Align to Regulation: solution for large enterprises
Meet the challenges in Government, Risk and Compliance
Governance: enhance consistency, reduce cost of compliance
The SAP GRC solution features the GRC Repository, a central bank of all governance, risk, and compliance information for both horizontal and industry-specific needs. The repository centrally manages compliance frameworks, policies, processes, risk and control libraries, test plans, remediation cases, and evidence. With centralized GRC content, you can enhance consistency while reducing the cost of compliance – without compromising results. The centralized GRC content is based on internal corporate policies as well as best practices from GRC partners.
The major advantages of the GRC Repository are:
- Consistent content across all the areas of the organization:
- align your policies and procedures to regulatory requirements
- map control documentation to security and control frameworks (such as COSCO and COBIT) and to regulations, such as Sarbanes-Oxley
- manage structured and unstructured content in a unified way - Cost reduction:
- use the central repository of rules, controls, policies, and procedures to eliminate duplication of GRC investments
- the central GRC Repository offers internal and partner-based content to all departments of the organization - Access to best practice content via partners:
- the GRC Repository is a portal through which partner content can be easily integrated
- use the most up to date and best practice content, provided by the SAP partner network
Governance also includes corporate sustainability management. That assists organizations in their reporting needs on GRC requirements. Companies today are required to track and report social, economic, environmental, and other information to vendors, investors, customers, stakeholders and global regulatory agencies. The corporate sustainability management application reduces the time and effort to generate sustainability reporting.
“Corporate governance is the process carried out by the board of directors, and its related committees, on behalf of and for the benefit of the company's stakeholders, to provide direction, authority, and oversights to management.” (Paul J. Sobel, Auditor's Risk Management Guide: Integrating Auditing and ERM 2005)
Risk: balance opportunities with risks
Organizations often tackle risk reactively within departments, overlooking critical interactions between risks. Frontline managers are not equipped to properly analyze risk-reward trade-offs and carry out appropriate responses that are backed by quantitative metrics.
The SAP GRC Risk Management application addresses these issues by enabling you to implement proactive, collaborative processes to balance opportunities against financial, legal, and operational risks at all levels of the enterprise. The software provides a best practice framework for enterprise risk identification, collaborative risk analysis, predefined risk responses, and continuous risk monitoring and reporting so that you can effectively anticipate and respond to changing business conditions.
Its features allow you among other things to:
- Identify and monitor risks by using dashboards and alerts
- Coordinate risk mitigation across a line of business
- Acquire performance-based risk management strategies
- Address corporate risk strategically by balancing risk avoidance costs against new business opportunities
- Automate processes for the risk management life cycle:
- collaborative risk planning
- identification and analysis
- response and monitoring: key risk indicators, reporting tools, executive via dashboards
Compliance and Control: focus on process control
Opteon focuses on process control. The SAP GRC solution offers four applications for the compliance component.
SAP GRC Process Control applies a risk-based approach to setting up the control environment and identifying the most effective and efficient controls needed to improve business operations and to achieve compliance. The application integrates directly with control documentation in the SAP GRC Repository so you can centralize control management and eliminate the need to integrate separate tools for documentation, testing, remediation, and control monitoring. The software implements checks for key risks with a combination of automated controls monitoring, manual control tests, and self-assessments.
More information? Contact a2r@opteon.eu.
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