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Friday, August 26, 2016
Ask Approyo: What is GRC?
Approyo recently introduced GRC Ignite. GRC Ignite provides customers with a flexible, innovative solution that can include SAP software license fees as well as SAP maintenance fees, hosting and hardware, and implementation and functional support services. In addition, customers may deploy the GRC applications as an entire suite or as individual elements, based upon needs and budget.
But what is GRC?
GRC (governance, risk management and compliance) software allows companies to integrate and manage IT operations that are subject to regulation. Such software typically combines applications that manage the core functions of GRC into a single integrated package.
GRC software enables an organization to pursue a systematic, organized approach to managing GRC-related strategy and implementation. Instead of keeping data in separate "silos," administrators can use a single framework to monitor and enforce rules and procedures. Successful installations enable organizations to manage risk, reduce costs incurred by multiple installations and minimize complexity for managers.
Why is GRC software important?
GRC software can satisfy the needs of multiple stakeholders, including:
Business executives that need to identify and manage risk.
Finance managers assigned to meet regulatory compliance requirements.
Legal counsels grappling with discovery and records retention.
IT directors managing software installations related to GRC projects across an organization.
Data retention and risk management procedures mandated by the Sarbanes-Oxley Act (SOX), HIPAA, Basel II and regional regulations have all placed unprecedented pressure on IT administrators to coordinate enterprise-wide tracking and organization of compliance measures. As a result, the GRC software category has rapidly become a hotly contested space between industry giants like SAP, Oracle, IBM, CA and a host of other companies. Given the complex regulatory burden imposed upon both executives and IT administrators, the tools provided by GRC software will become increasingly important to meeting the new standards.