The goal of GRC software is to reduce cost and risk. Compliance burden is specific to particular industries but one of the most common business process governance challenges come from the issues with SOX (The Sarbanes-Oxley Act of 2002), which requires certain business records be accessible to auditors for a given period of time. With heavy consequences ranging from fines to imprisonment, companies are looking for safe, easy ways to meet the need without breaking the bank.
Government regulatory agencies such as OSHA or the FDA, or even industry self-regulation organizations, add additional governance, risk, and compliance issues to the long list of requirements. The need for a solution specific to the industry has some businesses looking at BPM solutions that integrate customizable applications for the specific regulations they want to stay on top of.
Process Director BPM Compliance Edition
One benefit of business process management software is that it is cloud based (no need to back up data), low code (no need to hire a programmer), and agile (no need to keep updating software as needs grow). Highly customized Process Director BPM Compliance software meets the need for businesses searching for GRC software that reduces costs while also reducing risk.
Managers of regulated businesses and/or departments are looking for a compliance solution that will:
• Allow them to hold individuals accountable to regulated actions
• Handle governed documents accurately while maintaining an audit trail
• Produce accurate policies, documents, and real-time information
Process Director BPM software helps the organization stay compliant, as well as streamlines processes for a more effective and efficient team by tracking documents, managing processes, enforcing accountability, reducing errors by eliminating redundant manual input, preventing lost documents, providing reports, and more. Adherence to policy is the most important component of governance, and fortunately, GRC software can be used to create processes that will direct compliance.
Preparation Minimizes The Pain Of An Audit
There is no magic pill that will keep your business fully compliant or audit free. The business must have a culture of compliance with strong ethics and clear procedures, policies, and accountability in place. GRC software, however, can support a business in creating that environment and creating the practices that hold it in place.
Governance, Risk and Compliance software takes some of the sting out of an audit by addressing the auditor’s biggest concerns: Are their policies compliant? Are their processes consistent? Are they following the processes? Process Director answers these questions with:
• Managing processes and documents and in a searchable way (data is easy to retrieve)
• Maintaining records of actions taken (creates an audit trail)
• Managing electronic forms (links actions to at-time-of-event documents)
• Providing accountability with electronic signatures or other user identity-tracking methods
Overall, GRC software allows organizations to create and maintain a systematic and consistent method of overcoming challenges with governance, risk, and compliance, whereby risk is managed, costs are reduced, and processes are simplified and organized.
The use of a BPM solution allow all GRC actions to be compiled into dashboards for better analysis and information which leads to better management and accountability. The future will continue to require complex governance and risk management while also facing increases in regulatory burdens. Businesses must have a scalable and cost effective way to manage this burden, and the BP Logix GRC software will fill that need.