Question 1

What are GRC Platforms?

Accepted Answer

Governance, risk management, and compliance (GRC) platforms aim to provide all or most of the features required to manage various types of risk and compliance that may impact the operations of a company. This type of software is used across multiple departments, from HR and accounting to IT and logistics. Each department faces specific risks, such as privacy and security for IT, supplier risk for logistics, or financial fraud for accounting. To address these challenges, companies need to stay up to date with all related laws and regulations enforced by local, national, and international authorities. A more proactive way to deal with risk is to implement industry standards and internal policies that regulate business operations and aim to prevent problems before they happen. 
 To implement and monitor regulations, standards, and policies, companies require a single data repository for compliance information and an integrated system to define workflows and audits at the company level. 
 Key Benefits of GRC Platforms 
 
Reduces costs of noncompliance, which are direct (such as fines or penalties) or indirect (lost revenue)
Enforces regulations and internal policies to mitigate risks and limit their negative impact on the company
Improves alignment across the company as well as externally, to ensure that employees and business partners comply with regulations and policies
Keeps compliance data up to date which is particularly difficult for global companies that need to comply with changing national and international regulations

Question 2

Why Use GRC Platforms?

Accepted Answer

Companies may choose between using separate systems for various types of risk and compliance or adopting GRC platforms to centralize compliance management. 
 Compliance with laws, standards, and internal policies — Depending on their industry and type of activity, companies may need to comply with all kinds of laws and industry standards. Additionally, companies may define their own rules that are implemented and enforced internally or across their partner networks. To manage all the information about regulations, standards, and policies as well as the procedures to ensure compliance, companies need a single data repository and an integrated system. 
 Risk mitigation — To deal with risks, companies need to know what challenges they may be facing and how to address them. Identifying risks and their potential impact on the company help businesses prepare in advance and avoid major disruptions. 
 Brand protection — Compliance isn’t only about following regulations. Compliance violations such as data breaches also impact the reputation of the business. Customers and partners avoid buying from or working with companies that are repeatedly breaking the law or failing to comply with industry standards.

Question 3

Who Uses GRC Platforms?

Accepted Answer

All employees benefit directly or indirectly from using GRC platforms. While this type of software is used mostly internally, partners may also use it to access compliance information and submit audit results. 
 Compliance officers — Compliance officers and managers are responsible for defining and implementing processes and workflows that ensure compliance with any regulations related to the operations of the company. They also monitor enforcement and identify opportunities for improvement to prevent noncompliance and mitigate risk. 
 Department managers — Each department needs to comply with different regulations and managers need to be aware of which laws and standards apply to their team. 
 Executives — Executives use GRC platforms to define internal policies, find regulatory information related to their department, and monitor the enforcement of laws and policies.

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