The current business environment is at once increasingly complex and increasingly regulated, challenging even the largest businesses to remain competitive in today’s fluid, global markets. Navigating through myriad legal, regulatory and supply chain mandates has never been tougher. Forward looking businesses are embracing these challenges as opportunities to succeed, through the implementation of governance risk and compliance (GRC) strategies. These strategies, help control risk, effectively handle regulatory compliance and ultimately drive business performance.
When the US Congress passed the Sarbanes-Oxley Act of 2002 comprising eleven sections, ranging from corporate responsibility and reporting to auditor independence and compliance certification, many businesses found and continue to find the need for strong GRC solutions essential. While SOX was primarily designed for public companies, regardless of size, it clearly continues to have far-ranging implications for private firms as well.
Governance, Risk, and Compliance Software
As the world begins to seriously consider energy availability and the long-term effects of climate change, businesses too are turning their attention to an area of opportunity they can affect – reduction of carbon emissions and energy conservation in their supply chains. Despite the fact that government incentives in this area are still in their infancy, many businesses are finding that green initiatives go beyond simple good-citizenship to real business opportunities and bottom line savings, contributing financial value to the organisation.
Ultimately, companies look to IT and software solutions to help them comply; but these are only part of the answer. Businesses also need to evaluate their business processes and, where necessary, make potentially fundamental changes in how they operate.
Governance, Risk, and Compliance Solutions
Epicor GRC solutions are designed to tackle these very requirements and do so through a combination of software and related services covering lean supply chain management (SCM) and global trade compliance; financial management including financial controls, transparent and proactive reporting, and audit and security management; product life cycle management (PLM); supplier relationship management (SRM) including strategic sourcing; enterprise content and document management; and enterprise performance management (EPM).
GRC is an ongoing process that will require companies to utilise internal resources alongside external experts to ensure that they meet regulatory demands. Epicor GRC solutions offer greater business predictability, help manage business risk, and drive stakeholder confidence.