Successful compliance programs rest on a foundation of meaningful risk assessments.
Yet, performing effective risk assessments that provide compliance teams with actionable results can be a difficult art to master. As a result, companies fail to take a comprehensive, integrated approach to risk management. According to Deloitte’s Compliance Trends Report, compliance professionals equally rely on standalone exercises, internal audits, and other formats to conduct risk assessments. Since these assessments need to be tailored to your company’s specific risk tolerance, taking a risk-based approach can be complicated, static, and time-consuming. That’s why we created the new Risk Management module.
Meet Real-Time Risk Management
Now, you can take a customized approach that fits your organization’s risk process. Our Risk Management module enables compliance managers to make strategic, data-driven decisions based on a holistic, dynamic, and real-time view of all compliance-related activities.
This module is the brainchild of our most sophisticated customers. We kept hearing that while annual risk assessments are a critical piece of the compliance program, they often lack the actionable next steps that can truly move the needle. Armed with this knowledge, we knew that automation could help fill the gap. Today, we are proud to announce that Risk Management is available, with many additional features already on the roadmap.
Future-Proof Your Compliance Program
Joining our suite of compliance products, Risk Management is unique because not only does it complement your annual risk assessment but it also enhances the functionality of other compliance functions. For example, within the GAN platform, the Due Diligence module becomes more powerful when used in conjunction with the Risk Management tool. This enhancement brings your program one step closer to reaching regtech nirvana, connected compliance. (You can learn more about connected compliance here.)
When your risks evolve, so should the mitigation actions your team takes. Change is inevitable and by taking a flexible risk-based approach you are able to respond to those changes faster and more efficiently than ever before. The new Risk Management module will help you take a proactive approach to your compliance program.
Create a Foundation for Compliance Success
The Risk Management module includes a risk library, the ability to easily create and filter risks, and an activity log to keep track of all changes. The module gives compliance teams the ability to make changes over time and stay focused on mitigating risks rather than trying to understand which ones are present. You can see a screenshot of the Risk Management module below.
With the Risk Management module, compliance teams can:
- Easily map and manage all risks across the company in a centralized library, along with any related controls and action plans.
- Design customized risk rating scales and matrices that fit your organization.
- Drop manual, paper-driven, siloed processes for a simple and user-friendly solution.
- Track compliance risks in real-time using a heat map that enables you to instantly react to critical changes to any risk throughout the business.
- Automatically update risk assessments based on changes to the business.
- Ensure that actionable next steps are being executed and easily check on progress
Above are just a few ways that real-time risk management not only automates previously complex data-collection projects but elevates your compliance program by giving you insights into ever-changing risks.
For a deeper dive into risk assessments, read our Best Practices for Conducting Risk Assessments eBook. This guide provides additional insight into how to establish a risk assessment process that works for your company by ensuring you have the right framework in place to gather relevant information and then act on it.
If you would like to learn more about the Risk Management module, let us know. GAN partners with numerous top global enterprises to enhance their compliance programs. We would love to help you design a fully risk-based approach to compliance.
Developing meaningful stakeholder engagement to successfully manage risk
Integrating third-party data into your third-party risk management (TPRM) program - Integrating with third party systems
Interacting with high-risk parties and government officials in the life sciences and extractive industries sectors