Transforming Risk Management: DATEV Optimizes Operations with BIC GRC
BIC GRC proves to be a pivotal tool for us. The transition to an all-encompassing, integrated GRC solution has not only enhanced efficiency but also strengthened DATEV's strategic and risk-oriented financial management.
IT Services
Nuremberg
8,900
Challenge
In the past, DATEV used qualitative heatmaps to assess risks. The goal was to find a more reliable, quantifiable approach to assessing risks, integrate risk considerations into key decision-making processes, and reach a new milestone in corporate governance. Specific requirements included:
- Managing all governance, risk, and compliance tasks in one system
- Integrating risk management into the organizational workflow
- Implementing a quantitative risk assessment model
- Early identification of risks and operational business control
Solution
With BIC GRC, DATEV has been able to fully replace heatmaps with risk quantification methods, enabling the aggregation of individual risks and the determination of risk capacity. As a result, the board and management now have a clear understanding of the company's risks, helping them make informed decisions on how to further reduce them. Additionally, the new evaluation method can be integrated into developing new business strategies and products. Benefits include:
- One software functioning as a central hub for all GRC-related operations (currently implemented are risk management, data protection, and information security).
- Quantitative scenario analyses with up to 1 million iterations
- Availability of multiple distributions to represent potential risk impact
- Company-wide integration of risk aspects into key decision-making processes
Key Highlights
- Enhanced corporate governance through the utilization of risk quantification results
- Improved risk visibility and inclusion in strategic decision-making
- Empowerment to maintain the highest privacy and compliance standards