Why Data Governance Risk Controls Matter to Your Business
When it comes to any organization, maintaining compliance is of utmost priority. Organizations must ensure that they avoid legal liabilities while managing risk. Additionally, organizations monitor their controls and processes associated with business objectives.
This does not come easy as compliance requirements become more complex daily at federal and state levels. When preventing non-compliance is paramount, automating GRC procedures makes all the sense worldwide!
SAP GRC software offers best-in-class functionality businesses can use to automate governance, risk, and compliance processes. It allows organizations to manage compliance standards such as SOX 404, HIPAA, GLBA, ISO 13485, and PCI DSS, to name a few. SAP GRC automation, as part of the overall SAP framework, works seamlessly with other modules such as HR, CRM, and SRM.
Additionally, organizations can enhance their capabilities further by incorporating a cyber security course for effective governance into their strategy.
SAP solution can manage SOX 404 compliance comprising business processes from the initial step of tracking inventory till receiving goods from suppliers. In case a customer requests a product return, it helps identify the cause and returns status from the moment goods are shipped until they are returned to a vendor or distributor after a supervisor approves a return request.
It provides real-time visibility into all compliance-related operations through one single platform – intuitive and easy to use – thereby eliminating potential risks due to any lack of information on various validation stages. SAP GRC software provides businesses with a versatile tool to monitor and manage compliance and enables organizations to improve operational excellence and customer satisfaction levels.
Why data governance risk controls matter to the business: What Are GRC Controls?
There are multiple types of GRC controls that are used for different levels of compliance. For example, SOX 404 covers transaction control procedures, including segregation of duties, making authorization decisions, performing authorization checks before each transaction, etc. Other examples include Securities trading controls, market abuse controls, and whistleblowing hotlines – to name a few. All these GRC controls help companies meet their compliance obligations.
SAP Solution Supports Virtually All Regulations
As the SAP solution is built on a single platform and interfaces seamlessly with other modules such as HR, CRM, and SRM, it is straightforward for companies to adopt this best-in-class software. It enables organizations to use the same software across all business processes to proactively manage risk and compliance, improve operational excellence, and achieve long-term business objectives.
GRC solutions built on the SAP platform can support virtually all regulations. They provide organizations with a centralized solution to manage risk management oversight, automate tasks related to legal compliance, ensure transparency across the organization, and allow businesses to make informed decisions by providing them with complete visibility into their processes.
Whether it be managing risks associated with securities trading or ensuring compliant customer funds transfers, having actionable insights into the specific process activities enables companies to perform better than their competitors.
Benefits of SAP GRC Automation
SAP GRC software can help you create KPIs (Key Performance Indicators) that will help measure how well your organization is meeting its compliance goals. These KPIs can then be used as a benchmark to make informed decisions about future cybersecurity investments. SAP GRC automation leads to improved operational efficiencies as it helps in automating the business processes that are repetitive by nature and do not require any judgment or discretion.
For instance, controlling access rights, segregation of duties, role-based approvals, management review boards, etc., can be automated with SAP GRC solution to improve overall efficiency. As a result, companies can save considerable time and money while maintaining compliance standards without compromising quality.
Why data governance risk controls matter to business: final thoughts
SAP GRC software helps businesses to achieve their compliance goals most effectively. This advanced solution can automate all repetitive business processes associated with risk management, ensuring transparency across the organization and allowing organizations to make better decisions after having access to complete visibility of their operations. It also enables companies to save time and money while maintaining compliance standards without compromising quality.
