SAP GRC Risk Management
Nowadays, organizations are struggling to manage inevitable, complex and costly risk landscape across the enterprise. The historic approach of managing risk in silos across different teams, processes, or units (depending on area of concern) might be insufficient to meet existing business requirements. Effective risk management has become a increasing operational and financial challenge, significantly affecting the organization’s ability to keep up with business growth and possible transformational initiatives.
This might be the right time to learn about available opportunities to transform your risk management program by effective aligning its with business value drivers. One of solutions which could help you in obtaining and protecting value for your stakeholders – from investors to employees and customers – is this solution.
SAP GRC RM provides a comprehensive, enterprise-wide solution for managing all types of your risks and driving collaboration and consistency across risk management in organization. Application will allow you to identify and assess the risks that drive business value. Create continous insight by tracking Key Risk Indicators (KRIs), aligning emerging risk events with their potential consequences – and make responsible and defensible risk-aware business decisions.
SAP GRC Risk Management supports the risk management process in listed below phrases:
- Plan: Plan and configure SAP GRC Risk Management within context of its value to the organization (risk-relevant business activities, organizational risk hierarchy, risk appetite, risk owners and responsibilities etc.).
- Identify: Identify risks and link them to risk drivers, risk indicators and risk responses.
- Analyze: Use risk scenarios, modelling (for example: Monte Carlo simulation) and other tools to better understand risk exposure and emerging opportunities.
- Respond: Respond effectively to risk with controls, policies or Key Risk Indicators (KRI) after balancing costs and benefits with risk appetite.
- Monitor & Report: Analyze and report on your company’s risk situation. Monitor thresholds, effectiveness of risk responses and corrective actions, document losses and risk events.
SAP GRC Risk Management:
- Standardized risk management practices in all areas of the organization's operations
- Consistent and proactive end-to-end coverage of risk management proces
- Risk analysis using automated surveys (available in the application or interactively in PDF format)
- Integration with SAP GRC Process Control (management of risk responses and automatic updating risk profile)
- Reduction of the stope of resources needed for analyzing and reporting risks
- Respond more quickly to changing risk landscape
- Access to dashboards thanks to integration with SAP Fiori application
General Data Protection Regulation (GDPR)
The SAP GRC Risk Management tool allows you to comprehensively manage the entire risk management proces related to the processing of personal data in your organization by identification, assessment and possible remedial actions. Thanks to the built-in mechanisms it is able to estimate the level of inherent and residual risk. Additionally, each of the defined risks has a record of infringements indicating when and how the risk materialized.
SAP GRC Risk Management and GDPR compliance:
- Gives you the possibility to conduct Data Protection Impact Assessment (DPIA) for the organization
- Allows you to obtain full control over the entire risk management process in your organization in the field of data protection along with determining the responsibility for its components
- Helps you in estimating the level of residual and inherent risk level (after implementing the risk response) for specific organization activities in scope of data protection
- Provides internal records of infringements indicating when and how the risk materialized
- Allows you to define and determine level of comprehensiveness and effectiveness implemented remedial actions for risks (polices, controls and others which allow you to mitigation the risk)