GRC Management, GRC Process Control & Governance compliance for BPM
The recent increase in the number of compliance initiatives such as Sarbanes-Oxley (SOX), ISO, and BASEL III, has forced businesses around the world to reexamine the ways in which they do business. The high cost of non-compliance has resulted in today’s business leaders adopting comprehensive GRC Management initiatives, with the majority of fortune 1000 corporations listing GRC as their number one goal in business development. Offering a variety of modules such as Risk Management, Controls, Business Intelligence, and Business Rules, the Enterprise Process Center can help your company avoid the high costs of compliance. Leaders in virtually every industry today use the Enterprise Process Center to effectively model and align their business processes with Governance, Risk and Compliance strategies.
A closer look at the advantages
Stakeholders no longer see high profits as the only indicators of success. What is required today is transparency, executive accountability, and tight corporate governance. The Enterprise Process Center is ideally suited to help support companies in their quest for process improvement and compliance governance certification.
Identify & Manage Risk
by visually representing your processes, EPC highlights the risks associated with tasks at every level of operation. EPC’s risk management module calculates the impact and likelihood of each risk and creates a gross risk indicator.
Implement controls where risks have been identified and calculate the effectiveness of each control. By imbedding controls within your business processes, risks can be identified and avoided before they arise.
EPC’s Business Rules module formalizes company policies by modeling operations, definitions, and constraints to be followed by employees. These rules define and constrain company operations to ensure that the highest level of corporate governance is maintained.
Optimize GRC Strategy
EPC’s Business Intelligence module uses IBM’s Cognos software to give your company the information necessary to implement the proper GRC strategy. BI allows for enterprise reporting with real-time statistics, as well as the ability to compare your statistics against industry benchmarks. Business Intelligence coupled with GRC strategies leads to greater ERM scores, more stability, and fewer crises.
Improve Strategic Decisions
By allowing you to clearly visualize your business processes and the risks associated with each task, EPC helps managers mitigate risks and improve the quality of strategic decisions.
Avoid The Costs Of Compliance
EPC offers a fully audited environment. Full control over process and document change, clarity of inherent risks, and the ease with which process knowledge is communicated across the company, enables your company to instill the disciplines necessary to successfully complete compliance programs.
Use Industry Frameworks
The EPC is built around the methodology of leveraging industry best practices and frameworks to increase the efficiency and sustainability of your company’s operations. By using Key Risk Indicators (KRI) and Key Performance Indicators (KPI) as benchmarks, and industry risk frameworks like Basel II, the EPC allows you to stay on top of your operations and maintain a competitive advantage.
What is GRC?
GRC, or Governance, Risk Management, and Compliance, is an integrated approach for businesses to effectively achieve Enterprise Risk Management (ERM). Although distinct entities, each of GRC’s components work together to create a comprehensive method of ensuring sustainable business operations.
Governance refers to the high level monitoring of business policies, ensuring governance compliance with policies and engagement in corrective action when non-compliance is detected. Risk management refers to an organization’s ability to identify and prioritize risk, while setting a tolerance level to which certain risk is acceptable. Risk management utilizes a set of controls and tools available to corporations to ensure the avoidance of risk. Lastly, compliance is the process by which companies document procedures and controls, and monitor policy initiatives in relation to legislation and industry initiatives.
Together, GRC works to ensure that your organization’s operations are sustainable, and that business operations are conducted in an ethical, legal manner. As a result of the various compliance initiatives across specific industries, the exact meaning of GRC depends on your industry sector. Most of all, GRC is what you make it – the degree to which your company complies with initiatives is reflected in the stability and professionalism of your operations. What does GRC mean to your business?
Legislation dictates increased rigor and accountability for:
- Reporting financial results
- Managing, auditing and assessing the internal business processes that drive those results
- Governing the ethical conduct of company executives, directors and officers
Implementing the new legislation means applying well-thought-out internal controls that identify weaknesses – a good overall business practice for any organization. However, it also presents business and IT managers with a complex task that involves increased responsibility and liability, and many get bogged down with auditing and reporting procedures
Furthermore, such regulatory and compliance requirements will continue to become more complex, which makes it important to leverage the methods used to manage Sarbanes Oxley Processes (SOX) with a highly adaptable and dynamic compliance solution
How Interfacing can help
The Enterprise Process Center Platform puts you ahead of the game
The Enterprise Process Center enables your company to centralize the management of policies and governance compliance initiatives. Overall, the EPC is a tool that offers a comprehensive solution to your company’s GRC Management initiatives. In a world where new legislations force organizations to adapt, professionals are looking for a way to ensure Governance, Risk Management, and Compliance. To achieve this, corporations and other organizations must leverage technology in a way that minimizes the amount of manual work needed, while keeping GRC Process Control as the highest priority. With the Enterprise Process Center, you can do exactly that, letting technology do the work for them.