Our client, a large renewable energy company, was seeking to acquire and implement a Governance, Risk, and Compliance (GRC) application to effectively manage risks across the group’s businesses in the UK and US. During the investigation process, the group also asked us to consider applications that could manage their Compliance Framework requirements.
The client expressed specific interest in the following:
- Identifying a GRC application capable of managing Enterprise Risk Management (ERM) and Compliance Frameworks at both the group and business unit levels.
- Ensuring the application adheres to industry best practices currently utilised by the client.
- Managing operational, Cyber and IT risks effectively.
- Ensuring usability in both the UK and US markets.
Working closely with the Chief Financial Officer (CFO), Audit Director, and key stakeholders throughout the organisation, we collaborated to create a comprehensive list of requirements that addressed the needs of the Audit, Risk, and Compliance functions.
Initially, we reviewed 12 applications, but only two met our specific requirements. We later expanded the review to encompass 18 applications, ultimately shortlisting the top three candidates. While most applications were proficient in managing risk registers, they fell short in handling Key Risk Indicators (KRIs) and Risk Appetites.
The chosen application operates in the cloud, enabling easy access for the UK and US sites during their respective working hours. The application empowers the client to effectively manage and report on risks, KRIs, and Risk Appetites across the Group.
The selected solution offers the following capabilities:
- Consolidating local risk registers into a comprehensive Group Risk register.
- Monitor and report on Key Risk Indicators (KRIs).
- easily Identifying risks that exceed the defined risk appetite.
- Customizing reports according to specific requirements.
- Managing risks within Generation, Retail, Trading, and Customer Service areas.
With this solution in place, the client gains real-time visibility into risks across the entire organisation, allowing for efficient risk management and decision-making.
If you are seeking the right application to meet your specific needs, we can assist you in finding the perfect fit. Please contact us to explore how our expertise can support your organization in acquiring the ideal system for your requirements.
