Introduction: Navigating the Complexities of GRC with wikima4
Have you ever heard anyone say, “it’s becoming so much simpler to run my business!”? As global economies continue to expand and the digitalisation of commerce breaks down geographic barriers, there are certainly more opportunities to succeed. But these opportunities come with greater risk, and a naturally more complex regulatory landscape to navigate.
But navigate it you must, because Governance, Risk, and Compliance (GRC) play a pivotal role in ensuring your business runs smoothly and securely, and not just in terms of meeting your regulatory obligations. Effective GRC practices can help businesses manage risks, avoid cybercrime, comply with data regulations, and make informed decisions, ultimately safeguarding their reputation and success.
The complexities of GRC can be daunting. This is where having a reliable GRC companion becomes essential. A trusted partner can simplify and even automate complex tasks, providing accuracy and efficiency, and the clarity to see trends before they become an issue. It can even help you to reduce costs and remain well-prepared for ERP audits.
As your dedicated GRC partner, wikima4 is designed to streamline your GRC processes, offering intuitive solutions that make managing governance, risk, and compliance straightforward and hassle-free. Our system can integrate seamlessly with your existing digital infrastructure, adding a layer of data and risk management that works hard on your behalf without getting in the way of you doing what you do best – growing your business.
How Did We Get This Way?
In the late 20th Century, booming upstart tech companies like Microsoft, Apple, Google, Netflix and Amazon, forced the global business world to start looking at itself in a new way. As geographical boundaries fell, new opportunities arose. But with those opportunities came a whole new world of potential pain. It became necessary to bind the separate issues of corporate governance, operational risk and regulatory compliance into one holistic approach, and so the concept of GRC (Governance, Risk, and Compliance) as a unified framework was born.
Since then, the number of laws and regulations has increased exponentially year on year. While exact figures vary depending on the specific regulatory body, it’s not uncommon to see a double-digit percentage increase in regulations each year. As if that wasn’t hard enough, modern regulations are often complex and interconnected, making compliance a huge, tangle of a challenge. Businesses must unravel the knot of laws and standards that can overlap and conflict, while those very laws and standards are still changing all the time.
The Importance of a Reliable GRC Companion
For SMBs especially, where catching the latest trend and being ready to pivot seamlessly into new opportunity vectors is part of the business model, it’s no longer possible to manage GRC effectively without a dedicated team, or the right technology partner. Governance, Risk & Compliance (GRC) tasks, alongside General IT Controls (GITC), form the backbone of secure, efficient, and compliant operations in organisations of all sizes. At wikima4, we specialise in accompanying our customers through these critical processes, offering a range of both tools and services to help you stay ahead of risks, maintain compliance, and streamline operations.
wikima4 Tools and Services at a Glance
wikima4 offers a combination of services and tools to help you effectively manage GRC processes. The services provide expert guidance and support, while the tools offer automated solutions for specific GRC tasks.
Services
- GRC Consulting: This service involves providing expert advice and guidance on GRC strategies, implementation, and optimization. wikima4 consultants can help you assess your current GRC maturity, identify gaps, and develop tailored solutions.
- GRC Training: wikima4 offers training programs to equip employees with the knowledge and skills needed to effectively manage GRC processes. These programs can cover topics such as risk assessment, compliance management, and internal audit.
- GRC Implementation: wikima4 can assist organizations in implementing GRC frameworks and tools. This service includes project management, configuration, and user training.
- GRC Support: wikima4 provides ongoing support and maintenance for its GRC solutions. This includes troubleshooting issues, providing updates, and offering technical assistance.
Tools: wikima4 GRC Platform
mesaforte.grc.suite is a comprehensive SaaS solution that integrates various scalable and customisable modules for compliance SOD, IT security and reporting. It allows organisations to manage risk assessments, compliance monitoring, incident reporting, and more. With 9 comprehensive modules covering everything from agile access management and a role designing and tuning, to license optimisation and compliance, mesaforte is SAP® S/4HANA ready and therefore the ideal GRC tool for your company.
The Benefits of wikima4’s GRC Support
At the heart of wikima4’s service is our dedication to enhancing security, transparency, and efficiency in digital operations. Here are some of the key benefits our clients experience:
- Enhanced Protection of Digital Data: As your data landscape becomes more complex, watching over it can be a major challenge. wikima4 works actively to protect data access and help you build a robust internal control system that keeps your data safe without slowing your operation down. These systems also allow for early detection of data manipulation, which could indicate an external cyber-threat.
- Regulatory Compliance: Navigating complex regulations can be challenging, and the penalties are hefty when it comes to data access. wikima4 ensures that your business remains compliant with data access control regulations, reducing the risk of penalties and reputational damage.
- Increased Risk Transparency: Through our automated systems, we help illuminate potential risks, allowing businesses to take proactive measures to mitigate them.
- Reduced GRC Costs: Automation is key to reducing the manual effort involved in GRC tasks. wikima4’s solutions cut down costs associated with compliance management, enabling businesses to allocate resources more effectively.
These advantages extend across a wide range of GRC areas, such as governance, segregation of duties, data access management, and SAP license management.
Governance, Risk & Compliance Expertise
Our GRC solutions are designed to help companies reduce the risk of internal fraud, comply with regulatory requirements, and manage their digital data securely. Whether it’s through Data Access Governance or assisting with ERP audits, wikima4 ensures businesses are well-equipped to meet compliance demands.
- Segregation of Duties (SoD): By helping companies comply with regulatory requirements through robust role assignments, we ensure that no single individual has control over all phases of critical transactions, reducing the risk of fraud.
- DAGS: Data Access Governance Security: wikima4’s Data Access Governance (DAG) solutions allow businesses to manage their digital data securely, ensuring compliance with data protection regulations and minimizing unauthorized access.
- SAP License Management: One of the most costly aspects of ERP systems can be over-licensing. With our expertise, we ensure businesses only pay for what they need, saving on unnecessary expenses.
- ERP Audit Management: wikima4 prepares businesses for ERP compliance audits, offering comprehensive internal reviews to identify and rectify any potential data access compliance issues before external audits.
Monitoring, Licensing and General IT Controls (GITC)
In addition to our GRC services, wikima4 offers specialised tools to bolster overall IT security and compliance. Our solutions are designed to safeguard your ERP applications and ensure they run smoothly and securely.
- Internal Control System (ICS): Through our mesaforte.Compliance.Suite, we offer continuous, automated monitoring of control activities within ERP systems. This proactive approach enables real-time corrections and enhances security.
- Data Protection Management: wikima4 assists with documenting the lifecycle of personal data, ensuring businesses comply with data protection regulations such as DSGVO (GDPR) and DSG. Our rule-compliant access concepts ensure that personal data is only accessible by authorized personnel.
- SAP License Management: We support businesses by creating forecasts for license costs, helping them avoid over-licensing and ensuring that they comply with their contractual obligations to SAP.
- GITC Dashboards: To simplify IT control reviews, we design intuitive, user-friendly dashboards that provide a clear overview of security parameters, facilitating swift decision-making and issue resolution.
Conclusion
wikima4’s tailored GRC and DAGS solutions empower businesses to secure their data, remain compliant, and optimise costs. By leveraging automation and industry-leading tools such as mesaforte.Compliance.Suite, we provide comprehensive support in managing digital risk, ensuring regulatory adherence, and preparing for audits. Partnering with wikima4 means having a trusted companion who helps you navigate the complexities of modern business environments with confidence and ease.