How to choose the right system for risk, internal control, and audit

<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >How to choose the right system for risk, internal control, and audit</span>
Written by
Karl Sandström
Reading time
1 min

Is it time to invest in a system for your Governance, Risk, and Compliance (GRC) work? Maybe you are tired of the Office package and looking for a dedicated GRC system? Or are you considering developing your own? Regardless of your options, you will benefit from this blog post where we list what you need to think about before making the choice to make sure you choose the right system for your business from start.

GRC stands for Governance, Risk, and Compliance and is a collective term that includes the risk and internal control frameworks of the business. Many businesses face the choice of what system to implement for GRC. To help you make that choice, we have gathered a few tips to help you on your journey to the right GRC system.

  1. Define why you need a system

    Consider your needs carefully. Why do you want to buy a system? Does it for example take too long to collate GRC data in Word and Excel?

  2. Create a clear value-add vision

    What is the value-add of a digitalised GRC process for your organisation? What needs will it meet and what are the potential consequences? How will this be better than what you have in place today?

  3. Understand your own process

    It is often not clear internally how things are supposed to work. Decide how you want to be working and make sure the most important stakeholders are onboard. This is a pre-requisite for your company to be a good requirement setter for the system.

  4. Define the conditions for the roll-out

    What is the most important part? Cost? Timeframe? How the process mirrors your ways of working? All organisations have different conditions. Be clear on yours.

  5. Make sure to consider and include the change management

    Digitalisation is a change in ways of working and change is often difficult for the business. Over-inform about vision, planning, training, and support.

  6. Don’t invent the wheel

    You may already have done several digitalisation journeys. Ask around internally what worked and what could have been done differently. Bring the lessons learned into the procurement process of your new GRC system.

Are you interested in a more detailed description of how to digitalise your GRC process? Check out our guide “Your guide to streamlining internal controls”. You can download it on the link below!

Download guide