How GRC software empowers your business
With the growing complexities in the business environment and growing cybersecurity threats, operational risks, expanding regulatory compliances, and the increasing importance of Environmental, Social, and Governance (ESG) factors in a business, the overall demand for GRC software is increasing by leaps and bounds.
So, What is GRC software?
GRC refers to Governance, Risk, and Compliance. This software tool is available in both custom-made and ready-made forms. This is popularly known as a business strategy to deal with corporate governance policy, risk management procedures, and legal compliances of a company.
GRC software can significantly help a company align its business operations with legal and stakeholder compliance.
The key features of GRC
Governance
Referring to the ethical management of a company takes care of all the business operations.
It encompasses corporate management, policies, and guidelines for employees.
Risk
This refers to an organization’s activities to define, evaluate, and deploy strategies to mitigate business-specific risks that can hinder smooth business operations.
Compliance
It refers to an organization’s conformity to industry standards, laws, and regulations.
It can include company audits, research about industry-specific regulations, security control, and procedures.
What can be the consequences of not abiding by GRC in the Indian landscape?
If you neglect to follow GRC principles, you can face intense consequences at a certain point in time. Especially in the ever-evolving Indian landscape, risks can be of different types. From changes in Government regulations to industry-specific issues to attacks by fraudsters, risks can appear from any direction. Hence, using GRC software to negate chances of future risks instead of staying prepared to fight and mitigate losses is far better.
Real cases of neglecting Governance, Risk, and Compliance (GRC)
- Satyam Computer Services Scandal of 2009
- Vijay Mallya scammed IDBI Bank in 2009
- Nirav Modi Fraud with PNB in 2018
- IL&FS Liquidity Crisis of 2018
- Yes Bank crisis of 2020
The benefits of implementing GRC
- Influences flexibility and adaptability in decision-making.
- Robust risk management strategy in changing markets.
- Streamlined business operations, effective communication, and increased efficiency among employees.
- Increasing trust among stakeholders.
Etc.
As every business has its unique needs and serves different industry markets, not one GRC solution can benefit all organizations equally. Opt for customized GRC software from a top software development company in India to stay ahead of any risk curve in a business environment.
