Governance, risk management and compliance (GRC) programs in the past were looked upon on as additional, non critical activities and organizations tried to evade implementing requisite controls and processes. But with changing regulatory requirements and increasing stakeholder expectations, organizations can no longer ignore the importance of implementing an effective GRC program. One of the biggest drivers for widespread increase in acceptance of quality GRC processes is that most organizations today understand the potential risk that exists in businesses and the possible consequences..
The goal of GRC is to help organizations efficiently implement policies and controls to address all required regulatory and compliance obligations. If implemented properly, GRC can create a central system that not only helps manage business more effectively but also provide a competitive advantage by understanding risks and enabling management to act wisely. In other words, GRC can help ensure that things are done the right way. It seeks to create a system and indirectly influence organizational culture so that compliance with external regulations, enforcement of internal policies and risk management are automated as much as possible and can evolve in an orderly fashion as business and compliance needs change.
GRC has to be granularly implemented within business processes to enable a holistic view of various threats and consequently the risk events faced by organizations. ARCON endeavors to provide its experience in risk and control functions by creating solutions for different risk events. In ARMS, ARCON has developed a Unified Governance Framework, which can be plugged into various tools to provide a real time solution to business risk.
- Risk and Control Management
Ready to present Reports
Automatic Reminders & Escalations
Audit Planning and Scheduling
Risk Control Library
ARMS product is build on the best in class Enterprise Risk Management (ERM) principles, thereby enabling organizations to have a holistic approach towards risk and audit management. The product provides a unified Governance, Risk and Compliance (GRC) framework. Based on its ready to use templates and set of integrated processes which enable maintaining and monitoring of the entire lifecycle, ARMS helps enterprises to effectively manage their complex risk functions seamlessly. ARMS product comes pre-loaded with elements which comprehensively covers all aspects of GRC – including templates for risks, audits, regulatory policies, asset management and other controls. These elements are nicely woven into workflow based model to manage and support business processes.
01) Improve organizations decision making by illustrating the executive information
02) Increase the efficiency of an audit
03) Reduce routine tasks to provide more time for creative and business analysis
04) Provide improved transparency & governance of the organization
05) Allows to identifying, measure, control and monitor risk and compliance across various entities throughout the organization
06) Reduce fraud and abuse
07) Centralize all the policies, processes documents and libraries with version control at enterprise level
08) Enable audit and compliance TRACKING and MONITORING
09) Bring RISK MANAGERS, RISK OWNERS and MANAGEMENT together
10) Configure and map users, audits and business units with respect to various organizational hierarchy/units and automatically ensure data privacy
11) Readily available built-in robust internal controls for Compliance and Risk Management
12) Seamless customizable audit reports and export option available in a single click throughout the tool in rich text in editable and read-only modes