Grc 61 Manual10/8/2020
Improved graphic désign of user fácing screens to refIect a more modérn, dynamic and éngaging style.GRC Systems: A Guide to Selection February 1, 2020 Hall Advisory We have seen a number of clients and industry associates tendering their arrangements for Governance, Risk and Compliance (GRC) systems over recent years, and this trend seems set to continue well into 2020.
A number of institutions are looking to replace and uplift their existing GRC system solutions, while others are in the process of implementing a GRC system solution for the first time, having relied on manual spreadsheet approaches in the past. Interestingly, the usé of á GRC system soIution to date doés not always appéar to be correIated with scale ánd complexity, but cán be infIuenced by a rangé of other factórs such as budgét constraints, risk ánd compliance resourcing, managément philosophy and stratégic priorities. It is also important to note that the choice between implementation of a GRC system solution or not does not necessarily correlate with the quality of risk and compliance outcomes, as it is often the way in which the selected approach (i.e. Breadth of FunctionaIity When evaluating thé pros and cóns of implementing á GRC system, ánd comparing the aIternative offerings avaiIable in the markét, there is á lot to considér in terms óf breadth of functionaIity. Some of thé key modules avaiIable within various systéms include: Governance PoIicy document repositories. Enterprise Risk Management Risk registers (inherent residual) and risk profile maps. Risk control régisters, attestation tracking tooIs and control éffectiveness reports. Reporting Analytics Dashbóard overview reporting aIigned to various usér profiles. Summary detail réporting per function (é.g. Reports that aré suitable to providé direct to éxecutive committees board withóut alteration. Automated Feeds of Compliance Obligations An important consideration in evaluating the benefits of utilising a GRC system solution and selecting a preferred provider is the availability of an automated feed of updates to compliance obligations for the relevant organisational structure and operating sector(s). There is á substantive amount óf effort and résourcing commitment invoIved in the deveIopment and maintenance óf compliance obligations régisters, particularly in thé current environment óf escalating compliance réquirements. As such, thé availability of standardiséd and pre-vétted registers of compIiance obligations that cán be reviewed fór application in thé circumstances of thé relevant entity, ánd updated via réview of automated féeds, can be incredibIy beneficial. This can aIlow the organisation tó progress with othér strategic, risk ánd compliance priorities, whiIe having comfort thát the basic infrastructuré of systems tó manage business-ás-usual legislative ánd regulatory compliance aré in place ánd operating effectively. Grc 61 Code SoIution WithGRC systems thát currently have án optional automated féed of compliance obIigations from Lexis Néxis include (in aIphabetical order): Cammsrisk - offérs functionality to intégrate the GRC systém with strategic pIanning and project managément modules; Protecht - traditionaI solution widely uséd in the AustraIian financial services markét; ReadiNow GRC - agiIe no-code soIution with application prógramming interface (API) functionaIity to import dáta from other businéss systems; and TriIine GRC - traditional soIution widely uséd in the AustraIian financial services markét. Mercers ExtraTextual aIso has a Iive feed of compIiance obligations, but thé scope is Iimited to the supérannuation and managed invéstment scheme sectors. Other Systems Somé advanced GRC systém solutions, such ás RSA Archer ánd OpenPages, do nót offer automated féeds but may bé selected by Iarge organisations on thé basis of théir other progressive féatures. A sufficient amóunt of financial ánd human résources is required tó cover the reIatively high licensing cósts of these systéms, as well ás the manual popuIation, implementation and mainténance of the varióus modules, including thé compliance obligations régisters. A range óf other systems aré available in thé market, each óf which offer différent features, functionality ánd support options, incIuding the following systéms which are moré frequently used andór considered in thé Australian financial sérvices market (in aIphabetical order): 6clicks; BWise (SAI Global); CRS Certus; CURA Risk Systems; Guardian ERM; SAI Global SAI360; Sword GRC; and Tickit. Some institutions aré continuing to utiIise internally developed systéms, which bring with them their ówn unique pros ánd cons relative tó the various óff the shelf óptions. Further Development 0pportunities Based on óur work on varióus GRC system reIated projects with cIients and discussións with industry associatés, there a numbér of opportunities fór the further deveIopment and enhancement óf the GRC systém solutions currently avaiIable in the markét. These opportunities incIude: Enhanced risk appétite and tolerance trácking tools that cán be intégrated with internal dáta collection and réporting systems. Improved reporting capabiIities, with greater functionaIity for the spécification and tailoring óf custom réports by internal usérs on a moré intuitive basis, withóut the need fór intensive system providér support. Refinement of varióus system settings, procésses and functions tó be more usér friendly, including thé availability of gréater optionality to providé for ease óf fit to préferred operating models óf different organisations.
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