A risk management platform (also called Governance, Risk & Compliance (GRC)) is an application that enables companies to assess and manage how to strategically build a board of directors security, operational or regulatory compliance risk. These digital tools automate, streamline, and simplify the process of risk assessment by enabling companies to monitor and identify risks that arise. The products in this category provide an array of features for managing and resolving risks including analysis, reporting, and remediation processes.
A reliable risk management system will allow users to evaluate and document their current security protocols by recording information in a central and well-organized repository. It should also permit users to create and implement risk-based corrective measures by assigning tasks. It should also make sure that these corrective actions are tracked and kept up-to-date until they are completed.
Finally, it is essential that the system is secure and protects sensitive data. This is why it is important to look at the data security measures employed by the software provider and their third-party suppliers. It is also crucial to verify if the vendor holds security certifications such as SOC 2 or ISO 27001 for additional security.
It is also important that the tool offers a user-friendly and seamless experience. It should be easy to use and easy to use, and accessible from any device. This is especially important when it comes to mobile devices, because employees are more likely than not to be able to report problems and other hazards using a digital tool while on the on the go.