BusinessOptix GRC Module provides:
Create and report on your entire risk framework in one place.
- Discover, model, capture and grade risks and threats based on regulatory and internal governance requirements
- Define controls and recovery measures for managing risks and any breaches that may occur
- Document underlying processes, procedures and work instructions
- Generate dashboards, performance reports and risk matrices for internal (e.g. executive, operational and audit teams) and external parties (e.g. regulators, third party auditors)
Risk Documentation & Process Repository
Store all risk and controls, processes, and documentation and content in a central repository.
- Create and store a comprehensive inventory of policy documents, controls, procedures, processes, work instructions, assets (tangible & intangible) and links to external sources in a central repository that is easy for the risk, compliance and operational teams to access
- Stress test the likely performance of controls and processes through modeling and simulating operating scenarios, and identifying bottlenecks, gaps and potential risks
- Share all documentation, processes and content with operational teams and control owner(s)
- Manage, optimize and update all documentation, processes and content, set dates for reviews and send notifications of updates to operational teams
Risk Event Recording
Log and maintain details of all risk events.
- Record, monitor, maintain and view auditable records of all risk events including incidents, breaches and data requests (e.g. GDPR, FOI)
- Mine and analyze transactional data to identify breaches and/or prove compliance with internal or regulatory requirements
Risk Task Management
Manage tasks and actions related to risk events.
- Create, track and manage auditable records of tasks, processes, workflows and actions taken to manage risk events
Evidence Compliance & Good Governance
Create demonstrable evidence of compliance and actions taken to ensure good governance.
- Create proof of compliance including views of the integrated ‘risk framework’, completed checklists, assessments and attestations to compliance with external regulations (e.g. SOX, HIPAA, PCI DSS, SMCR and CASS) and internal policies (e.g. IT security, data protection, health & safety and codes of practice) CASS
- Use simulations to review operational data against controls, and identify and address gaps and potential issues
Create an auditable record of governance, risk management and compliance activities and documentation.
- Provide internal auditors, regulators and third parties (e.g. insurance companies) with audit trails to ‘evidence’ actions and validate/reduce insurance premiums