Solution

Governance, Risk & Compliance

The Governance, Risk & Compliance (GRC) systems have undergone a variety of change in their approach with time. Earlier these systems were driven mostly by the regulatory mandates, but now the system requirements have changed are seen as a means to achieve Enterprise Risk Management. Specifically, this represents a movement from managing risk as a transaction or compliance activity to adding business value by improving operational decision making and strategic planning.

The Newgen Governance, Risk & Compliance (GRC) suite helps the organizations not comply with multiple regulations but also the best practices and procedures the organizations have outlined for themselves, by actually understanding the business challenges and providing a sustainable solution to meet these challenges.

The Business Challenge
CEO/CFO
  • Certification- basis of certification, justification & underlying evidence
  • Visibility into Non-Compliance and responsible owner
  • Minimize inconsistent documentation of financial controls
Chief Risk Officer
  • Carry-out a risk/control assessment survey efficiently and ensure survey respondents fill it on time
  • Minimize the risk of inconsistent documentation and non standardized spread sheets
Board
  • Up-to-date view of existing contracts, insurance and holdings at any given time
  • Shareholding Pattern of the company at any point in time
  • Insight into external and internal processes at any given time
Audit Committee
  • Knowledge of the areas most susceptible to fraud
  • Ensure monitoring for fraud taking place
  • Utilize audit resource efficiently
  • Efficiently Track and plan audit centrally across the organization
  • Understanding of the overall process for managing enterprise risk
The Organization
  • Efficient use of resources
  • Increasing accountability for internal controls
  • Identifying and managing new risks
  • Minimizing duplicate internal control
  • Meeting Service level agreements
  • On time and accurate information and communication
  • Cost of managing voluminous paper reports and spread sheets
  • Efficient reporting
  • Availability of a central repository of compliance related information
  • Segregation of duties
 
Meeting the Challenges
 
  • Provides CEO/CFO the facility to attach certificate on top of the stamped certificates from the Group/SBU heads in the organization
  • A flexible system that can be configured according to the changing compliance environment
  • Chief Risk Officer to get a dashboard view of
    • Top 10 Risks
    • Risk Heat Map
    • Compliance Heat Map
    • Compliance completed / outstanding with aging
  • A web based solution which facilitates stakeholders to access the relevant content and assignments
  • Provide the management with dashboards of summary data that allow them to drill down to successive levels of detail facilitating efficient decision making
  • Triggers that sense changes in performance and alert appropriate decision makers
  • Provides a Central repository for all GRC related Documents
  • Version Control for GRC Library of Policies, Processes and Procedures
  • Provides a secure audit trail for any time audit
  • Extensive reporting capabilities through integration with the Report Generation tool
  • Escalation of non compliance issue to a higher level in the hierarchy in case the issue has been not resolved by the concerned user with in a given time frame
  • Flexibility and Configurability - the solution adapts to the existing structure ensuring enterprise wide standardization and can be configured according to industry best practices and standards with least effort
  • Increase in accountability, responsibility and transparency across various silos in the organization