Responding To and Managing GRC Incidents Effectively
Governance, Risk, and Compliance (GRC) management is not simple. There can be numerous challenges in devising and implementing the best GRC strategy for the organisation. Tasks such as GRC incident reporting and management prove arduous and time-consuming.
One of the main challenges is because organisations may still be utilising manual systems for incident reporting rather than automated systems. Those who have implemented automated systems for reporting see the benefits and efficient processes to meet compliance requirements.
If your business needs to revamp its GRC incident reporting processes please keep reading.
What Are GRC Incidents?
In simple terms, GRC incidents can be defined as legal or regulatory non-compliance. They can occur when guidelines and requirements specified in the organisation’s GRC strategy are compromised. These incidents must be reported and managed to avoid regulatory risks or consequences.
What is GRC Incident Reporting?
GRC incident reporting is the process of recording and resolving the occurrences of GRC issues that risk the integrity and safety of a business process, activity, employee health, finances, etc.
Reporting all GRC incidents immediately, resolving them properly and efficiently, and preventing them in future is one of the main aims of governance, risk, and compliance management. This can save an organisation from facing consequences of non-compliance. GRC incident reporting must be undertaken proactively to protect all businesses. GRC incident reporting and management also helps top management make strategic decisions.
Unfortunately, not all organisations invest enough time and effort to report incidents and that can result in loss of time and capital. It may also result in loss of productivity, financial penalties, and damaged brand reputation.
How To Respond to And Manage GRC Incidents Efficiently?
Incidents can occur in any business and can lead to financial loss or business disruption. Incident management involves reporting and tracking incidents across an organisation. It focuses on reducing the risk of known incidents and safeguarding against them.
GRC management software can help organisations respond to and manage such incidents efficiently. It integrates incident planning and response with ongoing risk management activities. It allows you to respond to and manage GRC incidents immediately and efficiently by offering some of the following:
Real-time support:
Authorised persons can access the GRC software as and when required in real-time. It is supported by cloud technology and allows them to report and manage GRC incidents instantly.
Automated reminder notifications:
GRC software allows authorised personnel to set reminders and notifications for further actions that need to be taken to resolve a GRC incident. This feature ensures that tasks or updates don’t go unnoticed or addressed as could do with a manual system.
Single reference point:
GRC software also serves as the single reference point for reporting and managing all GRC concerns. Employees, managers, supervisors, and other stakeholders do not need to spend time accessing and managing different systems or platforms. This reduces the time required to resolve GRC incidents.
Authorised visibility:
Every authorised person can view the GRC incident report and act to resolve it according to procedures aligned to the GRC strategy of the organisation. These can include staff, managers, and administrators.
How To Select the Right GRC Software for Your Business?
Automation has changed the way businesses manage GRC incidents. GRC systems help improve the effectiveness of the process along with decreasing the turnaround time and simplifying the experience. Managers, supervisors, employees and stakeholders that access the GRC system platform can perform complex tasks easily.
To select the right GRC Software for your business, you first need a well-defined GRC strategy. It helps align all business procedures and activities with the strategy and organisational goals.
Automation can help implement and enhance the GRC strategy further. You should select the GRC software that works based on the requirements of your GRC strategy.
GRC software offers a multitude of features to streamline compliance. When an organisation has precise GRC requirements and targets, adopting the right GRC software becomes easier. For example, Sentrient offers robust features to strengthen your GRC framework. Filled with GRC training and course builder, GRC policy and policy builder, GRC records management, GRC incident reporting, GRC risk management, GRC surveys, etc. It is a comprehensive GRC solution for businesses of all sizes and industry types.
Conclusion:
GRC incidents should be reported and resolved efficiently to avoid adverse outcomes. Automation can help reduce the time and effort required to manage GRC incidents. Sentrient offers powerful features that simplify the GRC incident reporting and resolution process. If you are looking to implement GRC software for your organisation, you must consider Sentrient’s GRC incident reporting software.
