Learn More About Enterprise Risk Management (ERM)
GRC Platforms Features
GRC platforms include most or all of the features described below, either as modules of a single integrated system or as separate products that are part of a suite.
Regulatory change management — Regulatory information changes constantly and companies need to ensure that they comply with the most recent changes. GRC platforms gather compliance data from multiple sources and provide users with the latest updates that may impact their work.
Policy management — Companies use internal policies to define and implement their own rules that are not covered by laws and regulations. A few examples are social media policies and procedures to deal with inappropriate behavior in the workplace.
Risk management — Noncompliance is only one of the many risks that businesses have to deal with. Other important risks are business disruptions caused by unforeseen events such as natural phenomena, pandemics, or economic downturns. While risks cannot be completely avoided, companies should prepare by defining contingency plans and procedures to react quickly.
Audit management — Companies need to review the procedures and workflows they put in place to ensure compliance. Audits are generally performed regularly (monthly or yearly) to monitor how internal policies and regulations are enforced across the company. Also, audits are conducted when the business is impacted by exceptional situations such as mergers and acquisitions or major market changes.
Risk and compliance reporting — Reporting and analytics are critical to monitor compliance and identify risks. In some cases such as highly regulated industries, dashboards providing real-time information are essential to help companies react quickly. Compliance data also helps businesses identify opportunities for improvement of workflows and procedures.
Third-party and supplier risk management — Companies working with suppliers and contractors need to protect themselves from any risky or illegal activities performed by their partners. A few examples are privacy breaches or money laundering which may not directly impact the company but may damage its brand.
Other Features of GRC Platforms: Crisis management, Learning, Recovery plans, Regulatory certifications, Risk methodology
Which ERM software is best for financial services?
Selecting the best ERM software for financial services depends on your business size, specific needs, and features that you want to achieve your goals. Here are some of G2's top contenders, each excelling in different areas:
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LogicGate Risk Cloud: is a flexible ERM software with customizable workflows and advanced risk quantification. Ideal for financial organizations seeking automation and scalability
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Scrut Automation: is a leanding compliance automation platform designed for fast-growing businesses looking to streamline security, risk and compliance without disrupting operations.
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Camms GRC: offers strong ERM solutions, with Quantivate specifically tailored for banks and Camms known for ease of use and strong GRC capabilities
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MetricStream: leverages AI for predictive risk analytics and scenario modeling, with deep support for industry-specific compliance and ideal for large enteprises with complex risk profiles.
