technology-360factors-blog

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It is the responsibility of every business to ensure that every part of them business process is compliant.

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The role of GRC keeps growing in the business world. GRC solutions are now a common sight at major organizations and there are a lot of exciting new developments happening in GRC. There is however a certain degree of uncertainty about GRC among many of us. Why do we need GRC technology? Organizations have always managed governance, risk, and compliance, then what has changed now? The answer to these questions will be clear once we look at where GRC emerged from and what makes it so important.

[technology-360factors-blog]

Keeping a small business compliance checklist helps small organizations keep track of and organize compliance activities. The checklist allows compliance employees to quickly ensure that all required tasks have been completed and nothing is amiss.

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If you want to see what a GRC Software can do for your organization, get in touch with us and we will arrange a live demo of Predict360 for you.

[technology-360factors-blog]

Small and big businesses operate in the same environment under the same laws but the practicalities and realities of doing business are very different for them.

[technology-360factors-blog]

There is however a certain degree of uncertainty about GRC among many of us. Why do we need GRC technology? Organizations have always managed governance, risk, and compliance, then what has changed now? The answer to these questions will be clear once we look at where GRC emerged from and what makes it so important.

[technology-360factors-blog]

If organizations want to achieve better compliance and risk management, they need to change the way risk and compliance are handled within organizations. Organizations have risk and compliance departments, staffed with highly qualified people, and yet keep running into risk and compliance management related issues. The problem isn’t that their people aren’t qualified or working hard – the real problem is that the organizational framework used by most organizations for risk and compliance management needs to be changed.

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Rod Rosenstein, the Deputy Attorney General of the United States Department of Justice gave a speech to commence Compliance Week 2018 and his focus was on the right way to implement compliance.

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Audit management systems are already proving to be important auditing tools and will be considered a necessity in a few years in every heavily regulated industry in the world

[technology-360factors-blog]

Handling policies and procedures manually results in several problems. It is time that policy and procedure management is brought into the digital age.

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Why is the GRC model becoming so popular now? Because the technology that is required to power it has finally matured.

[technology-360factors-blog]

Similarly, the way we talk and perceptualize about risk has an effect on the way enterprise risk management works. One way would be to look back at how we approached enterprise risk previously, and then to see how modern technology has altered our perception.

[technology-360factors-blog]

5 steps of risk management process

Let’s look at the how the process to manage risk looks in a digital context. While the core ideas remain the same, there are some very important changes.

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The risk management process we usually talk about is completely manual, and thus completely outdated.

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360factors’ Compliance Management System is a standalone compliance management solution to track, manage, create, and discuss all compliance related tasks, activities, and issues in one place. Manage compliance with BFSI regulations such as TILA, HMDA, BSA, AML, and KYC.

[technology-360factors-blog]

Regulatory change management solutions and compliance management solutions will become necessary in facilitating this transformation. This isn’t the first time that the energy industry has transformed. The ‘’clean coal’’ revolution was a breakthrough that changed how energy companies operated. While it was clear that coal will always be harmful for the environment, the industry researched and developed solutions that greatly reduced the harm caused by coal.

[technology-360factors-blog]

Audit management is not a task which should be done manually – it is simply too important. An AMS (audit management system), like Predict360, places all audit related actions within one system. This means that beginning with scheduling and ending with follow-ups, a record for everything exists in one system.