Control. adhere, adapt and comply

By Paul Prothero
Manager
5 August 2022

Technology today has the ability to assist businesses in addressing the issues of corporate governance, enterprise risk management (ERM), and corporate compliance (GRC). A businesses ERM system acts as the single source of truth for all corporate activities, including processes designed to handle an increasingly
complex GRC regulatory compliance environment.

A properly implemented ERM system, configured for GRC requirements, can provide a more robust governance, risk and compliance program to protect organisations. Businesses should be able to confidently anticipate and act on customer, third party, compliance, enterprise and financial risk, while elevating corporate governance and controls across an organisation. When an ERM solutionis setup with GRC requirements in mind, the solution gives businesses a competitive advantage, enabling them to make decisions confidently, in alignment with strategic objectives and risk tolerance.

Ensuring regulatory compliance

When installing an ERM system, ensure the environment is optimally configured for regulatory compliance. If it is, you can benefit from real-time regulatory compliance assessments, which provide instant notification of policy changes negatively impacting security, and actionable recommendations for improvements.

Maintain robust risk management

A modern and robust ERM solution ensures that you are in compliance with international IT and security standards and can adapt to new frameworks as they become relevant. These solutions streamline the documentation of you IT systems, resources, risks and controls, defines and manages periodic risk assessments, accumulates incidents, analyses and manages business continuity, and provides
additional insight with the reports, KPI’s and dashboards.

Enhance audit management

Companies are subjected to multiple types of audit and compliance, from internal governance to regulatory requirements to industry standards. Managing risk has become a complex matrix that organisations can no longer rely on spreadsheets, email, or basic collaboration software to perform.

ERM

Your ERM system should provide an automated solution that organises and centralises every step of the audit process: risk assessment, planning, fieldwork and testing, time and expense management, issue tracking, reporting and remediation.

Gain competitive advantage

An ERM solution, configured for GRC, transforms your governance, risk and compliance management to enable cost savings and improve business performance by standardising governance processes to enhance decision making and avoid unnecessary costs. By shifting away from a costly and inefficient compliance approach that reacts to regulations, inspections and audit findings, an ERM solution can establish
an embedded and sustainable risk management and compliance process that continually anticipates and proactively manages risk on an ongoing basis. With this proactive approach to IT governance, risk and compliance, you have the opportunity to create a competitive advantage by using it as a differentiator in the marketplace.

PKF Digital delivers ERM solutions for Australian businesses, in partnership with NetSuite. The team of technology experts have assisted hundreds of small, mid-market and enterprise companies across diverse industries in achieving their business goals and building strength in their approach to corporate governance. Contact us today - [email protected] - to explore how we can assist your business.

To read more articles in the Winter 2022 edition of Clarity, click here