GRC Overview

In today’s digitalized world marked by fast-changing trends and frequent market fluctuations, the expectations on executives are higher than ever. Investors expect continual, profitable growth. Owners demand stronger transparency requirements in face of growing regulatory pressure and accountability. Successful executives also have lofty expectations on themselves and an inherent drive to make understandable, transparent decisions.

 

By establishing a comprehensive strategy for governance, risk and compliance (GRC), companies can master these challenges effectively and efficiently. 

A tight integration of GRC processes is essential for achieving operational excellence and competitive advantages:

 

  • Corporate governance
    Corporate governance defines the guidelines for enterprise risk and compliance management. The goal is to achieve uniform, binding methods and guidelines for all employees. 
  • Risk management
    Risk management helps implement these rules in real-world processes. It focuses on an iterative cycle of collecting, documenting and analyzing enterprise risks (entered reporting) and keeping risks under control.
  • Compliance
    Compliance risks are integrated in compliance management, where various measures are allocated to them, for example, as an internal control system. This method ensures that all internal and external requirements are fulfilled.  

 

This three-part approach allows companies to build an effective, compliant, complete, future-proof solution to manage risks and opportunities across the entire organization. GRC requires a strong collaboration among people, resources, processes and technologies to align and integrate governance, management, performance, risks and compliance. GRC, therefore, is a collection of capabilities to achieve set goals, deal with uncertainty, and act with integrity.


Our view of GRC

Since 2005, we at avedos have made it our goal to help establish sustainable GRC processes so companies can master these challenges and use their GRC strategy to generate tangible business benefits. GRC is an integrated collection of capabilities to reliably achieve defined goals, deal with insecurity, and act with integrity. This is why we view GRC as more than just the sum of individual processes, such as risk management and an internal control system. We firmly believe that GRC is a path to develop sustainable corporate management, which provides the solid foundation to drive innovation and growth in companies. We want to guide, support and, perhaps, even challenge our clients along this journey to build the basis for generating measurable value from GRC processes. 

  is strategic

 

  generates synergistic effects

 

  fosters teamwork

  guarantees sustainable implementation

 

  defines local rules and guidelines

 

  simplifies complexity

The standardized GRC platform risk2value ensures rapid results as a result of ready to use templates and preconfigured GRC-processes, which emanate from the current level of maturity.


Key Facts

The software platform risk2value integrates various processes and applications to fulfill all GRC requirements in an integrated, flexible, efficient enterprise management system. The individual risk2value modules can be customized to create tailor-made GRC solutions for large companies and international corporations. risk2value goes beyond mere compliance with formal, external regulations. Companies can also integrate their own specific reference models along with the official standards to provide managers with an important foundation for making decisions.

  • Create transparent GRC processes and identify individual measures to mitigate risks in a cost-effective manner.
  • Run local risk and compliance analyses on department levels and aggregate them to an enterprise view.
  • Model existing GRC processes quickly due to the software’s neutral design with regards to methodology.
  • Reduce the time and work needed for GRC processes by as much as 50% by automating recurring processes and using workflow functions.
  • Create an audit-proof design for self assessments, audits, questionnaires, annual reviews and other recurring processes.
  • Adapt or extend the system flexibly to your changing needs.
  • Record all changes that users make automatically.
  • Integrate risk management into mid-term planning using qualitative and quantitative evaluations of risk scenarios.
  • Access all information you need for audits and certifications at the click of a button.
  • Measure the compliance levels regarding different norms and policies throughout the organization to recognize where you need to take action before external audits take place.
  • Provide users on different management levels with individual risk views in the right granularity for their roles.
  • Profit from tried-and-tested software in its sixth generation.

GRC domains

Aside from covering the classical domains of GRC, such as risk, control, audit, security and compliance, risk2value enables an integrated view of strategy implementation, quality assurance, sustainability and other management systems.