Managing governance, risk and compliance in a holistic way is extremely challenging but very beneficial for forward thinking, complex organizations.

A holistic approach analyzes processes not in isolation, but as a whole. Consequently, your conclusions come not from isolated data, but from all connected activities. By adopting this approach, you could save your organization from making wrong, misguided decisions.

This short article will explore three approaches:

  • GRC as a holistic approach
  • Using an integrated process for internal controls
  • Integrated Risk Management (IRM) as framework

GRC as a holistic approach

Governance, Risk and Compliance (GRC) is a compliance driven approach that manages all organizational activities holistically.

Managing Governance, Risk and Compliance as a single complex set of activities is a relatively recent evolution. It is a response to increased demand for organizations to provide clear evidence of how they comply with regulations, manage risk, and implement a robust governance structure to oversee all activities, in all areas of an organization.

Note that compliance works to ensure that internal and external processes adhere to both internal standards, and relevant external regulations.

Using an integrated process for internal controls

GRC is by nature very complex. We recommend a dedicated technology platform to run an integrated process for internal controls. For instance, our technology platform, AdaptiveGRC builds and maintains a single source of truth, and manages all activities, processes, and workstreams around this single source of truth.

There are numerous benefits of an integrated process:

  • First, the platform records all activities to prevent any errors, omissions, or duplications.
  • Second, all risk management and controls link back to the single source of truth, so no key activities are missed.
  • Third, an appropriate platform will allow you to manage all risk and control assessments with consistent methodology.
  • Finally, the single source of truth, combined with workflow management tools dramatically reduces duplicated effort, wasted time and unnecessary costs.

Integrated Risk Management (IRM) as framework

While GRC is seen as primarily compliance led, an Integrated Risk Management (IRM) approach can be seen as the next evolutionary step and focuses on bringing all risk management activities together.

This is important as many organizations still conduct risk management activities separately. The result can be an uncoordinated, inefficient and error prone approach to risk.

Bringing activities such as Business Continuity Management, Supplier Risk Management and IT security together into one place will uncover synergies between these activities and holistic solutions that minimize, rather than duplicate, risks.

By harnessing synergies and creating a transparent system IRM brings the following benefits:

  • One view of all complex and fast changing risks faced by an organizations
  • A centralized, formalized approach to categorize and manage all risks in all corners of an organization without having to reinvent the wheel
  • Reduced costs thanks to no duplicated effort and less chance of errors
  • A centralized approach that creates a nimble business even for global organizations.
  • A robust approach to risk management even in organizations with fragmented structures

Our technology platform, AdaptiveGRC runs an Integrated Risk Management (IRM) framework. If you’d like to find out more, please contact us.

Solutions

The AdaptiveGRC platform offers a variety of modules to help manage GRC activities for your company in agreement with the latest regulations (DORA, NIS2).

In order to meet your company's specific needs, our team of experienced developers can tailor the required functionalities to deliver exactly what your company needs. If your company requires a customized module to effectively meet its needs, we can help.

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    OUR TESTIMONIALS

    Read Gartner reviews to find out what users think about our solutions

    One of the best GRC software with very good price

    Adaptive GRC offers a great deal of flexibility in supporting GRC&AUDIT processes. The product is continuously developed and the customer receives new possibilities and functionalities. In addition, the price is very attractive in comparison to competitive products. The support team takes a flexible approach to the customer's needs.

    Sebastian B. CEO | Computer & Network Security Employees: 2–10

    Comprehensive platform for managing risk and compliance

    I used AdaptiveGRC Compliance and Risk Management modules for more than a year. Implementation went smooth, and the support team was always very helpful. I especially value the functionality AdaptiveGRC offers - all GRC processes can be managed in one tool, and there is a single database. The tool helped my organization lower operating costs and gain a better understanding of risks in the organization.

    Marcin K. Chief Information Security Officer | Financial Services Employees: 51–200

    Perfect program for compliance control

    It is amazing that thanks to AdaptiveGRC individual assessment management can be shortened from days to minutes. The tool can generate reports for different stakeholders containing only their desired assessment outcome data. I appreciate much the possibility of generating compliance specification lists for supplier contracts or internal departments.

    Jasween K. Compliance Pharmaceuticals Employees: 10 000+

    AdaptiveGRC supports insurance companies in their risk and compliance management processes

    I used AdaptiveGRC to 1. support insurance companies' compliance management processes following a complex industry-specific regulation. 2. I also used AdaptiveGRC to support the process of managing and monitoring data processors as GDPR came into effect. I experienced a significant increase in efficiency in both cases.

    Verified Reviewer Insurance | Self-employed

    What's in a name...

    As the name is representative, AdaptiveGRC is a complete, interconnected GRC solution that can be adapted to organizations across industries and size. The AGRC team did a superb job designing and building a best-in-class GRC solution that addresses the challenges faced in today's uncertain and ever-changing global business climate. Working with the AGRC team has been a pleasure and the support they have provided is exceptional.

    D Scott C. Business Development | Biotechnology Employees: 2–10

    Financial institutions could benefit greatly from AdaptiveGRC

    I am happy to be able to use AdaptiveGRC in my work. This dedicated solution is very helpful for anyone that has to fill out the SREP questionnaire. The extra time I gained was priceless. The platform's design was also very appealing to me. The fact that it was so simple to use was a major plus for me. Due to its comparison capabilities with past years' forms, I was able to cut down on the amount of time it took to complete the new questionnaire. What is more, I was able to monitor the progress of the people assigned to the process.

    Anna C. Head of Fin Crimes Team | Banking Employees: 10 000+

    Great support for inurance company

    My overall experience has been great. I also liked the layout of the platform. The time and control I gained is invaluable. I like the fact that it was very easy to use. It definitely allowed me to shorten the time I had to spend on filling out the SREP questionnaire. I also could easily control the status of work of my team members, check their progress, and monitor on daily basis.

    Verified Reviewer Insurance Employees: 201-500

    AdaptiveGRC - Big Player in GRC

    Easy to install and easy to configure. Out of the box solution. Cloud based or Server. AdaptiveGRC is an enterprise governance, risk management and compliance (eGRC) solution set with unique and unequalled capabilities. AdaptiveGRC can be deployed as one fully interconnected solution suite, or you can choose one or more modules.

    Leigh M. National Accounts | Consumer Goods