GRC SOFTWARE: RISK AND COMPLIANCE TOOLS

Explore how Tivian can improve profitability, transparency, and control in your organisation with world-class governance, risk management, and compliance software tools.

Mitigate risks

We live in an ever-changing and unpredictable world where businesses are increasingly looked upon to set integrity and transparency examples. The most important currency in business today is trust and social responsibility. Corporate integrity is a core performance lever, even outweighing your employee and customer experiences in importance.

Protecting your business from unforeseen risk takes a planned and integrated approach. Without engaging your people in GRC, you will not be able to achieve your true business potential. Our flexible platform helps you establish and improve GRC, providing you the right recommendations to address uncertainty and protect your business.

Why trust Tivian's GRC solutions?

Reduce redundancies

Centralise all GRC activities to reduce costs, establish objectives, and implement consistent, repeatable processes

Gain visibility

Gather information from your workforce quickly and efficiently, and receive real-time alerts for escalation issues so that you can take action

Break down silos

Integrate GRC across your organisation so that the right people get the right assessments at the right times

Scale compliance

Identify, track, and mitigate risk both internally and across third-party relationships as your business evolves

Maintain business continuity

Test the effectiveness of your compliance programs and make adjustments with recommendations based on leading regulations and standards

Build trust

Building trust is the prerequisite for innovation and effectiveness

What is GRC?

Governance, risk, and compliance (GRC) is a broad term that encompasses multiple business practices aimed at managing risks, ensuring compliance with government regulations, and effective auditing of internal processes.

Because the process is complicated and encompasses many different aspects, GRC software is one of the most effective tools for helping companies stay on top of challenges and put leaders in a position to make the right choices. But what are the key areas that governance, risk, and compliance (GRC) tools can help with? As the name implies, there are three areas that can be streamlined using GRC tools. But what do these three words mean?

  • Governance refers to how the organisation is managed from within, including the processes and steps for making decisions. Good governance practices are integral for setting the company’s direction, developing strategies, and continually reviewing policies to ensure optimal performance and the best outcomes.

  • Risk involves the ability to evaluate the potential challenges and downsides of making certain choices. With GRC compliance tools, companies can perform risk management with confidence, identifying the biggest threats and possible negative outcomes, which can prevent them from materialising.

  • Finally, compliance refers to standardising the processes and policies to ensure that they align with government requirements for business operations. With GRC systems, compliance becomes much easier to manage. This technology allows leaders to continually reevaluate the company’s processes and implement best practices for accounting, privacy, and other vital parts of the business.

What Does GRC Software Do?

The processes employed by organisations to manage governance, risk, and compliance have been in place long before the rise of software solutions. So naturally, you may be wondering what governance, risk, and compliance software can offer your company.  

The primary purpose of GRC software is to provide you with a proven process for running your organisation while staying compliant and mitigating risks. GRC tools allow companies to automate various functions related to compliance, such as auditing, which can help save a lot of time while also offering more comprehensive protection for other systems such as ERP.

Having a way to monitor compliance activities is an integral part of a business, and the powerful features offered by modern GRC software enable organisations to prevent issues before they arise, reduce costs, and free up time by streamlining everyday processes. 

GRC software offers a more centralised way to tackle governance, risks, and compliance, making it easier to prevent silos and avoid counter-objective goals from being established simultaneously. Having a big-picture solution for planning strategies and steps can help ensure that your company is always moving in a singular direction and remaining in line with the best practices required for success in today’s market. 

At the same time, governance, risk, and compliance software make it much easier to track user access, providing managers the complete picture regarding user actions in relation to the compliance requirements and policies that have been established. 

In essence, GRC software creates a full security framework in the three main areas it covers, providing you with a single tool for managing how your company is governed and how it operates from the top levels of management to each individual employee.

When you use Tivian GRC software, you can gather information from your teams to effectively tackle issues in real-time, providing you with more visibility on potential problems and enabling you to prevent them from escalating.

When you are able to provide the right people with the right information, you can prevent information silos that could otherwise result in conflicting objectives or failure to comply with regulations.

Because compliance is such a crucial part of GRC systems, Tivian also provides you with the complete set of tools for scaling your compliance efforts as your business grows and evolves. You can use Tivian to not just mitigate risks internally, but also across all of your third-party relationships.

Finally, when you use Tivian GRC software, you can create a more structured and effective process for continually improving your compliance programs, making adjustments according to the current best practices and the leading regulations.

The Importance of GRC Software

There are many reasons why risk and compliance tools like Tivian are used by thousands of organisations worldwide. They help reduce costs, streamline activities, and provide more security for a company and the way it is governed. But those are just a few reasons why GRC solutions are so important. Let’s look at a list of important benefits that make GRC software a necessity for your business.

Improved Efficiency

One of the main advantages that GRC software offers is the ability to streamline tasks, workflows, and solutions related to compliance and governance. Today’s leading GRC systems come with a range of powerful features to simplify essential processes and significantly reduce the hours needed to ensure compliance and security. Even if you look past the features themselves, the fact that everything is operated from a single hub can go a long way in helping your teams work more effectively and prevent information silos from developing.

Collaborate with Ease

A good GRC software solution makes the job of communicating between departments and stakeholders much more efficient. Your teams can quickly communicate any changes in procedures, legal, policies, and risks, breaking down silos and establishing more consistent practices that are easy to manage and maintain across the entire organisation. Having a simple and effective process also ensures that your teams actually follow through on the policies and improve their ability to work together to anticipate and mitigate risks.

Thorough Tracking

A big part of effective compliance processes is tracking every action through clear and comprehensive documentation. While the process can seem tedious and time-consuming, GRC solutions simplify tracking and make the data you collect much easier to access for audits or modifications.

Keep Up With Changing Regulations

One of the hardest parts of staying compliant is the continually changing landscape of regulations and rules that businesses have to adhere to. But when you use GRC solutions, you can stay ahead of any compliance risks and issues with professional help updating your regulations and governance — even when the amount of regulatory updates and alerts seems overwhelming.

Continually Improve with Data

A big part of success with managing risks and ensuring compliance is understanding how to do things better in the future. But for that to happen, you need a way to identify the things that need to be improved upon through analytics and real-time data. GRC solutions enable you to create comprehensive reports that answer specific questions, provide insight, and help you identify weak spots and areas for improvement.

Gain a Competitive Edge

Managing compliance and risk is one of the top priorities for any organisation. And those that manage to do it best will eventually gain a significant advantage over the competition. Equipped with the right tools, your teams will be able to stay compliant, minimize risks, and make unified decisions regarding the company’s direction that will put you at the forefront of your industry.

GRC Best Practices

Implementing GRC software into your organisation isn’t always straightforward. Each company is different and will require different steps for success. However, the good news is that when you use a leading solution like Tivian, there are a few best practices that will make the transition into a new way of handling compliance, governance, and risks much smoother.

When implementing a complex solution like GRC, it’s easy to get sidetracked by the possibilities of what you can do with the features. Therefore, it’s good to start by establishing clear goals of what you want to accomplish and then looking at how GRC software can help you get there.

Only by having clearly established criteria can you prioritise the right actions to help your team stay focused on the most pressing challenges you need to overcome. Just like any technology, GRC software is just a tool, and you need to understand how to use the features and technical specifications to move towards better outcomes in a measurable way.

Another integral best practice when implementing a GRC solution is working with the vendor (and within your team) to ensure that everyone stays in the loop about what you are trying to accomplish at any given time. Implementing GRC (governance, risk, and compliance) tools can be a complex and lengthy process, so you need to keep communication lines open and discuss the steps, potential issues, and end goals with everyone involved.

When working with a vendor like Tivian, you can rest assured that our team will be present throughout the implementation process and provide you with thorough guidance on the best approach in your specific situation.

Because the implementation process can be complex, you need to assign someone who can allocate their full attention to ensuring that everything goes as smoothly and quickly as possible. A big part of success with GRC software implementation comes down to figuring out your company’s unique challenges and using the solutions to address those specific problems. And that requires someone on your side who can work with different teams to identify the most pressing challenges.

At the same time, the project manager can be the point of contact between different stakeholders within the organisation and the onboarding team, helping ensure smoother communication, fewer misunderstandings, and an overall more efficient process.

Over the course of the implementation, you may be tempted to shorten the timeline as much as possible. While being efficient is a good goal to aspire to, it’s important to be realistic and not put unreasonable expectations on the process of fully implementing a GRC solution.

You should map out the process and consider the likelihood of running into roadblocks along the way, pushing the timeline accordingly. At the same time, you should perform thorough testing to ensure that the newly-established processes are working effectively and will be able to stand on their own once your organisation starts relying on the GRC solution.

Finally, as an organisation, you will likely be tempted to maintain at least some of the old processes you had in place to minimize disruption within the company. While that can seem like a smart choice, remember that as technology changes, so do the best practices of managing risks and compliance.

If you want to make the most of solutions like Tivian, you must be willing to be bold and fully embrace the new ways of managing GRC. This will not only enable you to work better but will also significantly shorten the implementation time because there will be fewer customisation requirements.

We understand that the world is constantly changing and that businesses face unpredictable challenges every day. We’re committed to keeping one thing constant: our commitment to our customers. Contact Tivian today to learn how we can help your business succeed.

Get started today.

Tivian's complete suite of solutions helps organizations capture and act on insights from their employees, customers, and the market

ESG Risk

Reduce risk and protect your business by embedding our 360-degree ESG solution within your organization and culture.

Conflict of Interest

Seamlessly and efficiently manage conflicts of interest (COI) and disclosures to reduce risk, improve compliance, and manage your governance.

Whistleblower

Stay ahead of issues by providing a safe and secure space for your people to disclose corporate misconduct observations and reduce the risk of damage to your performance and reputation.

Diversity & Inclusion

Build a more inclusive company culture and root out inequality and unconscious bias by examining and addressing collective traits.

Get started today

Learn more about intelligent experience management