1RS has been providing cost-effective and pragmatic GRC solutions to Financial Services for a number of years but could your industry also benefit from an integrated Governance Risk and Compliance vision?
Any regulated industry can save time, resources and money and improve their risk and compliance processes by using our cutting-edge software solution ERIC (Enterprise Risk and Compliance Database). Designed by Risk and Compliance professionals, this flexible and user-friendly platform can be simply tailored to any organisation, and framework. Each industry has a unique set of risks, regulations, and governance challenges. ERIC is designed to address these specific requirements based on industry best practices and standards.
Case Study- The Automotive Industry
The automotive industry is managing significant change with the need to continually improve sustainability and impact on the environment, changing consumer behaviours and expectations, and increasing internal economic pressures to cut costs.
Furthermore, the Automotive Industry is heavily regulated with stringent Financial compliance regulations around the leasing and financing of vehicles, conduct regulations around mis-selling and treating customers fairly, as well as other regulations surrounding vehicle performance. The Volkswagen Emission Scandal is a clear reminder of the financial penalties and reputational damage that can occur from risk and compliance management oversight.
The evolving environment increases the inherent risk to the automotive industry, introducing new risks and will likely lead to further regulations, and increased need for effective and efficient Governance, Risk and Compliance management to be put in place.
1RS develops and delivers best practice robust Governance, Risk, and Compliance management solutions.
Our established software – ERIC- will support the automotive industry’s Risk and Compliance management processes, including:
- Standard Risk and Control Libraries to cover your key processes
- KPI/KRI/KCI metrics
- Map your regulations to your risks and controls
- Issue and action plan management
- Control testing
- Automated Risk and Control Self-Assessment
- Vendor and third-party management
- Information security (including cyber)
- Automated Compliance Register
- Standard & Bespoke reporting of any of the process, risk and control data at a touch of a button
Customers from automotive companies will see a number of benefits when investing in ERIC, our GRC technology tool:
- Ensure and demonstrate compliance to regulations
- Control rationalisation be eliminating redundant controls
- Focus your Risk and Compliance resource on the key risks and the ineffective controls
- Improve Governance decisions with real MI- at the touch of a button
- Link all risk and compliance and control data together
- Automate your Risk and Compliance processes
- Reduction in regulatory fines and findings
- Insights into process deficiencies
ERIC will enable your company to fully understand risk and control information and performance, to have confidence in both your compliance to regulations and governance decisions, and to drive significant efficiencies in your activity.
Our software, ERIC, will enable you to stay on top of the regulations and the risks in your industry.
For more information, talk to 1RS.