![]() For example, a company may adopt policies about employee training on harassment, DE&I, and other workplace topics. There are often policies that cover employees across the entirety of the company. Policy Management and Compliance Management Software GRC software can help structure the workflow around these areas and ensure compliance with designated procedures. These include requirements around reporting, attestment, and storage of various financial information. There are additional aspects to Financial GRC beyond internal controls. It also makes information more accessible for audits, which are typically a critical part of Financial GRC strategies. Managing these numerous rules and ensuring compliance can be a tedious task, and Financial GRC often helps streamline them and make compliance easier. These internal controls, which are rules and policies established by the company to prevent fraud, are often the main focus of Financial GRC software. These acts require establishing internal controls to ensure transparency in financial reporting. The two biggest of these are the Sarbane-Oxley Act (SOX) and, for publicly traded companies, the Securities Act. GRC within the finance domain heavily revolves around legal compliance with various accounting and disclosure standards. Additionally, many products within this area will focus on compliance with various standards, such as SOC 2. ![]() Some of these include Vendor Risk Management, Insider Risk Management, Data Loss Prevention, or Threat Intelligence. ![]() It seeks to help quantify these risks and provide information about them to key stakeholders instead of siloing them within technical departments. GRC within the information technology domain focuses on areas such as data privacy, access control, remediation, cyber risk assessment, and process auditing. Point solutions typically handle one aspect of GRC, such as compliance management systems or third-party risk management software, even if that singular aspect affects the entire organization. ![]() They will often be much more tailored than a generic solution and also more flexible within the domain. Domain-specific GRC solutions tend to be more specific. Integrated solutions span the entire enterprise, integrating many domains and other concerns into one package. GRC software can be integrated, domain, or point solutions. These include several specific domains, such as IT, Finance, and Legal, and broader areas, such as compliance management and enterprise risk management. Governance, Risk, and Compliance (GRC) software helps to streamline the workflows involved in managing a wide range of governance, risk, and compliance issues across an organization. What is Governance, Risk, and Compliance (GRC) Software?
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