10 Key Capabilities Every GRC & Audit System Needs
In our experience, there are many features and capabilities that are required for an effective solution but a few are key; truly essential to a great experience. So, what are the “must haves?”
- Confirm It’s A Full GRC & Audit Suite…
with the ability to share information across the suite. Even though most organizations start in one area, over time most organizations find it cost and time effective to expand with the same tools. Moreover, it is common for tests or assessments to be useful in multiple domains. The software should support executing that test or assessment once and having the result shared among all impacted initiatives, avoiding unnecessary rework.
- Look For Customizable Workflows.
Every business is different, especially in the details of business process operations – and the system needs to support your desired processes. For example, in some instances, an audit or assessment might want one level of review, in other cases two or more. In some instances, an exception should automatically generate an issue, in other cases, management review should occur before issues are generated. To realize the benefits of automation and system managed workflows, the system needs to offer customizable workflows for every part of the system, so that every audit, every compliance initiative, every issue has the process that is optimum for your business.
- Look For Customizable, Flexible Reporting.
Organizations and management teams evolve in both the content and form of information that is most effective, and the GRC & Audit system needs to have powerful, flexible reporting and report generation capabilities. One guarantee: “standard” reporting packages are never enough.
- Look For A “360º” View.
With this, active participants can look at any item, such as an issue, and see all the processes, tests, assessments, etc. that issue impacts. This capability provides a quick and easy way to visualize the full scope and impact of an issue, a process or similar item.
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