Here is an excerpt from our Decision Management Systems Platform Technologies Report on GRC:
Governance, Risk and Compliance is a broad topic that is a serious area of focus in many regulated industries. Ensuring that everything is done according the regulations, enforcing and managing a governance environment, and tracking and accounting for all appropriate risks can be a daunting task. Attempting to do all this manually is prohibitively expensive. Decision Management Systems provide the leverage organizations need to effectively manage their GRC approach.
When it comes to data regulations can prescribe what data should be stored, what cannot be stored, what must be anonymized and much more. Who can access the data, under what conditions and with what degree of supervision may all be spelled out. Reporting can be specified too, documenting what must be reported to whom and by when. All of this data management can be enforced and managed with a Decision Management System, avoiding fines and reducing overhead. Using rules to automatically manage all the explicit guidance and integrating analytics to help with detecting identify fraud makes keeping data safe, secure and appropriately available practical. Unlike manual processes, Decision Management Systems scale up quickly and respond in real-time as data flows through your systems.
Another significant issue in GRC is who can approve who and what. Preventing people from (even indirectly) approving their own expenses, trades or data access is important and increasingly complex in matrixed organizations. Again identify theft prevention is critical if authorization schemes are to be robust and believable. Ensuring that a single coordinated set of business rules drives authorization across multiple systems is a great role for a Decision Management System.
If, despite everything, things go wrong, GRC systems need to alert the right people, give them the right information and do so quickly enough to avoid additional fines and problems that can result from delay. Rather than pushing dumb alerts to someone’s desktop (and hoping they respond), a Decision Management System can act automatically and work its way through the right set of escalations and notifications, even when this chain of events is complex and changes often.
Read more in our Decision Management Systems Platform Technologies Report.