Board Portals as Governance, Risk and Compliance Software (GRC)
GRC is an approach to organizational governance, risk, and compliance that encompasses the whole picture in order to ensure an organization is acting ethically and in accordance with its risk appetite. The most effective use of GRC software involves using as much automation as possible to track the activities of a board of directors associated with corporate governance, risk management, and regulatory compliance.
Governance Roles with a GRC Software
Good GRC software enables boards to be more efficient and accurate regarding auditing, policy management, compliance management, and risk management.
Auditors utilize GRC software in order to store and protect financial reports as well as manage workflows and schedule audit-related tasks and reporting.
Boards of Directors create, oversee and maintain ever-evolving organization policies. This area of a board’s responsibilities is an ongoing activity. The organization, archival, and security of the documents associated with corporate policies are vital. GRC software makes accessing policy documents easy and efficient.
Risk management professionals rely on GRC software to provide them with documents that provide a consolidated view of risks. Documents may include follow-up on incidents, credit risk analysis, market risk analysis, and other risk reports.
Automation and Compliance
Automation is quickly becoming a necessity in today’s corporate sphere. In the past, manual processes could be allowed because the option for automation wasn’t there or was just too expensive. With the speed at which the corporate world is moving, automation is the only way to keep up with demand. Manual processes are just too cumbersome and have too high a risk of error for large, complex organizations to continue to employ. Taking your board documents, and GRC processes digital can eliminate the waste and failure of many aspects of these manual processes.
Automation removes much of the human error that’s inherent with manual applications and processes. Board portal tools are the logical answer for all GRC-related activities, such as:
- Organizing and storing board materials
- Securing communications
- Conducting board evaluations
- Submitting compliance documents
- Recording board agendas and minutes
- Strategic planning and analysis
- Assigning and tracking tasks
BoardBookit – Your Board Portal and GRC Solution
BoardBookit is more than a board portal. It’s a GRC software solution on a platform that has above industry-standard security procedures. Avoid having to integrate separate products for all of your board needs. For example, BoardBookit already comes with tools that give you the ability to communicate securely about documents and plans, perform board evaluations, manage agendas and minutes, and D&O questionnaires. Having these tools within a single platform can eliminate GRC Gaps.
BoardBookit empowers board directors to confidently meet the demands of the boardroom and the marketplace, despite the quantity and complexity of regulatory concerns. The structure of BoardBookit helps board directors to assess and manage risks comprehensively while avoiding issues of wasting resources and duplicating efforts.
Board directors can manage documents and reports from a central dashboard and manage risk and compliance responsibilities while making governance transparent and actionable.
Board directors accept the responsibility to navigate their companies through the uncertain, rolling waves of legislation, regulations, and risks. A lackluster commitment to GRC carries challenging consequences for corporations. The resulting penalty may cost them financially, create instability and damage their reputations. To fulfill their fiduciary and other responsibilities to the best of their abilities, boards will need to rely on accurate, real-time information. BoardBookit is that solution.
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