The importance of taking advantage of new technological solutions in business management
In recent years, risk management and regulatory compliance have become increasingly important topics for companies in every industry. Two interrelated areas that focus on reducing business risk and ensuring regulatory compliance that can be effectively managed through the use of a risk compliance software, the weapon that can help companies manage these challenges more effectively.
Risk compliance software is a useful solution for companies that want more fluid, faster and more efficient internal management. Thanks to the automated functions, this type of application allows you to identify risks, assess them, mitigate them and ensure compliance with applicable regulations. This helps companies reduce the risk of financial or reputational losses, improve the efficiency of business processes, and increase client and investor confidence in their ability to manage risk and regulatory compliance.
What is a risk compliance software and what advantages does it bring
Risk compliance software is a technological and highly functional solution that allows companies to manage risk and ensure regulatory compliance in a simple way and by automating processes. The integration of this type of tool brings significant advantages, such as:
- continuous risk monitoring in order to detect potential threats in real time by intervening before they can create problems;
- identifying violations so you can take immediate action to fix issues before incurring penalties;
- reporting machine violations to regulators if there is a violation of regulations;
- the management of documentation related to risk and regulatory compliance, simplifying the management of compliance processes;
- Internal Audit: Risk compliance software enables companies to conduct internal audits more efficiently and accurately, identifying areas for improvement and potential regulatory violations;
- the management of suppliers by assessing their risks and thus ensuring that they too comply with the applicable regulations;
- reduction of time and costs related to risk management, simplifying compliance processes and reducing the risk of fines.
All this helps companies to reduce the risk of financial losses by incurring fines and to make work much more efficient and safer thanks to automation, which translates into an improvement in the image in the eyes of customers and towards the market itself and competitors.
Opentech's Go Risk module
Opentech is an IT company specializing in GRC which has been supporting companies for more than twenty years by offering useful and absolutely customizable tools and technological solutions based on needs.
The risk compliance software GO Risk is the module of the GO GRC 2.0 suite for the historical and unified management of the Risk management process in compliance with international standards (COSO ERM, COBIT, etc.) in which risks can be classified by risk categories and risk factors , with a fully configurable system.
A tool made up of specific functions and created specifically for risk management and dashboards and reports that clearly highlight any anomalies, allowing you to see them in real time to identify relevant exceptions.
GO Risk allows you to:
- identify risks and map them with internal processes, rules and policies, corporate functions and infrastructures;
- evaluate the adequacy and effectiveness of the safeguards and controls;
- plan and execute Risk Self Assessment campaigns;
- aggregate risks;
- manage corrective actions and their follow up;
- manage accidents and losses;
- produce and distribute periodic reports;
- reporting (operational and monitoring);
- manage indicators.
If you are interested in this solution and would like more information, request one immediately advice.
