When it comes to averting risks, many businesses use a scattered business plan. They delegate cyber risks to their IT team, in-house risks to HR, and financial issues to the accounting department.
Companies that use this approach often find it difficult to compare notes. They require their teams to coordinate with one another, which can often be time-consuming and laborious.
Fortunately, there’s another way to manage all of these risks. By using GRC tools, you can more accurately and conveniently assess your risks.
What is GRC, you ask? GRC stands for Governance, Risk, and Compliance. These comprehensive strategies help you manage your systems in a much more centralized form. Learn more about GRC through the guide below!
What Is GRC? Breaking Down the Acronym
GRC strategies focus on three essential factors for every business. These factors are Governance, Risk, and Compliance (or Control, depending on the company). If you’re unfamiliar with these terms, we’ll explain them briefly below.
Governance ensures that your organization’s activities support the organization’s business goals. Without such governance, your business cannot possibly hope to run efficiently.
Risk deals with identifying, classifying, and addressing any risk that could attend your business activities. These risks come in several forms, such as financial, HR, cyber, etc.
Lastly, compliance focuses on ensuring your organization complies with all legal and regulatory requirements. Compliance measures help ensure your business avoids lawsuits and other risky ventures.
What GRC Business Tools Do
Now that you know what GRC is, let’s discuss what GRC systems accomplish. Risk and compliance software helps to centralize all data relevant to these factors in a single system.
Doing so accomplishes several different benefits. First, it includes your IT into your risk assessment. You can incorporate cyber risk with assessments of financial risks or other threats your company may face.
Likewise, you can ensure that your small business follows all necessary compliance laws. One critical example of these laws includes data privacy features. These software options help you track your activity to ensure you keep your company safely within compliance regulations.
Perhaps the best advantage of GRC is that it gives you a framework to align your IT with your business objectives. This ability allows you to swiftly make decisions about various risks by putting all the necessary data before you.
Make Your Business More Efficient
The primary advantage of a GRC tool is the way it improves your business efficiency. With these tools, you no longer have to play Whack-a-Mole with your company’s information. Instead, all of it exists in a single system; you can find whatever information you need through the search function.
You can also eliminate some tasks by automating them with these systems. Doing so can open more time in your daily schedule.
Find the GRC Tools You Need
If you were asking, “What is GRC?” before, we hope this clears things up! These tools provide several benefits for businesses of all sizes. Find one that meets your business needs today.
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