The Governance, Risk & Compliance (GRC) systems have undergone a variety of change in their approach with time. Earlier these systems were driven mostly by the regulatory mandates, but now the system requirements have changed are seen as a means to achieve Enterprise Risk Management. Specifically, this represents a movement from managing risk as a transaction or compliance activity to adding business value by improving operational decision making and strategic planning.
The Newgen Governance, Risk & Compliance (GRC) suite helps the organizations not comply with multiple regulations but also the best practices and procedures the organizations have outlined for themselves, by actually understanding the business challenges and providing a sustainable solution to meet these challenges.
The Business Challenge
CEO/CFO
Certification- basis of certification, justification & underlying evidence
Visibility into Non-Compliance and responsible owner
Minimize inconsistent documentation of financial controls
Chief Risk Officer
Carry-out a risk/control assessment survey efficiently and ensure survey respondents fill it on time
Minimize the risk of inconsistent documentation and non standardized spread sheets
Board
Up-to-date view of existing contracts, insurance and holdings at any given time
Shareholding Pattern of the company at any point in time
Insight into external and internal processes at any given time
Audit Committee
Knowledge of the areas most susceptible to fraud
Ensure monitoring for fraud taking place
Utilize audit resource efficiently
Efficiently Track and plan audit centrally across the organization
Understanding of the overall process for managing enterprise risk
The Organization
Efficient use of resources
Increasing accountability for internal controls
Identifying and managing new risks
Minimizing duplicate internal control
Meeting Service level agreements
On time and accurate information and communication
Cost of managing voluminous paper reports and spread sheets
Efficient reporting
Availability of a central repository of compliance related information
Segregation of duties
Meeting the Challenges
Provides CEO/CFO the facility to attach certificate on top of the stamped certificates from the Group/SBU heads in the organization
A flexible system that can be configured according to the changing compliance environment
Chief Risk Officer to get a dashboard view of
Top 10 Risks
Risk Heat Map
Compliance Heat Map
Compliance completed / outstanding with aging
A web based solution which facilitates stakeholders to access the relevant content and assignments
Provide the management with dashboards of summary data that allow them to drill down to successive levels of detail facilitating efficient decision making
Triggers that sense changes in performance and alert appropriate decision makers
Provides a Central repository for all GRC related Documents
Version Control for GRC Library of Policies, Processes and Procedures
Provides a secure audit trail for any time audit
Extensive reporting capabilities through integration with the Report Generation tool
Escalation of non compliance issue to a higher level in the hierarchy in case the issue has been not resolved by the concerned user with in a given time frame
Flexibility and Configurability - the solution adapts to the existing structure ensuring enterprise wide standardization and can be configured according to industry best practices and standards with least effort
Increase in accountability, responsibility and transparency across various silos in the organization
