GRC Journal - (Page 58) Governance, risk & Compliance THE INS & OUTS OF GRC Tim Welu, CeO of Paisley, co-founded the company in 1995 with his wife Stacey Paisley Welu. under his leadership, Paisley grew revenue more than 900 percent within the first five years and propelled the company to achieve recognition as the industry leader in governance, risk management and compliance, as well as financial control processing and audit automation software. During his tenure as CeO, Paisley has received many accolades and acknowledgements, including three appearances in inc. magazine’s inc. 500 list of the fastest growing private companies in the united States. With the advancements in technology, GRC organizations are facing a substantial burden as they are becoming more accountable. How has technology improved to combat these burdens and make them more manageable? The burden faced by many organizations is a result of an increase in the number and complexity of regulations, pressures to reduce enterprise and operational risk, and the requirement to ensure the effectiveness of GRC programs through appropriate oversight and assurance. To address these requirements, leading GRC technology has evolved from isolated point solutions to comprehensive solutions that address the multiple profiles of GRC, including financial controls management, operational risk management, IT governance, internal audit, enterprise risk management and compliance. These GRC solutions include functionality for documentation of processes, risks and controls, workflow, proactive alerts and notifications, documentation of issues and remediation plans, and reporting and analytics. Advances in GRC technology have proven to deliver many business benefits, including information consolidation, reporting on a consistent and repeatable basis, certification and delivery of compliance results on a timely basis, management, monitoring, alerting, and reporting of systems and processes and transparency of processes, functions and performance management. Fear of not meeting regulatory standards forces organizations to employ several tiers of management to ensure compliance. How does technology assist these managers? Individual functions and departments responsible for specific risks, regulations and compliance activities with their own independent GRC responsibilities are commonplace. Departments that operate in silos tend to impair GRC effectiveness by contributing to duplication of efforts, inconsistent processes, miscommunication, and redundant efforts on the part of audit and compliance professionals. Technology provides a common view of GRC data and allows organizations from different departments to view relevant information in a consistent way. Examples of how GRC technology assists managers include: 1. Integrated GRC solutions provide the functionality to have a single library of process, risks and controls, as well as a single definition of the organizational structure. This enables GRC process owners to work with consistent definitions of GRC data and eliminates redundant data entry. 2. A starting point for many organizations’ integrated GRC efforts is to create a central library of GRC issues and remediation plans. Web-based GRC solutions provide an excellent mechanism to capture this information across the organization. 3. Inherent in all profiles of GRC are repeatable processes with specific tasks and sign-offs assigned 20 Business Trends Quarterly Technology Solutions. Business Strategy.
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