GRC Overview
Governance, Risk, and Compliance or "GRC" is an increasingly recognized term that reflects a new way in which organizations are adopting an integrated approach to these aspects of their business.
Governance: Setting the policies, structure and objectives for an organization and overseeing progress toward those objectives.
Risk Management: Managing the risk taking necessary for an organization to compete. This can cover a wide range of areas, including: operational, financial, strategic and regulatory risk. It also covers the management of key risk indicators and the tracking and recovery of related losses.
Compliance: The management and monitoring of compliance with the organization’s own required policies and procedures that enables management of the risks that endanger the organization. It includes reporting of regulatory and policy breaches, management of their remediation, and communications between the organization and the regulator.
The Business Value of GRC
Adopting an effective implementation strategy for GRC can significantly increase shareholder value and empower organizations to:
- Improve strategic business decisions by clearly defining associated risks and opportunities.
- Minimize operational surprises with more proactive and effective monitoring.
- Protect and enhance reputation and brand by capitalizing on business opportunities while reducing the likelihood of negative events.
- Increase organizational efficiency.
- Avoid fines, penalties and damage to reputation.
The 'GRC Platform'
At Xactium, we understand that managing multiple governance, risk and compliance activities across the enterprise is a real challenge to many organizations.
To address this, we believe that it is essential to utilize a common platform for all GRC activities that is:
- Collaborative - enabling managers and users to collectively create, share and manage GRC activities across the organization.
- Adaptable - allowing rapid customization to the organization's processes and risk environment, and changes in the regulatory environemnt.
- Easy to use and access - thereby engaging users in their management of GRC activities.
- Scalable and easy to deploy - to ensure rapid adoption.
At Xactium, we utilize the Force.com cloud computing platform to provide a common platform for all our GRC solutions
Not only does this deliver a secure, stable, and scalable platform for an organization's GRC activities, it also provides significant long term cost savings through the use of shared resources, and the flexibility to grow and adapt to the needs of the business. This is Xactium's key value proposition
