»GRC (Governance Risk Compliance)
SAP GRC (Governance Risk Compliance)
Definition or Meaning- What is SAP GRC?
Full form or SAP GRC stands for (Governance Risk Compliance), Every company needs to manage its governance requirements and has to comply with certain regulations. It is important to manage these risks in order to prevent organizational processes from collapsing. Though there were different ways of approaching these areas in the past, the SAP GRC software has made the act much easier, reliable and faster in contemporary times.
This software helps an organization have systematic and organized methods for managing its GRC (Governance, Risk and Compliance) related strategies.
The GRC software from SAP allows a company to integrate IT operations that are subject to various regulations, and manage them efficiently. The risk and compliance activities related to these operations can be integrated into different stages such as strategy, planning and execution. It also helps in embedding financial and operational controls in a well-organized manner in the existing business processes and automates all the GRC programs, such as managing risks and compliance reporting.
The implementation of SAP GRC software is not restricted to just the IT department but can be included for business, compliance, auditing and security as well. This software combines all the applications that are needed to manage the core functions of GRC into one integrated package. This makes it possible for administrators to use just a single framework for monitoring and regulating the procedures. In addition, the necessity of having separate storage areas is eliminated. The complexity of governance processes is greatly reduced and multiple installations help in reducing allied costs along with other risk factors. As GRC ensures that all risks and opportunities are well-balanced, the system leads to an enhancement in the overall performance - and in many more ways than one.
After the implementation of this software, the dashboard and various analytical tools allow administrators to identify the company areas that are exposed to risk, provide audit information, and keep a check on the progress of organizational processes and goals. The task of measuring the required details also becomes as simple as the elements of risk management and data retention are converted into measurable metrics. Likewise, governance is considered as an objectively measurable commodity.
SAP GRC Security
SAP GRC is fully equipped of accessing the control and process control and all of these are primarily automated tools meant for managing the internal security model, remediating the compliance issues, as well as monitoring the potential business risks which exist within the SAP system.
SAP GRC Modules
Below are some most important modules of SAP Governance Risk Compliance:
- SAP GRC Access Control
- SAP GRC Process Control
- SAP GRC Risk Management
- SAP Fraud Management
1) SAP GRC Access Control
What is SAP GRC Access Control? SAP GRC Access Control is referred to as an application which comes with pre-defined and customizable workflows for the user and role change processes, apart from providing an integrated risk simulation comprising of critical authorizations or violations which come from the two-man rule. The entire process of allocation as well as altering the roles is quite safe and quite often due to the automation of authorizations, is very fast too.
2) SAP GRC Process Control
What is SAP GRC Process Control? SAP GRC Process Controls are tools which were initially designed for allowing the organizations for deriving a view which is reliable over the main compliance activities which runs across all the various business processes, and these ensure a high level of compliance for all the internal controls.
The tool also acts as a central repository, for the control framework. It is possible for to alert the control owners, within the PC tool, once the controls should be validated, store testing and providing a sign-off evidence, the creation and delegation of the remediation plans, and also maintaining an audit trail of changes to the respective controls.
3) SAP GRC Risk Management
SAP GRC RM delivers an enterprise solution which is detailed and is useful for managing all the various types of risks as well as driving collaboration and consistency across the risk management in an organization. This application allows the identification and assessing the risks, thus driving the value of a business.
SAP GRC Risk Management provides support to the risk management process as mentioned below:
1) Planning: Planning and configuring the SAP GRC Risk Management within the context of its value for the organization (organizational risk hierarchy, risk appetite, risk-relevant business activities, risk owners and responsibilities etc.).
2) Identifying Risks: Identification of the risks and also linking them to the risk drivers, risk indicators as well as to the risk responses.
3) Analyzing Risk: Utilizing the risk scenarios, modeling (for e.g.: Monte Carlo simulation) and the other appropriate tools for securing a better understanding of the overall risk exposure and the developing opportunities.
4) Responding to Risk: Responding in an effective manner to the risk with controls, policies or the Key Risk Indicators (KRI) after balancing the costs and benefits with an appetite for risk.
5) Monitoring & Reporting: Reporting and analyzing on the overall risk situation of the company. Monitoring of the thresholds, looking at the effectiveness of the risk responses and taking corrective actions, documentation of the losses and the risk events.
4) SAP Fraud Management
SAP Fraud Management is known as a very effective solution meant for the recognition, investigation and averting fraud. SAP HANA powers all of this and this solution can be effectively utilized in various industries like Public sector, banking, Health-Care, Utilities, and even in the High-Tech environment. SAP Fraud Management allows the users in creating the detection strategies and these completely leverage the power of SAP HANA for scrutinizing through the ultra-high volumes of data from the perspective of fraud along with the rules and predictive algorithms.
The benefits of SAP Fraud Management are listed as follows:
- An efficient alert management leads to a much quicker investigation.
- By reducing the false positives with a real-time calibration as well as simulation capabilities of the ultra-high data volumes.
- Detecting fraud at the initial stage and this is done by utilizing the power of SAP HANA and integration into the business processes
- By using the rules and predictive analytics in-memory, working on Fraud prevention for permanently reacting to the altering fraud patterns.
How can GRC (Governance, Risk and Compliance) Help?
Under mentioned are important tasks that can be accomplished through GRC:
- Reductions in the cost of risk, compliance and numerous audit programs.
- Workflow, surveys and assessments that are a part of different processes can be automated. This automation simplifies various stages of work in an organization.
- Multiple compliance programs can be tested and their results are always reliable. The controls required for the same can be shared easily within the concerned team.
- Regulatory and corporate policies can be easily embedded into the global trade processes.
- All the opportunities and risks within the financial, operational and the legal departments can be identified and balanced, as and when required.
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