Organizations of a variety of sizes and industry niche have a need to shop for governance, risk and compliance software, or GRC software. Governance, risk, and compliance is an area of technical data gathering and storage that is essential for entities to maintain if they are to stay within the framework of regulation, laws and rules set forth by various agencies that oversee a particular part of an industry.
Many industries have a need for GRC software. This includes such a variety of niche industries as healthcare, insurance, education, and law to name just a few. Some organizations are large enough to have a need to keep track of data across multiple entities within its own parent organization. Keeping track of the parent and children organization and all the compliance data between them can be important, if not vital function, of the data keeping process for compliance, risk and governance issues. Managing all of this kind of data in the cloud securely has become an important tool in the era of big data, analytics and intelligent software solutions. If your organization needs to manage compliance, risk, and governance (GCR) data securely in the cloud across entities in the organization, then software like EntityKeeper will help members of the team who have permission to access and deploy information for policies, goals, quotas, codes, permissions and much more across all entities within an organization. Continue reading to learn how EntityKeeper can help keep all of these variables under control and giving data a centralized home to deploy various tools, techniques, methods, permissions and so forth.
What a Good GCR Software Can Handle
Software for governance, compliance and risk can be comprehensive, but what functions are necessary for these large organizations to manage the kind of data that can be used across multiple entities? One particular thing it does well is to remove the barriers created by storing data in what are known as “silos”. Silos keep data separate, while GCR software can integrate sets of data under a single system framework that can be accessed centrally, allowing you to cross-compare, analyze and integrate other data sets for various purposes at the organization head level. Permissions can also be managed for data accessibility. This allows the organization to effectively and more quickly manage risk, reduce operational costs and minimize the complexity associated with the organization. This helps management perform tasks quicker and easier and to deploy strategies flexibly and confidently. After installation, custom dashboards with data analytics lets admin level users measure and identify certain risks or exposure, track the progress of goals or create an information audit. Therefore, you can create an ideal environment for converting measurable metrics for governance, compliance and risk factors at the organization on all levels. To do this with multiple entities is becoming a more sought-after solution.
Getting the Most from GCR Software Features within EntityKeeper
Governance, compliance and risk (GCR) management software allows publicly-held companies and other enterprise-level organizations to integrate and manage information technology (IT) operations that are subject to regulation, according to a definition by TechTarget. This type of software usually consolidates applications that manage GCR core functions into a single centralized system. EntityKeeper provides all of these functions but also lets you manage the data and functions across an array of child organizations within the parent organization. It is a cloud-based software that has been specifically designed to get rid of tedious processes related to the management of this kind of data for entities. It replaces expensive and ineffective methods for managing, maintaining and visualizing information related to legal entities. It uses innovation with cloud technology to increase efficiency. It is ideal for family offices, real estate investors, private equity firms, venture capitalists and other organizations that own many legal entities. These groups have often been limited in the past to managing this information only for one entity at a time, making for the inefficient use of time and software or processes that were not adequate enough to handle so many entities at once. Having access to all these entities at once in a visual and data-driven environment allows these organizations to quickly and more easily manage the data and make decisions about the organization with the data in mind. Also, organizations will be more easily able to integrate functions and policies that connect these various entities too, making for cost savings and other efficiencies in the business. GCR software is becoming very sought after but few products allow for this type of flexibility and functionality.
Using GCR Software Across Entities
There are many different perspectives to consider within an organization. Organizations have various layers of management, executive, financial, technical, creative, legal, human resource, security and other functionality. The staff or members of the organization that use GCR software will be enabled at the admin level to access important data and create effective strategies for maintaining compliance with government regulations or other rules that govern the organization and minimize their risk. These factors can be managed and tracked across all entities that are under one roof. The centralized cloud system will allow these managers and others at admin level to eliminate spreadsheets, increase visibility of processes/policies, view ownership status, understand value, set custom permissions, share data across entities and the organization as a whole more effectively and put all of this to use on desktops, laptops, tablets and smartphones. You can also track compliance and set alerts to ensure compliance in various scenarios to avoid fees or penalties. The software can seem intimidating but there are guided tours built into the software for first-time users, so they can more easily learn to navigate and use the system for complex tasks. There is also live phone support for the product. If you are in the market for GCR software, but you are looking to implement something across multiple entities then EntityKeeper might be the most obvious choice for you.