Governance, Risk, and Compliance (GRC)
Governance, Risk, and Compliance (GRC) system is a software solution designed to assist organizations in managing and integrating their governance, risk management, and compliance activities. It provides a centralized platform to streamline processes, monitor risks, ensure regulatory compliance, and enhance overall organizational performance. Etihad AIS ‘s GRC offers 9 modules for an organization to helps organizations establish and maintain effective governance structures, identify and manage risks, and ensure compliance with relevant laws, regulations, and internal policies. Here's an overview of Etihad AIS's GRC systems, their general functions, and the elements that can support organizational performance:
· Policy Management: GRC systems assist in the creation, dissemination, and tracking of policies and procedures throughout the organization. They enable centralized policy repositories, version control, and automated policy workflows to ensure policy adherence and consistency.
· Audit Management : GRC systems support the planning, execution, and tracking of internal and external audits. They provide tools for audit scheduling, workpaper management, issue tracking, and reporting, facilitating efficient audit processes and driving continuous improvement.
· Integrated Risk Management : GRC systems enable organizations to identify and assess risks in real-time. This supports proactive risk mitigation strategies, enhances operational resilience, and minimizes the impact of potential risks on organizational performance.
· Compliance Management: GRC systems ensure organizations stay compliant with laws, regulations, and industry standards. This reduces the risk of non-compliance penalties, reputational damage, and legal issues, safeguarding organizational performance.
· Enterprise Management : GRC systems as a central repository of information on organization’s business hierarchy and operational infrastructure, enabling an organization to form an aggregate view of organizational divisions, determine the value of supporting technologies, and use that information in the context of the Compliance Management Program.
· Incident Management : GRC systems help organizations track and manage incidents, such as data breaches, compliance violations, or ethics concerns. They enable incident reporting, investigation workflows, root cause analysis, and corrective action management to address incidents promptly and minimize their impact.
· Vendor Management: This function will help an organization to maintain up to date repository of all third parties, products, services and key contacts, conduct third-party assessments based on customized questionnaires and allow organization to administer their third-party management program more efficiently.
· Threat Management : The threat management module within a GRC system focuses on identifying, assessing, and mitigating various threats that may impact an organization's operations, assets, or reputation. Its functions include threat identification, risk assessment, risk mitigation, and monitoring and reporting threats.
· Business Continuity Management: The business continuity management module within a GRC system focuses on ensuring the organization can continue its critical operations and services during and after disruptive events. Its functions include business impact analysis, business continuity planning, testing and exercises, and performance monitoring. The testing & exercise supports the regular testing and validation of business continuity plans through simulations, tabletop exercises, or full-scale drills. It enables organizations to identify gaps, refine procedures, and enhance the readiness for potential disruptions.
In summary, the benefits of GRC for organizational performance include improved risk mitigation, enhanced compliance, streamlined processes, data-driven decision-making, transparency, accountability, and enhanced organizational resilience. Hiring Etihad AIS for GRC development ensures access to expertise, experience, requirements analysis, customization and integration, project management, training and support, and industry insights, enabling successful implementation and optimization of the GRC solution.