Compliance management system has become one of the most important and fundamental concern for all the organization specifically in financial institutions. With the help of compliance management tracking software, companies are able to track, save and identify data, risk, threat and fraud. This system ensures that the whole organization is synced with each other and having updates regarding all the happenings and information of the company where they are also able to respond with their best possible solution.  

Corporate Responsibility 

In terms of a compliance, it is important to ensure that the company is working and performing ethically, it’s a responsibility of a business to demonstrate corporate responsibility and working environment to its stake holders and sometimes to society as well. When the company performs at large level, it becomes very difficult to keep every individual informed regarding the updates and challenges of a business. But due to compliance tracking system, it becomes very easy to sync all the people related to an organization. 

Trust of Employees and Clients 

Every employee especially clients and customers want that they should not be just updated regarding the scenarios happening within an organization but also to get their queries resolved as well. When the company is compliant with an efficient system, it assesses its clients with the best possible and latest solution which can hear their issues and come up with the solution. Same goes with the case of an employee, if he’s facing some issues regarding within a company or he wants to be synced with the happening within, compliance system can give brief overlook regarding its functions and happenings. 

Fraud Detection 

Fraud and risk are regular parts of organization but when the organization is compliant with the best compliance management system, it becomes easy to detect fraud and threat at the right time. It doesn’t matter what product is business selling but threats like financial, cyber security, quality, operational and strategic risks are always present there. When the company follows all the strategies, rules and regulations that are implemented by government, it helps in minimizing the chances of risk and creates best outcomes that can optimize the performance of a business. 

Transparency 

One of the most efficient and ethical way to gain trust for the organization is to make insights of a company as transparent as possible. While speaking of transparency, it doesn’t mean that a company should make everything little thing transparent to its stake holders or public, but that means making the visible the information which relevant people are supposed to know so that they can trust more on a business and its product. It also demonstrates the ethical behavior by promoting transparency of an organization. This means sharing best possible information regarding company’s operations and financial status and what would be the key strategies to taken for the development and growth a company. 

Synchronization 

With the help of latest compliance management system, organization is synchronized with all the internal employee, external partners, stake holders and sometimes with the public as well who can access the company’s information what are extended to have. Cloud based compliant system helps in getting the information to whom they are given the right for accessing it. Where it is transparent, it is the safest kind of a system. 

Conclusion 

To have a successful business which can meet the advance digital needs of technology, the best solution is compliance management solution which helps in filling the spaces which can harm or can be hinderance in the potential growth of a company. With the implementation of right system at right time can also decrease the chances of unwelcomed threats and risks.

GRC refers to Governance, Risk and Compliance which means to ensure that proper policies and controls are implemented in your organization for the monitoring of risk and to setup a system for check and balance if new risk arises. While incorporating GRC with technology, it helps in implementing proper control, compliance management system, documentation and also helps in meeting the objective of an organization. It just not helps in mitigating risk but also to evaluate it and providing best possible solutions for it. All kinds of organizations and businesses regardless of their sizes need to have benefit from GRC and it is necessary for each one of them to have installed and implemented proper GRC solution into their organizations.

Since GRC is a mature technology now and every organization is most likely to adopt the solution to get best out of their performances and so that company can gain more success and their business can grow more. We can see that GRC is helping many aspects of businesses that are audit, compliance, training, change management etc. but there are certain strategies that are to be made into GRC system, while seeing the future of technology. According to a latest survey, there’s certain number of companies that are underutilizing their GRC technologies and not making the most out of this solution.

Aligning IT with Business Objectives

GRC refers to a strategy that looks after company’s overall governance, enterprise risk management and compliance with regulations. Management needs to think and focus while aligning IT with business objectives while effectively managing risk and meeting with compliance requirements. A well planned GRC is much better than well managed GRC. If you fail at planning, which is the initial stage, the you can never do a successful GRC management as it helps in improved decision making, more optimal IT investment and reduce fragmentation among the departments which are responsible for overall GRC management because GRC is not about one department, it’s a compilation of audit, risk, compliance and other important divisions of an organization.

Role of Governance in GRC

Organizations need to understand that how important part governance is in whole process of GRC. Governance has always been important for both risk and compliance management system. The complete process of GRC is to make sure that all the systems are in compliant manner and risk are mitigated through proper governance. But now it is seen that governance has taken backseat in GRC system and is fading away gradually. We need to hold back to governance in GRC solutions so that we can have proper organized and managed system. Since GRC in newly to this world and governance has been there be it business process, employee’s actions, everything comes under governance and since governance has always been done offline so its very difficult to take every action online. But its need of whole GRC solution to have role of governance added to its system.

Need of Automation

Since governance is a crucial part of GRC and governance has always been done offline, so getting the whole system of governance online and automated, it takes a lot of efforts and time to gather all of the information into one system and the information that are needed to be updated are employees records, risk management, documentation, policies and procedures, data management etc. everything needs to be put into the system and make the system automated and turn governance as governance management and a important part of GRC solution.

Digitalization

We’re being seen that our businesses are not being managed automatically but in most of the parts of a world they are being managed manually. Few of the things are done automatically which are no way can be done manually so only those areas are covered through system but normally it is seen that it’s a practice of most of the part of world that they are not going digital. Getting digital is a need of a time. Cloud based system are being introduced so that all the managements and employees can access the system where ever they are, at any part of the world, so that they can reach the system and get and information or put an update so that everyone in a company can update their selves as well right being on their location so that work or business don’t suffer at all. Once we go digital and start automating management, the role of governance will increase in enterprise GRC solutions.

AI based GRC

AI is the future of every technology that is being implemented into every technology that is being introduced. Every modern technology is making sure that it supported by AI and the technologies that are being introduced earlier, they are now upgrading their selves to AI so that they can work better and can compete with rest of the technologies. Similarly, GRC also needs to up its game while making its whole solution AI and cloud based so that it can work more efficiently and skillfully.

Cyber security is one of the top needs that any business can have in today’s world of digitalization where everything is going online. Companies are maintaining their system with such hi-tech cyber security that it is hard to breach. Since it’s an online world and paperless environment, so cyber security is being prime concern that if anyone who attacks the system he can get into whole of the company’s information.

According to recent research report by World Economic Forum, "90 percent of companies worldwide recognize they are insufficiently prepared to protect themselves against [cyber-attacks]" it’s either because people are not well educated or qualified enough to know the importance of cyber security system to be implemented in their organizations or since cyber security system is itself a very expensive system that is to be implemented in a company and then you also need to have qualified and efficient enough team to know and run the system skillfully. In another recent research report, around 3000 companies are suffered by cyber criminals which also costs over $400 per year. This research proves that how badly we need cyber security management system in our organizations to secure our businesses from online crimes.

Data Security and Sabotage

Data is one of the most important elements that anyone can have and in-case of business worlds, data is the only asset after investment for any company. Cyber attacks fall into two categories, data security breach and sabotage. Any breach that happens in the domain of personal data, investment, intellectual property, trade secrets, mergers and prices, information related to bids, all include in the breach of data security. Any breach in the form of denial of service attacks which results in form of bogus messages, web-services flood, disabling the server or infrastructure comes in the domain of sabotage. Companies need to up their game for making their data more secured than ever.

Unreported Cyber Crimes

Any sort of crime is a crime and should not be unheard. When it comes to cyber crime also, there’s a proper legal and investigation department for it. But according to the latest research, few of the biggest cyber crimes have been caught and punished but most of them are still unheard and have not been done anything about it. That is also not surprising given the risk to the organization’s reputation and file a case against the people who own the cybercrime system and take some actions against them. Most of the companies cyber crimes go unreported and very few o them come up with the information of their loses and get justification.

Better System, Better Security

A company must have a sound cyber security risk management strategy. Cyber security system is one of the most expensive systems that a company can have. But to have the biggest loss in future it is better and sane thing to invest in a system which can reduce the risk of greater damages. Whereas, cyber security is the expensive to have and implemented, organization also should be having qualified cyber security management team to handle the system and get better services from it. So, implementing is one part of this system but to maintain is also another part. Having skilled team and to do their trainings on every interval to keep their teams updated with the marketing trends and updated system to reduce the cyber crime risks.

Increase in Cyber Crime

Despite of great efforts by government agencies and cyber security experts for the making cyber security strong, there’s a rise in cyber crime in every interval. Its rise in being expanding due to cat and mouse game between cyber security experts and cyber criminals due to risk in online engagements. With introduction of every new technology or technical innovation, there’s a birth of cyber risk with it. Cyber criminals make sure that they are breaching every technical innovation. Migration of data to third is always at stake because cyber criminals misuse every critical information from a single target attack. Similarly, there’s a huge rise in cyber crime on mobile services. Applications, games, transaction, conversation etc. whatever been done is always monitored which can be used and threatened against anyone.

Development of Internet

Internet is creating a great impact in the digital world. Once its on internet, its forever. So, having cyber secured system in an organization is a must so all of the data is not lost misused. Whereas, internet is doing wonders by giving us a lot of information, giving us updates, keeping everyone connected, helping in collaborating and sharing documents, there, it is also not so safe from the evil eyes of hackers. Organization should have strong cyber security system and cyber security management so that all the data and information that is taken and kept on internet is secured from threats and hacks.

Out of all the security and risks concerns that a small business can have, cyber security is also one of the major concerns for small businesses. Since it’s an online and digital world, where every company tries to keep their data online which is just not easy to put, its also secured and less time consuming. Anyone who is authorized to access the data, ca easily accesses all sort of information from the place where they and can have the information and contribute to the business. But cyber security is of the prime concerns for small sized businesses as they have limited resources, cyber security is really expensive to implement and also to make employees qualified enough to deal with the system. Cyber security management software takes huge effort to understand and implement. You have to have qualified and efficient number of people who can run it efficiently. But when it is very important for every size of businesses to have cyber security implemented to their systems, small size businesses also need to have cyber security which comes not as efficient as the expensive one is, but at least it makes easier for small business to get the work done what it is supposed to be. There are few major concerns while implementing cyber security for small businesses.

Right Investment

Since cyber security is very expensive itself. Small sized business owners should know where they are investing, what kind of cyber security software or system they are going to purchase, is it worth the need of their business nature?! After knowing the requirements of your business, search for the best vendors available in market for cyber security management with right price and right system. Cyber security is already a complicated subject for small to mid-sized businesses where they have to look very closely to their resources and to invest it accordingly.

Qualified Teams

Cyber security system is itself very complicated system for which company needs to have a qualified staff to deal with the system and to understand it better. Team should be well aware regarding any changes and update regarding cyber security that that is available in market and of that is the requirement of their business need as well. Large organizations have dedicated teams for cyber security management, but where small size businesses can barely afford cyber security system it is also very hard for them to hire a proper staff as well for implementing and taking forward the system. So, it’s a better deal for small sized businesses to train their already available team in an efficient way that they can perform well in their own capacities with the already available system to them.

Knowing Risks

There’s a strong bond and link between cyber security and risk as cyber security is one of the main components of risk that cannot being ignored which has important for overall risk exposure of an organization. First comp0any should know what are the possible risks that are available to their business. First you have identified the risk then they easy to manage them. In past, organizations have already risked losing their customers for having not so effective cyber security system.

Kinds of Cyber Threats

There are three kinds of security threats that are available to every size of business but specifically to small size businesses, it’s a big challenge. Confidentially, integrity and data availability are three kinds of threats that are most likely to get attacked on cyber network. Whatever kind of information and data that is put online is matter high confidentiality. If you’re not having enough secured system, then your data is most likely to get hacked which is a biggest threat to any businesses. If the employees and data are not integrated with each other then there would lack of collaboration amongst the employees and getting information about the work and company. Availability of data is also one of the main concerns of online world. Data should be kept on real time basis so that management is having latest information all the and it would be also easier for both cyber security management and risk management to calculate risk on real time.

Security Training

Regardless of having best cyber security in the world, if you’re not having qualified and efficient team who don’t understand the technicalities of system then there’s no point of investing so high on a system when there’s no proper usage of the system and work is not being how it is supposed to. Cyber security is one of the most effective tools that is available in market of which there are a lot of benefits that you can have if implemented and used skillfully. So, training for cyber security staff is a mandatory requirement to have better understanding of a system to use it more efficiently. Regular check on cyber security strategies, having update on latest system, keeping system more efficient and secured is a must.

Risk management is no longer a new term in a world of business. Though it has emerged over a past few decades, but it is something that every company and business is implementing nowadays for a more efficient results and for more business security. Managing risk is essential for all kinds of business. The difference is just that small businesses have quite a few limited resources to gauge their risk while on the other hand, large businesses can easily identify and calculate risks that can harm their company compare to small size business, due to having quite good number of resources that are available to them. Businesses spend million of dollars for their risk management software, systems or strategies. Risk managers know the basics of risk management principle but majority of them have no excel qualification to calculate the risk that can harm a company. So, for this cause, companies invest a lot of huge investments for the implementation of risk management software and also for the trainings of their risk management teams. Since the technology keeps on changing and we’re living in a digital age, we need to keep strong eyes on the changes that are happening in every domain. Same goes with risk management as well. Companies need to know what are risk strategies that they have been following since a long time and it’s a high time now that they should either update or change their risk management strategies to perform better and sustain in the market and for long.

Right Investment at Right Time

Maybe your company is spending too much of its resources on a risk system that is obsolete now. Risk managers should keeping an eye on the latest trends and systems that are being introduced in market or also check what are the needs of a business so that according to that you can also have a customized risk management system for your organization according to your business need. Since every business comes with their individual requirements. Keeping your risk management system updated is very important for any business because being aware of risk is very important. If the risk is not being identified, then it can harm a business in many that a company can imagine.

Analyzing and Managing Reports

Reports and documents are important part for any organization. With the help of implementation of proper risk management and documentation system, employee ae able to manage and keeping their reports in a correct and more organized manner and with the help of latest cloud based risk management system, employees are just not able to keep their data saved with more secured system but also able to share information with the employees, who are authorized to view files. With the help of right implemented risk management software, employees are able to mitigate and monitor risks especially the data that is wide spread across the multiple locations.

Real Time Data Management

Data is important element for any company and so in the field of risk management. Because it is the data from which all of the issues start. If the data is not managed or kept properly the chances are relatively high that it causes the business module and more importantly than keeping the data, it is important to manage data on real time. Real time data management takes a lot of effort and time from employees as they have to take out ample amount of time from their busy schedules to do data entry on time. Sometimes it takes hours and days to have data entered right from some incident happened. With the help of latest risk management system, it is easier for employer to update information right there and then as the systems are programmed in such a way that whenever some new data occurs, employees are notified and then they are able to enter data on real time basis which reduce the chances of any loss of data when it is needed.

Employees Collaboration

It is very important for employees when they are working together, they should be able then they are able to communicate properly with their peers. And while communicating with their peers, it is important that all of the employees are on the same page and having and sharing same information. When you’re having old management system, its either having duplicate information or not updated information. So, Company should be having latest system implemented in their organization with qualified staff which is just not having ability to know the system but also make sure that all the data is added into the system in real and all the employees are having access to it.

Better Security System

As this world is becoming more digital and global in every aspect and every activity is done online so the security concerns are becoming major issues for every individual and when it comes to the businesses who are doing transactions and entries on daily basis, they are supposed to have high end security systems implemented in their organizations which just not secure their data but also alert them whenever there are chances of any sort of a risk. Risk management specialist should make sure that the information that is being kept with their organization is in safe hands and they are handling also kind of risks and information efficiently and effectively.

Compliance management is a process which ensures that the employees in an organization are following the set of rules that are given to them and there’s no breach in it. It ensures that the policies and procedures are being followed in accordance to their setup. Here rules mean compliance strategies and benchmark, while process means what manages their compliance system.

Compliance management is mixture of functions like policy, procedure, documentation, internal auditing, third part audits, security controls etc. and it is having mixture of responsibilities is one easy and simple to use interface but if any of these functions are not performing well then it can affect the whole system of organization. Compliance management is one of the most important tools of GRC that an organization have to ensure that the system is being run correctly. It also helps in ensuring company’s culture are in one place. Compliance culture and compliance management system are the extra features which help the business to improve its compliance management. Why compliance is so important for implementing into any business system?

The answer to this question is that, if compliance system is implemented right they can uplift the whole organization’s framework and when the framework is working fine it can gives a lot of successes to the organization and when organizations perform well the ultimately give benefits or economy of a country which is important for any nation or country of the world. If worked correctly on five major areas of compliance management, then it can work more better and perform well.

Identification

For identification of risk in compliance management that a company faces and advise on them, there’s a separate system and function for it which is apparently is quite expensive and contain good expenses because it leads to identify the unaddressed risks, lower profit margins and the areas which are not managed properly. There could be many reasons why company’s compliance management system becomes ineffective and don’t perform well but lack of adequate planning, training, execution and unskilled team are usually the chances by which happens to be the bad compliance monitoring.

Prevention

Design the compliance management system according to the nature of your business. If the system is not design in such a way than the compliance management and even the system won’t be able to mitigate risks and won’t be able to protect company from those risks.  The systems are designed and built in such a way that which frees business from any kind of worry that business may face in terms of identification of risk, setting rules, making policy and procedures, documentation, audit or kind of security controls. It helps a company to prevent from most possible failures that it can face.

Detection

Good compliance management tools helps a company in detecting risk and where ever the flaw is possible. It monitors it and report the effectiveness of controls in the management of a company so that they can better work on the flaws and failures that might paralyze the system. Company’s qualified compliance management experts run after an environment which can better the risk which the company might face and try make the system as compliant as possible.

Resolution

Currently organizations need the compliance management system which can resolve compliance difficulties as soon as they appear. They are most likely to implement the compliance environment which can just not detect but also resolve the issues when they face. They are in need of a compliance system that can help in handling the compliance framework and issues related to  internal and external regulatory change management better. Compliance system requires an environment which helps in detecting and resolving periodic risks, development of policies and procedures, establishment of training plans, communication of compliance material etc.

Advisory

Companies need to implement an environment which just and mitigate and resolve the compliance related issues but also help them giving them advise on how to keep their systems protected from every possible failure. For that, companies spent a huge a mount of money to have best compliance management system for regulating the better environment in an organization as compliance management is a heart for any business regardless for their size and nature. It helps in identifying the laws, make policies, documentation, monitor compliance controls, compliance reporting and else. There are a good number of vendors that a re available in market which advises the best solutions which can be great help of their businesses.

Security is the concern that comes across the management of every company and every year companies pay huge amount on their cyber security. As year time is passing by, technologies are getting bigger and better and so the threat to them. Since it’s the world of online technology and where everything is computerized or automated, there cyber security threats are also getting bigger and serious every day. So, the people are specializing is protecting their systems and organizations cyber risk or threats. Cyber security is the process that ensures integrity and confidentiality of information available. It represents the ability from protect systems against risk, failures or attacks from adversaries. The world of sensitive information that we live in, where there is ease of storing information there’s also a threat of easy access and breach of that information. In that case, management should make sure that that all the systems and information are well secured by a strong cyber security management system and employee are properly trained.

Providing better Security training

Any threat or risk always starts with the human. Its either deliberately or in-deliberately. Similarly, human is the weakest element in any cyber security program. To make technology better safer, there’s a high demand in cyber security trainers who give training regarding code security, trains operations staff to prioritize a strong security system etc. as cyber security starts with awareness.

Every company faces cyber security threats regardless of how strong or costly systems they have implemented. An attacker will exploit every possible opportunity to attack into the system. So, an organization is mandatory to have basic elements of cyber security for example, maintaining strong authentication practices and storing sensitive data on easily accessible place is a big NO!

The most important risks that can happen to any sort of a company are data and compliance breach and keep their information safe, companies pay good amount of money on training for their employees to make their selves educated that how they can fight with such threats to a company and make it safer place for any sort of an information.

Selecting best security system

There are variety of cyber security threats that are available to any business and for each of the threat, all kind of cyber security systems are available in market that can be easily implemented in a company.

Since cyber security itself a broad industry, so you first need to understand the needs of your organization and then educate yourself which would be the cyber security system that fits your company and for understanding these technicalities research is the key element. After apprehending your organization, knowing the best vendors for cyber security software and system is important. The more you research about the vendor the more you are able to get the best GRC solutions to implement for your organization.

After the vendor is researched or shortlisted, here comes the element which is needed to be considered and that is of ROI. You may get the best vendor and system for your company but you also need to make sure that the system on which you have investment so much is giving you the right return. Your data is saved, your information is saved, your risks are minimized and then then return on its high.

Considering types of cyber security threats

Since cyber security itself a vast industry, so the kinds of security threats are also large, and it varies from company to company and business to business. But there are common types of cyber security threats that are likely to attack every kind of business and those are; attacks on confidentiality, attacks on integrity and attacks on data available.

Attacks on confidentiality begins when there’s direct attack or stealing of personal information or data and this is the first step cyber security breach. It could be like stealing of personal information, bank details, security data etc.

Attacks on integrity occurs when attack seeks to corrupt or damage system or information on which people rely a lot. It could be mainly attack on AI (artificial intelligence). It’s a world of AI system and everything is stored on automatically and especially on cloud. Where it is the safest system it also has some flaws of it like it is hard to hack but when it is hacked it’s like the information is stole for ever and it can make a lot of destructions.

Attacks on availability means keeping a target to accessing their data and it is mostly seen in the form of ransomware and denial of service attacks. Ransomware gets into a target’s data and security information and asked it to decode it. Whereas denial of service attacks generally in a form of distributed denial of service attacks and it altogether makes the system paralyzed and unable to perform while hacking all of the information.