Governance, Risk & Compliance

Governance, risk, and compliance (GRC) software solutions enable employees at all levels to actively engage in risk management and monitor the effectiveness of control and compliance frameworks. Organizations that invest in GRC solutions and integrate improved governance and enterprise-wide risk management postures can reduce compliance costs and better respond to changes in the economic and legislative landscape. While GRC software is critical to building a sustainable, risk-oriented organization, choosing the right software is only half the battle. Integrating GRC software into an overall risk and compliance program makes the difference.

Why MorganFranklin?

MorganFranklin goes beyond software selection and implementation, leveraging GRC tools to synchronize risk management and compliance activities with organizational missions. Our proprietary GRC software implementation methodology and multidiscipline approach optimize control and compliance with technology, drive convergence, and improve performance. We apply a four-phase GRC tool implementation methodology to deliver tailored GRC tool sets that work across all areas of the organization:

  1. Pre-Implementation Software Assessment and Vendor Selection: Perform current-state assessment and marketplace scan, develop functional and technical requirements, and evaluate and select best tool to enable GRC convergence
  2. Risk and Control Methodology Implementation: Design common set of decision rules to guide GRC information gathering and ensure all GRC groups address risk, controls, and compliance in a consistent manner
  3. Tool Implementation: Integrate IT vendor solution to deliver against future-state roadmap and apply necessary changes to realize desired benefits of convergence
  4. Post-Implementation Monitoring: Identify, investigate, and resolve process and control breakdowns that impact organizational performance and identify improvement opportunities based on key performance or risk indicators

Capabilities

  • Governance framework assessment
  • Risk and control environment definition
  • Risk appetite identification
  • GRC requirements development
  • GRC software assessment and vendor selection
  • GRC tool implementation, deployment, and optimization
  • Risk management strategy operationalization
  • Continuous controls monitoring and dashboard configuration

Impact & Value

  • Reduce compliance costs
  • Enhance employee ownership of risk assessment and mitigation
  • Decrease compliance-related business disruptions and performance variability
  • Boost investor confidence
  • Improve accuracy and timeliness of information to enhance decision making
  • Streamline risk and controls convergence process
  • Enable agile business responses to changing regulatory requirements
  • Create consistent risk measurement with common taxonomy for compliance initiatives
  • Leverage and coordinate with other control functions