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.
In this article, learn more about the three lines model and the need for business-integrated technology.
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