Governance, Risk & Compliance (GRC) Module

The BusinessOptix GRC module provides executives, compliance and operational teams with the tools you need to proactively manage reputational, financial and operational risk. All in an environment that links GRC with operations, supports collaboration between teams and enables seamless remote working.

From regulations, such as Sarbanes-Oxley (SOX), HIPAA, PCI DSS, SMCR and CASS to internal policies, such as IT security, data protection, health & safety and codes of practice, the BusinessOptix GRC module helps to identify governance, risk and compliance requirements; create, implement and maintain controls; linking controls to operational processes; manage breaches or incidents, and report to executive and internal audit teams, and external regulators and 3rd parties.

 

What is Governance, Risk & Compliance (GRC)?  Click here to find out more.

BusinessOptix GRC Module provides:

Risk Framework

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 modelling 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

Audit Trail

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

BusinessOptix GRC module for Governance, Risk & Compliance and Operations Professionals

BusinessOptix GRC module enables Governance, Risk & Compliance professionals to:

  • Gather existing GRC information (e.g. spreadsheets, documents and process maps)
  • Set-up organization GRC structure, objectives and users
  • Capture internal policies and regulatory requirements
  • Create a prioritized risk matrix/heatmap
  • Create, classify and score controls
  • Create and rollout control materials (incl. statements, checklists, procedures, processes, and work instructions with associated information
  • Create and simulate scenarios to stress test performance of controls
  • Create and rollout incident and breach recovery measures
  • Set-up, receive and manage notifications of breaches and control review dates
  • Audit and manage risk matrix and controls
  • Create best practice and standardized materials

 

 

BusinessOptix GRC module enables Operations professionals to:

  • Capture, map and analyze processes
  • Define process risk and control touchpoints and requirements
  • Add required controls to end-to-end processes and specific events within processes
  • Create and simulate scenarios to stress test performance of controls
  • Link processes and events to relevant incident and breach recovery materials
  • Create and distribute support documentation and work instructions
  • Create standardized and reusable best practices processes, documentation and templates
  • Receive incident or breach notifications and implement recovery measures
  • Audit processes against risks and controls
  • Update and optimize operational processes and supporting documentation
  • View and manage audit trail of all processes, risks, threats, controls and recovery measures

 

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