What is Governance Risk And Compliance (GRC)
An operational strategy known as Governance, Risk, and Compliance (GRC) assists businesses in managing risk, coordinating IT efforts with business objectives, and adhering to legal and regulatory requirements. Reliable asset information provides the peace of mind required to confidently address an organisation’s GRC needs and help realise the implementation of the ISO 55000 standards framework.
A sustainable GRC organisation should have a framework and management structure which include clearly defined roles, responsibilities, activities and systems to analyse and manage each recognised aspect of GRC. The objective is to to transform these activities from a costly burden into a strategic management tool, enable the company to respond flexibly and effectively, to changing stakeholder demands and lay a strong foundation for business success.
What Is Asset Management Compliance?
Asset management compliance can be described as the management of assets under the necessary standards of your specific business industry. Hardcat utilises personnel certifications, accreditations, courses and impairments for controlling asset restrictions. The system can be integrated into your existing HR application to easily issue and return equipment through barcode/RFID scanning. Identifying personnel qualifications and impairments during the process saves time and creates diligence around the responsible issuing of assets and meet safety and compliance requirements.
Hardcat solutions provide a single source of truth and governance around the management of critical operational assets ensuring only personnel with the correct certification can have access to certain assets. Hardcat helps you meet regulatory GRC obligations and actively manage risk by providing accurate and up to date information about your assets. An enterprise view and governance of all assets, whilst product specific management at divisional/organisational unit level provides consistency, transparency, efficiency and ease with decision making.
What Is Governance?
Governance can be best described as the process and structures used to direct and manage the affairs of an organisation. A system by which companies are directed and controlled, with the goal of achieving financial viability and creating value.
What Is Risk?
Risks come in different forms. Some will have a big impact and others a moderate impact. Working out which to focus on can be considered by looking at a ‘level of risk’ scale. It can be overwhelming to consider all possible risks an organisation may face. Assessing the impact of each can help prioritise where to invest your time and energy.
What Is Compliance?
Compliance entails grasping and fulfilling the expectations and obligations of all internal and external stakeholders, encompassing both legal requirements and voluntary standards.
What Is ISO 55000?
ISO 55000 defines asset management as the coordinated activities of an organisation aimed at realising value from assets, which are items, things, or entities that have potential or actual value to the organisation.
Effective Asset Management – Challenges
- Traditionally seen as a finance role
- Losing visibility of assets after procurement
- Inherited disjointed systems that hinder the organisation from achieving a comprehensive view and visibility of its assets
- Manual processes and data inaccuracy
- Inconsistent asset management processes
- Less budget and need to do more with less
- Increasing compliance requirements
Effective Asset Management – Framework
- Improved financial performance
- Informed asset investment decisions
- Managed risk
- Improved services and outputs
- Demonstrated social responsibility
- Demonstrated compliance
- Enhanced reputation
- Improved organisational sustainability
- Improved efficiency and effectiveness
Hardcat software products provide a precise, one-stop source of information including maintenance records, related expenses, audit findings, and a comprehensive history of all events that have happened throughout the course of the asset’s lifetime. With the Hardcat system’s extensive knowledgebase, you can confidently testify to compliance and regulatory requirements and create reports that support ongoing governance risk and compliance efforts. Hardcat asset management solutions are at the core of good governance, risk and compliance and ISO 55000.
