GRC solutions are most effective when they are utilized by stakeholders across an organization to improve the productivity and effectiveness of a variety of audit, risk, and compliance professionals.
Operational Management will utilize a GRC platform to provide input into the risks, controls, issues, and mitigation factors that process owners own and manage. This input automatically syncs with the GRC platform being managed by the Second and Third Lines. A modern GRC solution will give management visibility into audit, risk, and compliance with up-to-date status and custom role-based dashboards.
The Risk and Controls team and Compliance team will use a GRC solution to facilitate effective risk management practices and monitor compliance with applicable laws, regulations, and frameworks. The Second Line will use it to support management policies, maintain risk frameworks, identify and monitor known and emerging risks, develop processes and controls, and monitor the adequacy and effectiveness of internal controls.
The Internal Audit function will utilize a GRC platform to provide independent assurance over the effectiveness of governance, risk management, and internal controls. Getting all three lines involved in your GRC platform will enable greater collaboration and visibility into risk while decreasing silos across assurance providers.
Effective governance, risk management, and compliance means having a well-planned strategy and that all of your internal audit, risk, and compliance data is in a single system of record. With an integrated risk management platform like AuditBoard, organizations have a complete view of risk across the enterprise and teams can transcend silos to stay connected, aligned, and collaborate like never before. Get started with AuditBoard today.