E Procurement Software systems abound, but many focus mainly on simplistic sourcing events based on SKUs (Stock Keeping Units) and can be categorised as simple Tender Management systems. These systems can never fulfil the requirements for large bespoke projects, which require a specialised CAPEX procurement software solution. Policy & Procedural Compliance is crucial to ensure employees are following proper protocols, with the goal of mitigating potential losses as a result of fraud or administrative error.
GRC (Governance, Risk, Compliance) is a discipline that aims to synchronise information and activity across governance, risk management and compliance in order to create efficiency, enable more effective information sharing and reporting and avoid wasteful overlaps. While interpreted differently in various organisations, GRC typically encompasses activities such as corporate governance, enterprise risk management (ERM) and corporate compliance with applicable laws and regulations organisations reach a size where coordinated control over governance, risk management and compliance (GRC) activities is required to operate effectively.
Each of these three disciplines creates information of value to the other two. Each of the three GRC disciplines touch and impact the same technologies, people, processes and information in any organisation. Where governance, risk management and compliance are managed independently from each other, the organisation will have substantial duplications of tasks. Overlapping and duplicated GRC activities negatively impact both (i) operational costs and (ii) GRC metrics. For example, each internal service might be audited and assessed by multiple groups on an annual basis, creating enormous cost and disconnected results. This is where e Procurement software such as iSpec can play a crucial role.
A disconnected GRC approach will also manifest as an inability for the organisation to provide real-time GRC executive reports. Like a badly planned transport system, every individual route will operate, but the network will not have the qualities that allow them to work effectively together.
Due to the changes in technologies, the increases in data storage, market globalisation and increased regulation, the number of GRC related requirements that most organisations must sustain has become unmanageable if tackled in a traditional ‘silo’ approach. iSpec’s in depth audit trail and work flow processes, ensure compliance and reduce risk. The internal messaging (e-mail) facility is a critical part of the GRC discipline. iSpec as an e Procurement software solution ranks in the top tier for its GRC features.