The 6 Attributes to Look for in a Modern GRC Platform

Cybersecurity and compliance are two of the biggest challenges facing today’s organisations. There are several reasons for this.

• Cybersecurity threats and regulations are constantly evolving. Cybercriminals are continuously developing new methods to attack businesses, while regulators regularly modify existing rules and introduce new ones.
• Compliance requires a lot of repetitive, manual work to gather evidence and fill in forms. There is also an overwhelming amount of information to monitor and analyse, yet a shortage of skilled professionals to do so.
• Most large organisations work with thousands of suppliers, making vendor risk management an enormous task.

Although governance, risk and compliance (GRC) tools have been available for some time, many are cumbersome and outdated. Organisations need an automated, unified approach to risk management that improves compliance and boosts cybersecurity.

If your organisation is looking to replace traditional GRC tools, consider the following attributes:

Everything in one place

If risk, vendor, contract and IT asset data are stored in separate systems, it’s difficult to analyse and report on. An integrated GRC platform provides a ‘single source of truth’ by automatically updating data from various sources.

Support for Automation

Essential tasks like penetration testing, risk monitoring, vendor assessments and security event analysis should be automated. Manual processes are inefficient, error-prone and unable to keep up with the pace of business.

Available Integrations

Integrations with systems like single sign-on, SIEM, SOAR and business software enable the automatic collection and analysis of compliance evidence. Without them, demonstrating adherence to standards is challenging.

Simple to Use

Exporting data in an easy-to-understand format is key for demonstrating progress to auditors, management and employees. Templates and intuitive interfaces also help stakeholders without technical backgrounds gain insights.

Streamlined Data Input

While risk input requires human judgement and can’t be fully automated, the process should be as simple as possible. Time spent manually entering risks into the GRC platform reduces that available for strategic work.

Augmented with AI

Modern GRC tools apply AI to detect anomalies in data, identify cyber threats and streamline repetitive tasks like report generation. This reduces the burden on cybersecurity and compliance teams while improving effectiveness.

100% security isn’t possible, so organisations must accept and manage risk. An automated, integrated GRC platform with AI helps demonstrate your value and instils confidence in stakeholders that the organisation is compliant and secure.

To find out more about modern governance, risk and compliance solutions, contact IMC Group. IMC Group’s GRC platform integrates all your systems into a central solution augmented by AI to provide a new level of risk visibility and control. IMC Group also offers cutting-edge Enterprise Risk Management (ERM) solutions to help organizations effectively identify, assess, and manage risks. By incorporating ERM into their suite of services, IMC Group ensures that companies can proactively address potential threats, maintain regulatory compliance, and make informed decisions. With these Enterprise Risk Management solutions, businesses can achieve a comprehensive approach to GRC and drive sustainable growth in today’s dynamic and uncertain environment.