Governance, risk, and compliance (GRC) has become a top executive priority, but many organizations are struggling to manage and control risk effectively today. The growing interest in GRC solutions stems mainly from outside forces. Several high-profile data breaches, as well as regulations such as the EU’s General Data Protection Regulation (GDPR), have put pressure on businesses to increase their security measures not only for their own data but also for that of their customers.
This is evident in the overall growth of this market which is anticipated to hit a massive $7.3 billion by 2020. However, that said, when it comes to the GRC world, there are quite a few issues you need to bear mind if you’re going to get the most out of your solution. The following points show why SaaS solutions are uniquely positioned to handle these GRC-related issues.
One major benefit of choosing to use SaaS for your GRC is the fact that the software is, by nature, easier to adapt to the growing security landscape. Many on-premise installations are becoming outdated, and it’s much easier for software providers to provide updates, insights and further support using cloud technology rather than the alternatives.
With this in mind, let’s talk about how KPMG is addressing the needs of this growing market. Our GRC SaaS platform is built around five main components to meet these needs:
Access Management: Analyze and monitor your access management processes to ensure everything is controlled, as well as violations being segregated and remedied as needed.
Controls Manegement: View your entire control framework for all processes and business hierarchies in one single place. You can also obtain real-time insights to act on, or fold into, your greater data as needed.
Risk Management: Organize all existing risk management activities and their results, as well as performing risk assessments alongside your stakeholders, to analyze the impact of certain decisions and situations.
Policy and Regulations Management: Keep track of your existing policies and regulations, while using a notification system to alert relevant staff members to any policy changes
Continuous Control Management: Either automate your controls based on data, or use automated standard controls, in order to reap benefits such as fewer control failures, reduced execution effort, and higher control frequency.
That said, when it comes to implementing a GRC solution, your tools are only part of what will be required for a successful implementation. It’s also essential that you implement cultural change to embed the principles behind GRC, meaning a strong set of best practices based on industry standards.
Within KPMG, we help international organizations assess, manage and optimize information technology risk across a range of areas, including:
– Information Protection and Business Resilience
– IT Internal Audit
– IT Attestation
– IT Governance, Risk and Compliance (GRC)/and Controls Integration
– Information Governance Services
When it comes to GRC SaaS solutions KPMG is leading the way and our products are designed to help businesses not only with their current issues but also with general productivity. One such example is the KPMG Sofy Suite.
The KPMG Sofy Suite offers advanced, ready-to-use data driven solutions that allow companies to make better business choices, manage risk, and improve overall performance.
Sofy Suite is not only data driven, but knowledge driven as well. The combination of our knowledge consisting of years of experience and unique capabilities together with your data, makes Sofy Suite the perfect partner.
Do you want to learn more? Or do you have any questions, let us know and contact us.