GRC 20/20 quantifies the value of an organization’s governance, risk management and compliance (GRC) engagement. This is accomplished by gauging the organization’s efficiency, effectiveness and agility through an assessment of market dynamics and intelligence, risk, regulatory and technology trends, and other factors that impact the competitive compliance sector.
These values are defined by GRC 20/20 as follows:
Effective: How an organization ensures risk and compliance are effectively understood, monitored and managed at all levels.
Efficient: GRC efficiency is achieved when there is a measurable reduction in human and financial capital resources needed to address GRC issues associated with business operations.
Agile: Agility is achieved when organizations can respond rapidly to changes in the business environment and effectively communicate the context of these changes, providing clarity of insight into GRC and associated solutions.
Successful GRC allows organizations to better mitigate risk, meet regulatory requirements, satisfy auditors, achieve maximum efficiency and nimbly address the demands of a changing business environment.
What Is Supply Chain Data Management?
GRC 20/20 defines supply chain data management as “A capability that enables an organization to reliably achieve objectives, while addressing uncertainty, and act with integrity in and across its [third-party] relationships.”
More and more companies are relying on a network of third-party vendors to provide them with organizational value and competitive advantage, which can expose them to a variety of risks. Companies must be prepared to identify and mitigate these risks before issues occur.
These risks typically fall into three categories:
- Financial and reputational
- Legal and regulatory
To manage these risks, organizations should approach supply chain data management with a comprehensive strategy, leveraging real-time information about performance, risk and compliance to determine their potential impact on the enterprise.
Assent Reigns in Supply Chain Data Management
In its evaluation, GRC 20/20 researched, evaluated and reviewed organizations that are using the Assent Compliance Platform to manage their supply chain data.Through its review of quantifiable values specific to leading GRC practices, they have highlighted Assent Compliance as a global leader in supply chain data management.
Assent’s software-as-a-service (SaaS) solution helps companies manage their compliance programs, and identify and mitigate risks related to product compliance, Conflict Mineral, human rights and various other legislation.