line can play a critical role in identifying emerging risks, regulatory requirements and implementing controls to mitigate those risks.
In high-risk environments, the third line can help identify areas where controls may need to be strengthened and improve resilience to combat future emerging risks.
Overall, the model helps with sharing accountability and prepares your organization to respond quickly and effectively to a dynamic risk landscape.
It completely depends on your organization's risk maturity. With a high maturity, it will be in 75% of our implementations, which we have seen happen more in the European and APAC markets than others, perhaps to a higher regulatory focus on risk. With lower maturity, we see this in perhaps 25%, which is generally when the organization has a good risk culture with executive buy-in but low maturity processes.
Yes, our product works well with organizations of all sizes and risk maturities. Our highly scalable platform is no-code, offering the flexibility to configure workflows and reports to suit unique business objectives that can grow alongside your organization's needs. More importantly, our services teams help customers build a comprehensive risk register, sharing best practice recommendations at every step. Our intake portal can help quickly identify risks, and we automate wherever possible — from assessments to reporting. With our growing user community, we encourage and facilitate discussions between customers so that our users get the most development in a short time.
Yes, Resolver offers a risk intelligence solution that integrates enterprise risk management, compliance and ethics, internal audit, and internal controls over financial reporting. We also offer applications covering corporate security and information security needs, such as IT Risk management, IT compliance, incident management and third-party vendor risk. Built on a single core platform, all applications integrate seamlessly with each other, allowing for better information sharing and collaboration across various risk teams. The platform offers over 300+ integrations using Workato, workflow automation, advanced visuals, and reporting capabilities. Organizations can scale as required, and — being no code — we hone the flexibility to build and deliver custom applications to serve client needs. More importantly, our solution integrates with Regulatory Technologies like Ascent, Canadian Compliance Group and Lexis Nexis – this helps to notify compliance teams of regulatory changes and protect the organization from non-compliance. You can learn more on our IT Compliance frameworks here and Regulatory solution here
Resolver's Platform comes with a fully open API that allows customers, ourselves, or third-party vendors to connect Resolver to other elements within your enterprise architecture. With the help of Workato, Resolver can support over 300+ integrations to your enterprise applications, to seamlessly integrate Resolver as a part of your tech stack. This includes Resolver's BI connector add-on that allows our users to connect their existing Business Intelligence (BI) tools, such as Tableau and Power BI directly to the data warehouse.
All changes made in Resolver Core are pushed to the data warehouse. Any updates will be captured and tagged with a timestamp, allowing you to build reports based on historical changes. If you make changes multiple times within a few seconds, those will be aggregated in Resolver's data warehouse.
Normalizing risk is great for prioritizing risk management efforts. It involves identifying and establishing a common language and framework for evaluating and prioritizing those risks by:
Some best practices for overcoming data gaps and the lack of a centralized data structure include:
An organization's culture sets the tone for how employees perceive and respond to risks and influences their attitudes toward compliance and governance. A stronger culture of risk awareness encourages employees to report issues or potential violations of compliance requirements. Strong leadership and ongoing training can also help keep employees informed about policies, regulations, and risk management practices.
Overall, a strong GRC framework requires a culture that supports and reinforces good governance practices, encourages risk awareness, and emphasizes the importance of compliance with policies and regulations.
It's possible to integrate a SOC (Security Operations Center) solution used by the first line with Resolver's Cyber Incident Management application (Cyber IM) — even with the high volume of telemetry generated by these tools — through:
The frequency of risk assessments depends on various factors, such as the industry, the size of your organization, the nature of your business, and the level of regulatory compliance required. It's best to continuously increase the frequency of assessments whenever there are significant changes in your organization's business processes, technology infrastructure, regulatory environment, or external threat landscape. This helps ensure that your organization's risk management strategies remain effective and relevant in a changing dynamic external environment. (Pooja Azhalvan)
As a GRC Product Manager, Ben brings his deep knowledge of creating customer solutions, eliminating pain points within existing systems and processes, and optimizing Resolver’s GRC products accordingly.
Pooja is a skilled product marketer and strategist for Resolver’s GRC solutions including Enterprise Risk, Compliance, Internal Audit and Vendor Risk.