A risk management solution (also called governance, risk & compliance (GRC) platform) is an online application that aids companies in identifying and mitigate risks to their security, operations or regulatory compliance procedures. These digital tools automate, streamline and simplify the process of risk assessment by enabling companies to monitor and identify the risk when it arises. These tools offer a variety of tools to manage and resolve risks which include analysis and reporting, as well as remediation procedures.
A well-designed risk management system should permit users to document and assess their existing safety protocols, by recording the information in a central, organized repository. It should also permit users to create and implement risk-based corrective measures by assigning tasks. Furthermore, it should make sure that these corrective actions are monitored and updated after they are completed.
It is also essential that the system safeguards sensitive data adequately. This is the reason it is vital to scrutinize the security measures that are used by the software provider and their third-party suppliers. Verify if the vendor is certified security certifications such as SOC 2 or ISO 27001 to provide an additional layer of assurance.
It is also essential that the tool offers a user-friendly, smooth and easy experience. It should be user-friendly, easy to use and accessible from any device. This is especially important for mobile devices as employees are more likely than not to report problems and other hazards using a digital tool on the on the go.