October 2017
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  • Integration And Grc Management Reduces Costs For Public Agencies

    Integration And Grc Management Reduces Costs For Public Agencies

    Federal, state and local governments, municipalities and schools represent a few of the public institutions who receive the largest proportion of regulatory requirements. These requirements range from safety and health laws to regulatory and financial, which seem to collect on agency shelves. Government entities often retain subject matter experts in these dynamic fields just to catalog and inform the agency of changes in requirements that often represent new risks. Clearly, a water agency who remains uniformed about changes to the Safe Drinking Act may incur serious fines from regulators when their compliance limits are exceeded. There is a solution to managing these risks and maintaining compliance: Government Risk and Compliance (GRC) management. At the core of risk management is the principle of identification or risk identification. Since so many regulations exist in the form of statutes, laws and notices, government institutions need to be diligent about identifying these potential risks and collecting these risks in a centralized location. GRC software offers public entities the ability to collect risk information in a database application that will efficiently manage risk and compliance issues. Then, subject matter experts can query potential risks, report exposures about current risks and enter new risks as they are identified. Management also gains the ability to report on the total liability to the agency and formulate strategies to mitigate these risks. Another strategic advantage of implementing a GRC management system is the removal of information silos. Agencies can increase the effectiveness of the GRC system by identifying all of the data sources such as documents, rulings and other sources that contain GRC requirements. Then, during the system selection process evaluate each GRC vendor based on their service of process integration. A service of process integration provides the advantage of moving data, such as a document in a document management system, through an electronic interface, making it available along with the requirement in the GRC management software. This integration reduces the cost of manual entry and eliminates duplicate entries. But, the reduction in liability to the agency is the big payoff because the integration ensures that the correct source of the requirement, the requirements document, is accurately represented in the GRC system. The advantages of integration is not limited to just moving requirements information into the GRC system. Other advantages of process integration include linking the agencies major business processes such as Enterprise Resource Planning (ERP), Computerized Maintenance Management or E Billing solutions, so that all risk and compliance information can be integrated with these systems.

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