GRC solutions help companies run their operations more smoothly by empowering them to find and evaluate risks and opportunities, monitor compliance with policies and regulations, and make their operational processes more transparent and manageable.
The Gartner Report identified five core capabilities that define the GRC for assurance marketplace:
- Risk Governance: Risk governance typically refers to the specification of decision rights and an accountability framework to ensure expected outcomes across risk domains.
- Risk Analysis: Risk analysis typically refers to the processes of identifying and analyzing potential future events that may impact a company. The impact could have a negative effect or it could present an opportunity.
- Risk Monitoring: Risk monitoring allows assurance leaders to maintain ongoing awareness of their organization’s risk environment, risk management program and associated activities to support risk decisions.
- Risk Response: Within GRC tools, risk response capabilities typically refer to workflows that allow the user to address any issue detected within the risk management process.
- Risk Reporting: Risk reporting in GRC typically refers to compiling formal reports that identify or monitor how risks are impacting an organization’s business processes.
Feel free to download your personal copy of the report to discover how GRC solutions can help companies effectively manage risks and ensure the long-term success of their business processes.
Gartner, Market Guide to GRC Tools for Assurance Leaders, Lauren Kornutick, Zachary Ginsburg, Elizabeth Makris, 24 August 2023
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GBTEC's BIC GRC platform
BIC GRC is GBTEC's cutting-edge solution for Governance, Risk, and Compliance Management. As such, it encompasses all crucial aspects in the field of GRC and consistently reflects the latest regulatory requirements and best practices. Serving as a Single Point of Truth platform that is customizable and expandable according to your specific needs, BIC GRC acts as a central and fully integrated hub for all your GRC-related processes and activities. The services offered by BIC GRC comprehensively cover the following GRC domains: Enterprise Risk, Internal Control, Information Security, Data Protection, Business Continuity, and Internal Audit. Customers from around the world use BIC GRC to efficiently manage these areas and ensure the long-term success of their businesses.