The Benefits that Covalent GRC delivers

More Effective Oversight and Assurance

• Demonstrate a robust, comprehensive risk management system that addresses regulatory compliance requirements and best practice guidelines.
• Provide management and board with assurance that risk portfolios are under control and that risk management is robust.
• Reduce administrative burden of complying with risk management frameworks such as AS/NZ 4360, ISO 31000, COSO Integrated Framework, COBIT, Sarbanes-Oxley and Basel III.
• Enforce a consistent risk scoring method using a matrix mapping likelihood of risk occurrence and risk impact.
• Deliver oversight of the strategic and operational risks to help staff understand the process better so they can weave risk management into their day-to-day work.

Improved Organisational Performance

• Consolidate organisational objectives and risks into a single unified framework that clarifies the relationship between both.
• Improve operating performance from more proactive monitoring of risks to achieving organisational objectives from effective risk management.
• Make better decisions from dynamic tracking of progress with achieving objectives.
• Take corrective action in time to influence the risk outcome.
• Provide greater transparency and visibility of risk management to all organisational levels.

An Engaged Workforce in a Risk Aware Culture

• Embed risk management as a competency in all the organisation's practices and processes.
• Nurture a culture of risk management in day-to-day work with enforced accountability, risk management linked to decision making and integrated in business processes.
• Raise risk awareness among staff who can see at a glance all their own objectives and risks.
• Make risk management much more straight forward, allowing non experts to engage in a meaningful way and buy-in to the risk management philosophy.
• Let individual department heads and staff manage their own risk registers.
• Consolidate based on risk appetite to give a prioritised risks portfolio across the entire organisation

Streamlined, Lower Cost Dynamic Process

• Streamline the whole data collection, analysis and presentation process to significantly reduce administration costs of spreadsheet based systems.
• Transform isolated, manual processes into an integrated, dynamic risk management system.
• Deliver ongoing efficiencies in all stages of risks management lifecycle, eliminating the duplication of effort that arises in alternative approaches.
• Save time and expense managing the processes required to document, measure, and respond to risks.
• Change the focus from gathering information to interpreting what it says and how that impacts your organisation.

Increased Risk Responsiveness

• Relying on a paper-based system or spreadsheets to run risk management activities makes the act of communicating and sharing risk information very labour intensive, unresponsive to emerging risk, and frequently an administrative burden on the organisation.
• Monitor evolving risk profiles in real-time by centralising data in a one repository, then providing every user with personalised access to the risks they manage.
• Make data changes instantly available so staff are always up-to-date and don't need to search for information or ask others for updates.
• Get early warning of potential problems from email alerts and reminders.
• Highlight ineffective controls and slipping mitigation plan deadlines so owners can take early corrective action.