{"id":321,"date":"2023-07-06T11:34:59","date_gmt":"2023-07-06T11:34:59","guid":{"rendered":"https:\/\/ermf.co.uk\/?page_id=321"},"modified":"2023-07-06T11:36:46","modified_gmt":"2023-07-06T11:36:46","slug":"new-grc-application","status":"publish","type":"page","link":"https:\/\/ermf.co.uk\/index.php\/new-grc-application\/","title":{"rendered":"New GRC application"},"content":{"rendered":"\n<p>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\u2019s businesses in the UK and US.&nbsp; During the investigation process, the group also asked us to consider applications that could manage their Compliance Framework requirements.<\/p>\n\n\n\n<p>The client expressed specific interest in the following:<\/p>\n\n\n\n<ul>\n<li>Identifying a GRC application capable of managing Enterprise Risk Management (ERM) and Compliance Frameworks at both the group and business unit levels.<\/li>\n\n\n\n<li>Ensuring the application adheres to industry best practices currently utilised by the client.<\/li>\n\n\n\n<li>Managing operational, Cyber and IT risks effectively.<\/li>\n\n\n\n<li>Ensuring usability in both the UK and US markets.<\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Initially, we reviewed 12 applications, but only two met our specific requirements.&nbsp; We later expanded the review to encompass 18 applications, ultimately shortlisting the top three candidates.&nbsp; While most applications were proficient in managing risk registers, they fell short in handling Key Risk Indicators (KRIs) and Risk Appetites.<\/p>\n\n\n\n<p>The chosen application operates in the cloud, enabling easy access for the UK and US sites during their respective working hours.&nbsp; The application empowers the client to effectively manage and report on risks, KRIs, and Risk Appetites across the Group.<strong><\/strong><\/p>\n\n\n\n<p>The selected solution offers the following capabilities:<\/p>\n\n\n\n<ul>\n<li>Consolidating local risk registers into a comprehensive Group Risk register.<strong><\/strong><\/li>\n\n\n\n<li>Monitor and report on Key Risk Indicators (KRIs).<strong><\/strong><\/li>\n\n\n\n<li>easily Identifying risks that exceed the defined risk appetite.<\/li>\n\n\n\n<li>Customizing reports according to specific requirements.<\/li>\n\n\n\n<li>Managing risks within Generation, Retail, Trading, and Customer Service areas.<\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>If you are seeking the right application to meet your specific needs, we can assist you in finding the perfect fit. Please <a rel=\"noreferrer noopener\" href=\"https:\/\/ermf.co.uk\/index.php\/contact\/\" target=\"_blank\">contact<\/a> us to explore how our expertise can support your organization in acquiring the ideal system for your requirements.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"680\" data-id=\"322\"  src=\"https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-pixabay-4158-1024x680.jpg\" alt=\"\" class=\"wp-image-322\" srcset=\"https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-pixabay-4158-1024x680.jpg 1024w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-pixabay-4158-300x199.jpg 300w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-pixabay-4158-768x510.jpg 768w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-pixabay-4158-1536x1020.jpg 1536w, https:\/\/ermf.co.uk\/wp-content\/uploads\/2023\/07\/pexels-pixabay-4158-2048x1360.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Our client, a large renewable energy company, was seeking to acquire and implement a Governance,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/321"}],"collection":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=321"}],"version-history":[{"count":2,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/321\/revisions"}],"predecessor-version":[{"id":325,"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/321\/revisions\/325"}],"wp:attachment":[{"href":"https:\/\/ermf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}