What is GRC?
GRC is an organisation's ability to reliably achieve goals, manage risks and act in accordance with laws and regulations. GRC stands for Governance, Risk Management, and Compliance.
'Governance, Risk Management and Compliance' largely involves controlling the business; ensuring that the business does what it should, in the right way, and that your company achieves its goals by keeping track of key figures, financial reports, forecasts, risks, and work routines.
GRC is inherently related to concepts such as Operational Planning, Quality Management, Goal Management, and Strategic Planning.
Governance
Governance work is the work contributed by internal auditors, lawyers, the finance department, IT, HR, business area managers, the management team, and the board of directors. Governance involves managing, planning and following up on the business, with all that it entails.
Risk Management
Risk Management is the process of assessing, anticipating, and managing risks that could prevent the organisation from reliably achieving business or operational goals. To accomplish this, a risk analysis is usually required, where risks are identified, valued, and assigned to responsible parties within the organisation.
Compliance
Compliance involves adhering to laws, regulations and rules. It also involves adhering to limits that the company voluntarily respects (for example, company policies), and creating efficiency and safety in your company's rule compliance.
Why Should You Use a Software in Your GRC Work?
GRC as a field of work has been around for a long time, but the challenges regarding people, technology, processes, and laws are becoming increasingly complex, especially for larger organisations. For instance, the need to ensure that data is handled and processed correctly is growing.
Therefore, there are many system solutions that can facilitate and streamline the work. What do you get, for example, out of a tool like Hypergene?
- The ability to collect your organisation's data in one tool.
- More efficient risk analysis and risk management.
- Automations (time savings).
- Clearer (visualised) information reaching all relevant parties (transparency where you need it) in a common platform.
- Clearer allocation of responsibilities.
- The ability to track goals and KPIs.
- Improved monitoring capabilities.
- More efficient workflows and fewer repetitions of tasks.
- More efficient leadership through improved and more consistent governance.
- Better ability to identify threats and risks.
- Increased risk awareness and safety within the organisation.
- Improved compliance.
- The ability to link the GRC work with the organisation's other governance and planning processes (for example, goal management, budget and forecasts).
- You meet the requirements of stakeholders and feel more confident that the work is being done correctly.
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