What to Look For in a Risk Management Solution
A risk management platform (also called Governance, Risk & Compliance (GRC)) is an application that enables companies to assess and manage operational, security or regulatory compliance risk. These digital tools simplify, make it easier and more efficient to conduct the risk assessment process by enabling businesses to detect and monitor risks as they arise. These tools provide a range of tools to help manage and resolve risks that include analysis of the risk, reporting and remediation.
A risk management solution that is effective should enable users to assess and document their current safety procedures by capturing data in a central, structured repository. It should also allow users to create and implement risk-based corrective measures by assigning tasks. Furthermore, it should make sure that corrective actions are monitored and updated after they have been completed.
It is also essential to ensure that the system is able to protect sensitive data properly. It is therefore essential to review the data security measures employed by the software manufacturer as well as their third-party suppliers. Find out if the vendor has security compliance certifications, such as SOC 2 or ISO 27001 to provide an additional layer of assurance.
It is also crucial that the software provides users with a smooth and enjoyable experience. It should be simple as well as user-friendly and accessible from any device. This is especially important for mobile devices, since employees are more likely not to report risks and other issues through a digital tool on the mobile.