June 30, 2022
What are the Benefits of a GRC Management Tool?
4 Min Read
Transparency, efficiency, and accountability — these are the three benefits of implementing a GRC management tool. A modern GRC management tool offers organizations a customizable solution that can easily integrate with an existing technology stack while remaining user friendly.
GRC tools eliminate the worry of managing regulatory requirements and provide actionable insights to improve your GRC approach, aligning key risk initiatives such as cybersecurity processes.
Below, we’ve outlined seven significant benefits that modern GRC management tools have over legacy systems and manual spreadsheets:
GRC management tools provide a fully customizable approach to identify, measure, and remediate risk across the business while ensuring compliance with internal rules and external regulations. By leveraging a software solution, users can populate an evergreen data inventory with individualized analytical grids, custom fields, and custom views.
Can you confidently say your team has kept up with each of the regulatory updates that have been enacted? GRC management tools stay up to date with regulations while reducing the need for manual data entry. These tools are dynamic, in that they can track your obligations, help flag compliance gaps, and automate action supported by flexible workflows. These capabilities help to increase your team’s productivity and eliminate the likelihood of human error.
Smooth Onboarding & Integration
Fear of a difficult adoption process and complicated implementations are common concerns among companies looking to adopt an enterprise GRC tool. Any modern GRC management tool worth investing in should not only provide your organization with a step-by-step onboarding process but also the necessary resources to get started. From webinars to detailed tutorials, certified support, and training, your onboarding journey is designed to be as smooth as possible. Additionally, modern GRC management tools are built to break down silos and provide users with a unified interface for managing compliance data across teams.
Complete Visibility & Management
Unlike spreadsheets, compliance tools make it easy for all parties involved in the compliance process to collaborate within the platform. It also enhances your team’s project management capabilities, with integrated task management to track compliance activities, set deadlines, and monitor activity in an auditable format.
Real-Time Reporting & Monitoring
Gone are the days of waiting for your team to finish their tasks before running a report, analyzing the data, and delivering comprehensive insights. Businesses today operate at an unprecedented speed and scale and require timely insights into operations and compliance standings. Compliance tools have dynamic dashboards and reporting capabilities. Backed by the automation and integrated data sets mentioned above, they update in real-time for executive level insights into operational activities.
Data & Security
You can save the same instance of a spreadsheet to multiple users’ computers at the same time. This creates a headache to validate the most up-to-date information and opens up multiple channels of vulnerabilities through nonexistent version control leaving them highly exposed to cybersecurity threats. This isn’t the case with GRC tools. Thanks to encrypted data storage and secure data transfers, compliance tools are a more secure way of managing your GRC process.
Effective GRC software reduces compliance costs. A benchmark compliance study found organizations that enabled compliance technology saw an average of $1.02 million in savings.
There’s no denying it. It’s time to kiss your gigantic spreadsheet goodbye. But with so many different GRC software solutions available, how do you choose the right one for your business?
Our advice is to search for a tool that offers a suite of products to identify, measure, mitigate, monitor, and report risk across business operations and can deliver truly integrated GRC function for core requirements across risk, policy, and audit management.
OneTrust GRC is a flexible risk management framework that provides a first-line friendly platform to enhance data collection, collaboration, and task execution. Request a demo today.