GRC technology enables agile and resilient risk management processes by providing a common platform to collaborate, exchange information and conduct reporting. It also helps you to eliminate manual activities and create greater efficiency within each line of defense.
The cornerstone of a successful three lines of defense model is the ability of your organization to create a central foundation:
GRC technology underpins this foundation and the creation of a robust and sustainable risk management model.
First line of defense
Second line of defense
Third line of defense
Management control - responsible for managing the day-to-day execution and management of risks and controls.
Risk management & compliance, among other functions - responsible for overseeing risk from an enterprise POV, making sure the business is in compliance with the law and providing oversight to leadership.
Internal audit - responsible for reviewing that a company’s risks are being managed through the assessment of its internal control framework.