We are always talking about software asset management (SAM) as a means to cut costs and also keep up with compliance. For financial firms, SAM, combined with a Governance, Risk and Compliance (GRC) program are a necessity to keep those regulators happy. Many firms choose to use GRC software to automate the process should they get audited (which the frequently do) to have information at the ready. Here are some tips for those that are in need of a GRC program to track data and remain in compliance:
Another thing to consider when shopping for GRC software is that not all organizations have the same needs; therefore, finding a solution that fits your business may be a larger task than the actually implementation. Keep in mind that there is a difference between compliance and security and both should be addresses as individual processes. Regulators will be looking for processes for both to be in place and therefore both needs should be addressed.