Enhancing the Three Lines Model with Business-Integrated GRC Technology
0 likes28 views
The Corporater GPRC platform enhances governance, risk, and compliance (GRC) management by enabling digital transformation and integration across the three lines of defense. It equips operational managers with tools to manage risks and compliance, while facilitating oversight for risk governance and providing internal audit solutions. Additionally, it promotes transparency and accountability, aligning risk management with business performance and strategic objectives.
Enhancing the Three Lines Model with Business-Integrated GRC Technology
- 1. ARTICLE Enhancing the Three Lines Model with Business-Integrated GRC Technology www.corporater.com
- 2. www.corporater.com Corporater | Business-Integrated GRC Page 2 of 4 Corporater GPRC (Governance, Performance, Risk, and Compliance) platform is a digital toolbox that enables digital transformation for a holistic GRC and Performance program across the three lines. As a business-integrated GRC software, it goes beyond automation or isolated views of critical information within departments, to help integrate the internal audit management solution across the entire organization. To achieve this, the platform uniquely facilitates the creation of a digital twin of the organization – including creating an integrated risk and compliance universe and taxonomies. This enables holistic, company-wide management of risk, compliance, internal control, and internal audit management.
- 3. www.corporater.com First Line Operational Management Second Line Risk Governance and Compliance Functions Corporater | Business-Integrated GRC Page 3 of 4 Business-integrated GRC technology enables the first line, the operational managers/process owners, to establish and operationalize the policies, define operational processes, actively manage risks through risk assessments, measure key indicators of performance, risk and compliance, ensure strategic alignment of objectives, establish and monitor controls, enable feedback and continuous improvement, efficiently track incidents, take remedial measures, and conduct self-assessments within their business processes. It provides tools to identify, analyze, respond to, and report risks and loss/near-loss events. The integrated GRC platform assists the second line in governing and overseeing risk management practices, including, but not limited to, developing policies, defining and aligning with strategic objectives, monitoring & compliance tracking, digitizing direction from the Governing Body, such as setting appetite and tolerance levels, methodologies, techniques, roles & responsibilities, and integrating risk management into the overall organizational culture. !
- 4. www.corporater.com © Corporater. All rights reserved. Technology beyond the three lines Third Line Assurance Solutions such as Corporater supports the third line by providing tools for internal audit to independently evaluate an organization's internal controls and corporate practices. By doing this we enable the third line to verify the effectiveness of risk management and compliance practices across the first and second lines. It promotes a readily available audit universe as shared data from the second and first lines. It facilitates the creation of audit objectives and plans, the execution of audits, and the reporting and follow- up of audit findings. Corporater does not stop after the three lines. The platform makes it possible to enable an evidence portal for external auditors and/or local regulatory supervision, often referred to as the fourth and fifth line. Overall, the Corporater GPRC platform provides a comprehensive suite of tools that promote formal process execution, transparency, integrity, accountability, and effective communication across all three lines, aligning with the principles of the Three Lines Model to enhance governance, risk management, and compliance throughout the organization. Corporater provides an integrated GRC platform for Risk & Compliance Management, enabling a shift from a compliance-driven focus to a risk-driven approach – aligned with business performance and strategy execution. For more information, visit corporater.com