HOW TO CREATE SECURITY RISK MANAGEMENT TOOLS AND A GRC PLATFORM
Mar 15 2021
Risks are inevitable in every business sphere, and a good manager knows how to predict and navigate through them. These days, you can use high-end technologies for that. What is risk management software and why is it essential for your business? How can you apply GRC tools to your work processes? Imagine you live in an apartment with an air conditioning system. Whenever the temperature inside goes higher or lower, the AC automatically adjusts its settings to make you feel most comfortable. The same way you feel with a smoothly working software for corporate risk management, compliance, and governance. In this article, you’ll learn about the main benefits and features of risk management and GRC software.
Table of contents
Risk Management Software
GRC – Governance, Risk Management, and Compliance
RISK MANAGEMENT SOFTWARE
How to Manage Risks
Risk management is acknowledging that risks happen and you should meet them prepared. What does it practically mean for your company?
“Let’s take, for example, the COVID-19 crisis. One of the risk management measures was organizing remote work for office employees, and some companies were better prepared for that task. This is risk management in action.”
You can protect yourself from different kinds of risks connected to financial and legal issues, product safety, economic crises, accidents, etc. How do companies work with undesirable events? They use ERM (Enterprise Risk Management) systems. Different techniques include:
- Avoid the risk completely by using a certain plan.
- Mitigate the negative impact if the risk is unavoidable. Learn how to avoid similar risks in the future.
- Use insurance to protect the business and transfer some responsibility to a third party.
- Accept the risk if it outweighs the expected profit.
How you can use ERM platforms
All of these processes will be easier to conduct once you start using digital tools. Enterprise Risk Management software allows to:
- plan possible risks;
- assess the consequences and prepare for them;
- calculate potential costs;
- keep a database of risks and triggers (signs that show if something happened);
- plan strategies and step-by-step actions for each risk.
There are plenty of ready-made examples of risk analysis software for companies of different sizes. You can choose one of these solutions and adjust some aspects of it to suit your demands. Alternatively, you may create a custom Enterprise Risk Management system to fit in with your company’s methods of handling possible threats. We can help with that. Whatever you prefer, digital solutions will always give your business some valuable benefits.
Advantages of Using Risk Management Software
Do you want to earn the trust of your customers, partners, and investors? Risk analysis apps will be significantly helpful. What they can help you with:
- Identify business risks and develop management strategies for them.
- Apply a customized approach to deal with complex risks.
- Update risks-related information quickly and easily.
- Get notified by automated risk reports that also provide information on actions and objectives.
- View the list of risks in real-time.
- Protect the risk management data with passwords and automated backups.
- Cut expenses by avoiding emergency situations.
- Improve your reputation.
ERM systems can do much for you
These are the most prominent benefits of using digital software for Enterprise Risk Management. You might find even more specific advantages after implementing the system into your workflow.
Best Features of Risk Management Software
Intuitive work with digital products is crucial for your business success. Here in Exceed team, we know how to build risk management software that will best serve its purpose. Let’s look at some excellent features for your ERM system.
|Feature||What it gives you|
|Compliance management||The system understands legal standards for your industry and provides internal monitoring. It also enables training and education for employees.|
|Response management||This feature allows you to collect information from employees about vulnerabilities and possible risks.|
|Prediction and estimation||The tool reports on each case of a possible risk after planning, tracking, and assessing all the internal and external data.|
|Prioritization of Risks||Scoring algorithms allow to rank each risk based on its priority, gravity, impact, etc.|
|Project Evaluation||This feature tracks and monitors data on your projects to assess the likelihood of completion.|
|Analytics and reports||Customizable and flexible tools provide the information you require and export it into PDFs or other text formats.|
|Integrations with other apps and tools||The system may have pre-built integrations with accounting and legal software or project management tools. You can add and customize any other integrations with the services your companies need.|
An effective ERM system is easy to navigate – intuitive, clean, smart-looking UI (User Interface) is a must. When you start using a new risk managing tool, it should be easy to learn and adapt to your business needs. It’s also important to receive technical and user support from the company that created your Enterprise Risk Management software. It may include checkouts and resolving tech problems, providing tutorials for your employees, etc. Risk analysis and management software is an integral part of a wider technological framework, named GRC tools.
GRC – GOVERNANCE, RISK MANAGEMENT, AND COMPLIANCE
How to Use GRC Tools
GRC includes various practices and processes that typically run across different departments in a company. Many organizations have a dedicated team for this purpose. You can use a digital platform to control everything related to governance, risk management, and compliance. As you can see, the Enterprise Risk Management software is a part of GRC tools.
GRC, however, is more than a platform with certain features. It’s an effective framework for decision-making, preparation for emergencies, and collaboration between different departments of your company. Regardless of the industry or size, you can effectively use a GRC platform to optimize your management strategy, stay compliant with legal requirements, and minimize the damage from risks. Overall, a GRC strategy helps make sure every action, resource, and stakeholder is aligned with the business’s broader company objectives.
Read also: How to Create Your Own Crowdfunding Platform
Benefits of GRC Tools
Apart from solving organizational and communication tasks, a GRC platform can make a great difference for your business. Here are the three main benefits:
- A whole picture: you have all information on governance, risk, and compliance in one place, which empowers effective decision-making.
- Smooth processes: it becomes easier to control operations when everything is unified and automated, as the system monitors controls, KRIs, and threats.
- Cost-effectiveness: the more efficient approach helps you save money on usual activities.
Here are the key benefits of GRC applications
Creating a custom platform with GRC tools for your business is an excellent way to get a holistic picture of internal processes, external risks, and taken measures.
Best Features of GRC Tools
The framework for governance, risk management, and compliance will have a combination of features to help you set and accomplish goals in these departments. Let’s look at some examples of GRC functionality:
- Workflow Module;
- Documents Management;
- Third-party Risk Management;
- IT Risk Management;
- Risk Scoring;
A company needs to have an adjustable, customized, flexible platform for planning and activities related to risk management, compliance, and governance.
Read also: How to Create Your Own Crowdfunding Platform
REQUIREMENTS FOR RISK MANAGEMENT SOFTWARE AND GRC TOOLS
How do you realize if risk management or GRC software is reliable and useful? We recommend studying some distinguishing factors before you contact a vendor or a development company.
|Quality factor||Why important|
|User-friendly interface||Without intuitive navigation, a platform is quite pointless. Your employees should easily figure out how to find and use every feature.|
|Mobile app||Good GRC platforms offer support on all devices to ensure you can address issues on the go.|
|Automation||GRC platform will send you alerts about vulnerabilities, validate information, audit your actions in the background, etc. It minimizes errors and saves lots of time on manual work.|
|Security||Data encryption and user access regulation are the most important measures to protect your valuable information from breaches and exposures that may otherwise cost a lot.|
|SaaS||Software as a Service (SaaS) is a product of the future. SaaS-based solutions are scalable, relatively easy to implement, and cost-effective. The technology partner will provide maintenance and tech support, while your team is focused on business goals and objectives.|
|Tech support||If something isn’t working properly, the development team will fix it shortly. Besides, your tech partner will provide written guides for troubleshooting.|
Pay attention to these critical factors when choosing a tech partner to develop or deliver software for a complex automatization of your business processes.
FINAL THOUGHTS ON RISK MANAGEMENT SOFTWARE AND GRC TOOLS
The best way to deal with risks is not to avoid them but rather to monitor threats and develop strategies to minimize the damage. You’ll need a smoothly working risk management platform to automatize these processes. Does your company need help to create digital tools for monitoring your governance, risk management and compliance activities? Here at Exceed Team, we provide excellent services to our clients from multiple business industries. Combining the latest FinTech technologies, advanced development practices, vast experience, and individual approach, we’ll make a custom product adapted to your company’s size, structure, and needs. Our development process is clear and transparent. A selected team of business analysts, UI/UX designers, web and mobile developers, DevOps engineers, and QA testers work on each project. We’ll create a scalable platform within your budget and provide fully-fledged maintenance. We're looking forward to starting! Tell us about your company, and we’ll gather the team to create a customized solution for you.
Most popular questions
Why Do You Need Risk Management Software?
This kind of software creates opportunities for you to organize all the resources to be prepared for different kinds of risks connected to financial and legal issues, product safety, economic crises, accidents, etc.
What Are GRC Tools?
GRC stands for Government, Risk Management, and Compliance. These things are absolutely necessary for any business, especially a medium-sized or a bigger one.
What Are the Key Features of Risk Management Software and GRC Tools?
- User-Friendly Interface; - Mobile Version; - SaaS Support; - Security System; - Dashboards; - Workflow Module; - Documents Management; - Risk Scoring; - Reports.
How Can You Benefit from Using Risk Management Software and GRC Tools?
1. You empower your decision-making by collecting all information in one place and seeing a whole picture. 2. You manage and control all operations easier, as an automated system monitors KRIs and threats. 3. You spend your budget more effectively.
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