For Compliance, Risk, and Governance teams
Gain control and efficiency with our comprehensive dashboard
Effortlessly centralize document and file management securely
Organize and streamline activities with automated scheduling calendar
Empower compliance with timely notifications, alerts, & deadline tracking
Ensure timely response, accountability, and risk mitigation through escalations
Gain compliance control, mitigate risks, & save time with framework library
Streamline assessments. enhance collaboration, ensure compliance.
Strengthen accountability, compliance, and transparency with audit logs
See our platform in action for free. No credit card required!
Efficiently manage GRC using your everyday tools
The Ultimate Agile Solution for Compliance Teams
Goin 360-degree visibility with intuitive compliance dashboard
Stay informed and proactive w ith notifications & alerts
Simplify file and document management with ease
Automate compliance workflows for seamless efficiency
Streamline compliance with customizable framework library
Enable collaboration across locations, departments, and teams
Centralize compliance work for streamlined efficiency
Goin actionable insights with robust reporting feature
The Essential Solution for Empowered Risk Managers
Identify and track risks using the centralized risk register
Enable collaboration across stakeholders for better resolution
Streamline risk assessment with process automation
Enhance risk visibility with intuitive and centralized dashboard
Establish connection across teams, departments, and locations
Elevate risk awareness through proactive notifications
Manage files & evidence centrally for efficient control
Enhance decision-making with actionable risk insights
An Unparalleled Solution for Policy Management Teams
Efficient policy distribution through central repository
Streamline policy drafting and lifecycle management for simplicity
Simplify compliance with comprehensive policy templates
Simplify policy management with efficient version control
Accelerate policy approvals with automated processes
Collaborate seamlessly with cross-functional teams
Effortlessly measure policy training effectiveness with assessments
Manage policy life cycle with automated reminders and notifications
The Complete Solution for Empowered and Efficient Audit Teams
Maintain transparency and accountability with audit trails
Organize and streamline audit with automated scheduling and calendar
Centralize audit files for streamlined evidence collection and management
Stay informed with proactive audit activity notifications & alerts
Streamline audit assessments for comprehensive compliance
Bring audit plans, activities into the single space for complete control
Simplify audits with automated workflow efficiency
Gain 360-degree visibility with intuitive Audit dashboards
Empowering success through streamlined compliance, risk, and governance solutions
Empower your business with simplified regulatory compliance solutions
Empower your enterprise by elevating risk management practices
Transform GRC operations for optimized efficiency and effectiveness
Mitigate risks with seamless third-party risk management
Check out our comprehensive guides for seamless management!
Empower your business with pre-built customizable regulatory and control frameworks
Achieve quality success through ISO 9001 Framework
Deliver compliance excellence with the power of SOX framework
Simplify your security approach with ISO 27001 framework
Navigate cybersecurity excellence with NIST framework compliance
Promote data security through compliance with PCI DSS framework
Unlock trust and security with SOC 2 framework for compliance
Empower your industry with unmatched effectiveness and efficiency
VComply for the Financial Services Industry
VComply for the Manufacturing Industry
VComply for the Banking Industry
VComply for the Non-Profit Industry
VComply for the Higher Education Industry
VComply for the Food & Beverages Industry
VComply for the Healthcare Industry
VComply for the Construction Industry
Stay connected and grow alongside VComply
Stay informed on compliance, risk, audit, and policy management trends
Streamline work with comprehensive guides for seamless management
Navigate complex GRC challenges with valuable e-books
Discover user stories for valuable insights into user-experiences
Access comprehensive definitions and explanations for essential GRC terms
Gain a comprehensive understanding of the features, benefits, and capabilities
Discover insights from experts on the latest happenings in GRC
Learn tips, tricks, and insights to make compliance work for your organization through our expert webinars!
Utilize our go-to templates and checklists to help you stay compliant
Keep in sync with the latest changes by updated framework templates
Get compliance assistance through VComply compliance checklists
Download policy templates that you use to create guidelines and processes.
Discover the power of VComply through our detailed use case guides
Get to know what make VComply the best GRC platform on the market
Discover VComply's value, mission, and vision for better GRC future
Stay informed about VComply and GRC industrylatest updates
Join VComply, redefine compliance, unleash potential
Know about our partnership program
Get to know our board of advisors
Stay up to date on the latest VComply news
VComply offers unparalleled Sales and Customer Support
Send us your sales queries and let us know your needs
Get 24/7 quick and dedicated support anytime
Lets get social
Follow us on LinkedIn for company updates
Join VComply on Twitter for live updates
As the risk environment continues to increase in complexity, it has never been more critical for risk managers to be strategic business partners. When enterprise risk management is aligned with business strategy, it can positively impact the organization’s revenue growth.
Amid the disruptive risk landscape, shifting consumer expectations, and economic downturn, being unprepared to handle business risks can spoil a business’s reputation and ultimately lead to decreasing profits. Some businesses even have to shut down if the risks and consequently the repercussions snowball out of proportion.
Viewing risk management through the lens of business, risk management needs to be embedded in strategy conservations at both the board level and in what every business function is doing.
Throughout this article, we’ll highlight the hallmarks of effective risk management and how risk management is instrumental in reducing losses and driving revenue.
Risk management is the term applied to the process of identifying, assessing, monitoring, and controlling the risks associated with an organization’s capital and earnings. Identifying the risky activities, functions, and processes enable the organization to plan for the potential dangers, minimize losses, and maximize revenue.
The most common sources from where risks arise are financial uncertainties, legal and technology issues, strategic decisions, accidents, and natural disasters. A successful enterprise risk management program covers the complete range of risks an enterprise is exposed to.
It is an integral part of good management and governance that includes sequential steps which aid in taking data-backed decisions.
The cost of non-compliance or poor risk management is high. It can lead to a leaky bucket that affects your bottom line negatively. At the same time, proper risk management can drive revenue and profitability.
Here are some strategic ways through which proper risk management improves profitability:
By preparing the organization for risk and action plans, it decreases damage and losses.
As risks are identified early on, it reduces unexpected costs like paying the staff overtime or buying expensive equipment to counter the risks.
As you are aware of the potential risks associated with strategic decisions, it helps the organization to set realistic expectations. You are able to manage customer expectations and build stakeholders’ confidence. This drives revenue and profitability in the long run.
Whenever there’s uncertainty around business strategy, compliance, business environment, health, and safety, the organizations are at potential business risk.
Here are five major types of potential business risks:
Financial risks are caused by multiple factors such as businesses undertaking financial decisions about suppliers and distributors, pricing changes, mergers, tax, credit, interest rates on business loans, or non-paying customers.
To counter financial or economic risks, companies generally adopt strategies to ease cash flows, diversify income streams and keep a check on loans.
These types of risks arise from factors such as the breakdown of equipment like computer systems, cyber security threats, mistakes made by the employees, supply chain, labor issues, and even natural disasters.
Risk management plans should consider ways to minimize losses arising from these situations. Many businesses have business continuity plans that tackle and even prevent such situations from happening.
Business environment and the economy change, leaders make inaccurate forecasts and take poor business decisions, there’s inadequate cash flow to maintain the continuity of business and many such factors account for strategic risks.
Moreover, technical innovations or a competitor posing a serious threat to the business are also strategic risks that every business is exposed to today.
Failure to address any business risks puts it at reputational risk. Apart from this, poor customer service experiences, negative publicity about your business as well as faulty products and services can put your business at a huge reputational risk. This affects the organization’s bottom line and tarnishes customer relationships.
Many times, security breaches, business fraud, or non-compliance with laws also damage your business reputation.
Many compliance and regulatory risks arise from new business rules and legislation, international trade, and privacy laws and they are constantly evolving as the legal landscape changes.
Additionally, cyber security risks arising from security breaches, lack of software testing, and beyond, for example, need updated cyber security regulatory strategies from time to time.
Risk management plans can help mitigate these and many other types of risks.
Companies can identify, minimize, and even eliminate risks by employing a comprehensive risk management framework that is essentially a template and guideline.
There are five components to consider when creating a risk management framework to identify the risks. These are risk identification, measurement and assessment, mitigation, risk reporting, and finally, risk governance.
Here are some ways to identify the risks beforehand and prevent or at least minimize their effects.
In many organizations, risk management is left to the top management and the frontline staff has no say in it. Ironically, the early signs of any risk triggers are observed in the front-office operations. So, organizations need to deal with the risks as they evolve and empower the front-office staff to raise the issue higher up in the corporate ladder.
Using integrated risk management software for managing enterprise risk is also beneficial as it takes a complete view of organizational risk and simplifies the risk management process. It helps businesses take data-backed decisions for mitigating risks.
Frequently, risk policies don’t align with business strategies which leads to unforeseeable risks. Enterprise risk management should be closely aligned with business strategies so that there is a consensus on how risk is defined, measured, controlled, and mitigated.
This is also helpful in reducing extra effort in risk management as it is streamlined with business strategies.
Rather than waiting for the right internal signals for risk, risk managers should look into external data sources for identifying signals that indicate potential risk areas. This is possible with new technologies that turn data into insights and intuitive dashboards. This points out the previously unseen business threats or opportunities.
Pinpointing specific risks and reducing the response time to eliminate them is possible with emerging technologies like machine learning and artificial intelligence. However, areas such as data, analytics, and modeling are yet to be fully used by the risk management teams. All these technologies help managers in tackling real threats to critical parts of the organization.
Any risk management program should consider the organizational goals and monitor the technology-related regulations. By doing so, you protect your business from uncertainty, ensure business continuity, reduce losses, and make way for higher revenues.
A robust enterprise risk management plan helps you identify, analyze, manage risks, and avoid potential threats.
The benefits of an effective risk management plan are:
It helps in better resource planning by considering previously unforeseeable costs. It can spot high-frequency events and work to minimize repetitive losses, paving way for increased revenue.
Risk arises as there is always uncertainty in predicting outcomes. As risk management identifies current and potential risks based on data, it helps in better project cost tracking and accurate return on investments. As a result, strategic decisions account for unexpected losses.
Detailed reputational risk management considerably reduces the effect of any reputational damage that may be caused due to unforeseen incidents. It offers more flexibility and less panic in case of challenging business situations, thereby maintaining customers’ and shareholders’ trust.
Risk management leads to more awareness about the business’s legal and compliance requirements as well as specific business risks like a power outage in a retail food outlet or a physical risk to your business property.
This helps in curbing unexpected events and consequently, wasteful expenditure.
Risk management stresses on businesses being prepared to meet risk eventualities and take the required course of action. This creates a mindset of safety and risk prevention among employees.
Once you have identified the real threats to a business, translating your risk management strategy into a concrete plan to counter those threats should be the next step.
In simple terms, Integrated Risk Management (IRM) is an all-encompassing approach to managing the different types of risks your organization faces. This includes strategic, financial, operational, security, and regulatory compliance risks.
Integrated risk management streamlines business-wide practices for improving the organization’s security, strategic decisions, and risk tolerance profile. As it focuses on risks and best practices at the business strategy level, the risk management process should collaborate with both the IT and the business leaders to perform the complete risk management framework. This includes doing a detailed risk assessment, creating a clear risk management framework strategy, planning for the risk response, and its monitoring.
These are tedious tasks and are prone to errors. That’s why the implementation of an integrated risk management software solution is much needed in any large enterprise to streamline your risk management process.
Here’s what VComply integrated risk management software can do for your business:
Creating a risk management strategy for organizational revenue growth cannot be delayed as the stakes are high. As existing risks become complex and new risks are always on the rise, organizations need integrated risk management software that handles enterprise risk management efficiently.
If you are looking for comprehensive risk management software for your business, VComply’s user-friendly platform is your ideal choice.
Ready to set up a trial of VComply and automate your compliance process?