Since the beginning of the financial crisis in 2008, around the world there is tightening of legislation and regulatory oversight. This has led to increased attention to risk management, primarily in the financial sector, especially when combined with a growing awareness that well-organized risk management as a competitive advantage.
In order to get a clear understanding of the risks faced by the organization, the company needs to implement a risk management model - such as COSO. The software solution enables organizations to implement GRCMD any such model, and provides the necessary tools for a successful cooperation of specialists in all three lines of defense. To identify risks GRCMD organization provides an effective tool for evaluating risks and opportunities of data integration. GRCMD program supports all kinds of risk assessment. The solution provides the ability to easily adjust the various assessments that can be run automatically or carefully analyzed. In case of delay feedback GRCMD automatically send reminders. The program can present the results in a convenient reporting format that allows you to save time and, consequently, money.
Extensive data integration capabilities can be used to collect information from various sources within the organization, and, combined with powerful analytical capabilities of the program and the rules processor for automatic identification of risks. The program can identify all kinds of risks: financial, operational risk or risk of integrity.
Means risk modeling programs allow to take into account the interdependence of risks and thus to determine their impact on the organization as a whole. Data on the risks can be arranged in various areas of the organization (by business, by department), by branches and third parties (agents, underwriters, brokers, suppliers). Wide range of functionality may be too difficult for end-users. Since this could adversely affect the benefits of an integrated risk management model and on the system, the program provides GRCMD context sensitive help for each of the functions.
Thus, the user is offered the functionality and information that the user or department really needs. There is also a connection to the tasks, powers and duties, and because of this, a series of GRC implemented.