How do you succeed with risk management in an environment where legal requirements, conditions, and risks are constantly changing? Here we´ll share three important keys to succeed with GRC management today, as well as in the near future.
1. Make GRC management available to the entire organizationGRC management creates the opportunity to increase growth, and make the company more cost-effective and competitive. But for that to be possible, risk management needs to be integrated into all parts of the organization.
The entire organization needs to become aware of and participate in the ongoing risk work. To achieve this, companies need to make the issue of risk management a priority.
Filtering information is key when spreading the message of risk management across the organization. It’s not easy to communicate risk-related issues in a way that everybody understands and can relate to.
The communication doesn´t only need to be clear but also customized for the individuals who are receiving it. A risk management system makes it possible to filter and customize risk data, in order to get the right information to the right people.
Some people in the company need access to information down to a detailed level, while others understand the context better if they can see the bigger picture. A digital tool for GRC management makes it possible to get an overview of the company's goals, strategies, and activities, at a level that suits each individual.
2. Adjust the GRC work after the company´s growing needs
Risk management is a continuous working process and needs to be in constant movement, changing over time to keep up with the company´s growing needs. It´s important that the GRC management system is flexible and can be adjusted to fit the requirements of a world in constant change, without adding high costs or recourses.
By choosing a configurable GRC management system, where you can do a lot yourself without hiring external consultants, companies can make a future-proof and financially predictable investment by choosing a configurable GRC management system where a lot of the work can be conducted internally without requiring the help of external consultants.
3. Implement the proper support for GRC management
Many organizations begin their GRC work with tools such as Excel or Word, to eventually move on to a digital platform. With a dedicated system for GRC management, your organization gets access to a digital collaboration surface that promotes communication between different offices, departments, and individuals.
You get access to functions such as data filtering, deadline reminders, and automated reports. Today, many companies have come a long way with their GRC work. They manage to control their risks but struggle to gather all the information in one place, while finding it challenging to create a clear overview. The solution is to implement a system that delivers efficient work processes for GRC management and can be adapted to fit your company´s needs over time.
Do you want to know more about what a risk management system can do for your organization? Read more about Stratsys' tools for GRC management here.