How GRC Solutions can improve business practices and customer loyalty
Privacy concerns and data breaches are viral topics that could severely harm your company’s reputation. Socially conscious consumers are hyper-aware of where their personal data is stored, what is done with it and if their information is being traded. Consumers want the reassurance of data protection, and that businesses are respecting their right to privacy across all business operations and value chain operations.
A management strategy of governance, risk, and compliance (GRC) will be beneficial in protecting customer data and ensuring an organisation’s overall operations are sound. Managing an organisation’s GRC with regulations could be labour intensive and tedious, making a structured approach to aligning multiple departments in an organisation with business objectives essential.
OCCX – our Occupational Health and Wellness Management Solution integrates hiring and recruitment, employee occupational health, medical surveillance, medical interventions, employee wellness programs and workplace injury management. This enables health practitioners to track medical trends, manage regulatory compliance and requirements, reduces absences and make more informed decisions on how to improve employee health, productivity and wellness.
The efficient management of an organisation’s overall GRC can result in numerous operational benefits, as outlined below.
- Reduced costs: Lower costs result in increases in ROI as reflected by efficient GRC operations.
- Protected reputation: When risks are handled more efficiently, the credibility of the company is improved.
- Better capital allocation: The identification of redundant or inefficiency operations, allowing for a reallocation of capital.
- Higher quality information: A GRC system enables management to make more intelligent and well-informed decisions more rapidly.
- Process optimisation: Redundant activities can be replaced with value-adding activities to avoid undesirable variations and system optimisations.
- Improved effectiveness: The overall result of all the above activities ensures that the GRC management systems’ activities are geared towards the appropriate individuals and departments.
GRC solutions optimise daily business operations and provide consumers with a peace of mind that their data is protected throughout all business operations and value chain operations.