What is governance, risk management and compliance (GRC)?
GRC is an umbrella term that encompasses an organisation’s approach to governance, risk management and compliance. Together, these three components help ensure that businesses successfully achieve their goals, address uncertainties and vulnerabilities, and act with honour and integrity.
Breaking down GRC, governance refers to the rules, policies and procedures that direct and control an organisation. It also provides a framework for achieving the organisation's goals. Risk management is a way of identifying, monitoring, mitigating and managing risks that could pose hazards to your business and keep it from realising those goals. Compliance concerns abiding by rules and regulations – both those within the company, such as policies and processes, and those from outside authorities, such as laws and regulations. To protect and grow your business, you need powerful GRC tools and tactics, including
GRC happens across an entire organisation.
Why do you need GRC?
Safeguarding your business is your number-one priority. But with increased globalisation, greater access to third-party suppliers and expansion into new markets also come increased exposure to reputational, regulatory and financial risk. More than ever, it’s time to think differently about your due-diligence efforts. You need to ensure that new clients, suppliers or other third-party agents acting on your behalf don’t put you in danger of damaging your reputation, losing business opportunities, incurring financial penalties or facing criminal charges.
To protect and grow your business, you need powerful GRC tools and tactics, including
- an effective risk-management strategy that will assist in screening, investigating and monitoring your business risk
- robust third-party screening processes
- ongoing risk-based monitoring that enables you to identify potential threats and respond proactively
LexisNexis® can help you successfully navigate the risks you face and give your GRC approach and due-diligence practices an integral boost. Our range of flexible, cost-effective risk-management tools – combined with our first-class global news and company, regulatory and legal content – empower you to assess risk potential, carry out ongoing monitoring and ramp up due diligence.
From one convenient, easy-to-use interface, the tool grants you access to:
- more than 26,000 global news sources
- more than 1000 sanctions lists and watchlists
- a list of more than 1 million politically exposed persons (PEPs)
- more than 3000 databases on public and private companies globally
- in-depth country and industry risk-analysis reports
- more than 46 billion public records
Diligence® delivers comprehensive information and allows you to set up alerts for ongoing monitoring of critical third parties. It enables compliance and corporate security professionals to generate customised and auditable due-diligence reports to more effectively manage supplier, ABC and AML compliance risk.
Our BatchNameCheck® tool likewise empowers you to take a more proactive approach to third-party screening and manage risk more effectively. By automatically screening global sanctions lists and watchlists, PEP databases and sources of negative news, BatchNameCheck® provides invaluable insight into your company’s risk exposure. It’s an important cog in the GRC machine.
With BatchNameCheck®, you can:
- streamline compliance screening, so you can concentrate on what’s really important – growing your business!
- improve AML and ABC risk management by automating entity screening, reducing false positives and providing an auditable activity trail
LexisNexis Entity Insight® is a risk-management solution that gives you more visibility into your business risk and equips you with the info you need to proactively make decisions before issues arise. The tool performs global adverse media monitoring and captures actionable business intelligence on your supply chain and third-party network so you can make better informed, smarter business moves.
Entity Insight® uses a PESTLE (political, economic, sociocultural, technological, legal and environmental) scoring framework that supports your company’s risk-based approach and helps you more quickly pinpoint supply-chain and third-party risk. With access to market intelligence and thousands of premium news sources typically unavailable on the open web, Entity Insight provides you with a more comprehensive view.
With Entity Insight®, you can:
- analyse a snapshot of risk levels and trending risk areas, and then drill down for specific risk profiles
- manage active and pending entities
- visualise news volume for all active entity mentions, colour-coded by PESTLE category
- pinpoint the top 10 news volume trends among active entities and risk topics
- investigate adverse media mentions and mitigate emerging risks