Software often helps organizations enhance the efficiency of the three lines by automating processes, providing real-time monitoring and reporting, centralizing risk management activities, and facilitating better communication and collaboration across the organization. However, if the internal audit management function is not integrated across the entire organization, it can give rise to several issues such as inconsistent audit processes, data silos, lack of real-time visibility, risk of non-compliance, resource misallocation and the like.
Business-integrated GRC software goes beyond automation or isolated views of critical information within departments, to help integrate the internal audit management solution across the entire organization. This helps organizations to prioritize internal audit capabilities to maintain compliance, manage risks effectively, and support strong corporate governance.
Corporater – An integrated GRC tool
A digital toolbox that facilitates collaboration and oversight across the three lines. That is what Corporater GPRC (Governance, Performance, Risk, and Compliance) platform is in a nutshell. It enables effective reporting to the Governing Body and implementing their guidelines and direction. To achieve this, the platform uniquely facilitates the creation of a digital twin of the organization – including creating an integrated risk and compliance universe and taxonomies. This enables holistic, company-wide management of risk, compliance and internal control management.
First Line – Operational Management
Corporater enables the first line, the operational managers/process owners, to establish and operationalize the policies, define processes, actively manage risks through risk assessments, measure key indicators of performance, risk and compliance, ensure strategic alignment of objectives, establish and monitor controls, enable feedback and continuous improvement, efficiently track incidents, take remedial measures, and conduct self-assessments within their business processes. It provides tools to identify, analyze, respond to, and report risks and loss/near-loss events.
Second Line – Risk Governance and Compliance Functions
The Corporater platform assists the second line in governing and overseeing risk management practices, including, but not limited to, developing policies, defining and aligning with strategic objectives, monitoring & compliance tracking, digitizing direction from the Governing Body, such as setting appetite and tolerance levels, methodologies, techniques, roles & responsibilities, and integrating risk management into the overall organizational culture.
Third Line – Assurance
Corporater supports the third line by providing tools for internal audit to independently evaluate and organization’s internal control, its corporate practices, processes, and methods. By doing this we enable the third line to verify the effectiveness of risk management and compliance practices across the first and second lines. It promotes a readily available audit universe as shared data from the second and first lines. It facilitates the creation of audit objectives and plans, the execution of audits, and the reporting and follow-up of audit findings.
Corporater does not stop after the three lines. The platform makes it possible to enable an evidence portal for external auditors and /or local regulatory supervision, often referred to as the fourth and fifth line.
Overall, the Corporater GPRC platform provides a comprehensive suite of tools that promote formal process execution, transparency, integrity, accountability, and effective communication across all three lines, aligning with the principles of the Three Lines Model to enhance governance, risk management, and compliance throughout the organization.