The need for risk management is growing as requirements are becoming more demanding. Companies keep digitizing to lower the workload and the need for GRC management systems is on a steady rise. What do companies need to consider when looking for a digital tool for risk management? We share our best tips here!
1. Functionality that meets specific requirements
All organizations have different requirements when it comes to risk management. It´s important that your GRC system is flexible and can be adjusted to fit your company´s needs. Before choosing a system you need to make sure that it has the right features to support your GRC processes.
Today, most risk management tools come as a packaged solution with basic functionality, resulting in that they are quick to implement, easy to use, and affordable. For most companies, there is no reason to build their own system, it can be both complicated, expensive, and time-consuming. Instead, companies should look for a packaged solution that meets basic needs, but is flexible and can be adapted later on to meet specific requirements.
2. Easy to implement and use
In order for your organization to get the best possible value from the GRC system, it needs to be user-friendly. If you choose a user-friendly tool with an intuitive interface, there is a greater chance that colleagues and employees will actually use it.
Avoid overly advanced systems that take a long time to implement, and require extra coding and help from external consultants. Today there are many good tools that have a low learning curve and require neither coding nor external resources for implementation.
3. Integrations with other systems
It is important that risk management becomes a part of the organization's overall goals. The GRC work needs to be shared with the entire business to be successful.
Therefore, it is a great advantage if the tool for risk management can be integrated with your other systems, for example, tools for strategic planning, sustainability reporting, or finance. Many tools can be integrated with other products to facilitate data transfer.
With a simple press of a button, you can retrieve data from other systems and use the information in your GRC work. You don't have to enter data manually, which saves both time and resources.
Do you want to know more about how a risk management system can facilitate the work of your organization? Learn more about Stratsys' risk & control tools.