Governance, Risk and Compliance (GRC) software is used for audit management, evidence management, automated reporting, exporting and archiving of compliance and risk related data. This type of software increases efficiency in dealing with regulatory requirements and specializes in automatic threat identification to reduce compliance related costs, penalties and downtimes. Since risk mitigation and compliance have become a primary business goal in many industries, digital assistants and support systems have become invaluable. Most GRC applications feature a controlling suite or dashboard for KPI tracking with the option of custom notifications and risk levels. They tend to support compliance tracking, deadline alerts, status notifications about overdue returns and outstanding deliverables. Advanced compliance and risk focused software products offer incident and accident recording to aid in investigation processes. Read the full software guide...
Governance, risk, and compliance (GRC) software is used to help businesses consistently fulfill objectives, manage uncertainty, and operate with integrity. This enables them to easily operate within legal, contractual, social, ethical, and internal boundaries. As such, these solutions are effective at handling and notifying users about regulatory requirements through features such as automatic threat detection.
By implementing GRC software, businesses can significantly reduce compliance-related costs, penalties, and downtimes. This enhances overall productivity as the time taken to manually complete these tasks is streamlined. Furthermore, as risk mitigation and compliance becomes increasingly important in heavily regulated business environments, digital assistants and support systems have become invaluable.
In terms of specific functionality, these solutions are commonly utilized for automated reporting, evidence management, audit management, and the exporting and archiving of compliance or risk related data. To deliver these features, GRC solutions will usually provide a dashboard for KPI tracking that can also alert users with custom notifications such as, for example, status notifications or deadline alerts for overdue returns and outstanding deliverables. Advanced solutions can go even further and offer incident and accident recording to aid in investigation processes, making the evaluation and subsequent improvement processes much easier to conduct.
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Audit Management||Helps organize and streamline the process of compiling audits.|
|Dashboards||Provide easily accessible, custom data and real time feedback.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Incident Management||The process of recording, managing, and resolving workplace incidents.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Policy Management||Policy management allows organizations to manage, create, implement and review relevant policies across all departments.|
|Report & Compliance||Attain tailored reports and checklists.|
|Risk Assessment||The process of identifying and analyzing risk factors that have the potential to cause harm.|
|Status Notifications||Provide information about overdue returns and outstanding deliverables.|
|Threat Detection||Detects threats to minimize compliance related costs, penalties and downtimes.|
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