Governance, Risk, and Compliance must be firmly anchored in both business processes and management. Regardless of how business process management is applied in a company, it is always about continuous improvement - often taking place within the framework of cycles, e.g., PDCA (Plan-Do-Check-Act) or DMAIC (Define-Measure-Analysis-Improve-Control).
To get a picture of the company processes, structuring and documenting those is recommendable. For this purpose, different levels of detail or even a document management system may be applied. However, the aim remains to create a basis for analysis and improvement. At this point, it already makes sense to digitize processes. However, it is important to model processes IT-supported, e.g., to enable simulations, but rather to steer them already workflow-supported.
The processes thus provide means documentation of global governance and the source of any risks that may arise.
The deployment of risk management
Managing risk is a regulatory process and rich in communications that can benefit from automation in particular. Workflow-supported automation enables company-specific approvals to be stored and ensures that the entire risk assessment is kept up-to-date through regular and recurring checks. For the user, this entails easy handling, and for the risk manager, it means that processes are secured in line with company requirements. Therefore, risk management automation saves process costs and achieves effective compliance management through automatic resubmissions, measurements, monitoring, and reporting.