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 full guide
