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2014 GRC Technology Innovation Award: 360factors Empowers Organizations to Stay Current in the Midst of Change

The 2014 GRC Technology Innovation Awards was filled with competition.   Nominations increased to 62 over last year’s awards, and fifteen winners were selected.  GRC 20/20 looked through all of the submissions, asked for clarification where needed, and selected 15 recipients that demonstrated outside the box thinking in taking GRC in new directions to receive this year’s award.

360factors Empowers Organizations to Stay Current in the Midst of Change.

360factors' innovation is in regulatory change management with an elegant and intuitive user interface for mapping GRC. This mapping solution seamlessly maps policies & procedures, permits and their requirements, controls, risks, legislation, regulations, and more. While there are many GRC solutions that allow tagging and mapping of content the innovation by 360factors is the elegance and intuitiveness in their interface.  They simplify a process that in other solutions requires going through multiple screens and drop-down menus.  This is core to GRC that needs a complete information architecture that maps risks, policies, controls, assessments, training, and more to the underlying requirements that drive them at the site/location and asset level.

Requirements can be a regulation, risk, company objective, internal requirement, or a standard. The organization can simply connect and map policies and procedures, evidence, risk frameworks, risk assessments, training to the requirement. Further, the solution is configurable where it allows the organization to configure the regulatory matrix to add additional items that they would like to map. The settings module allows the organizations to create training plans and map them to requirements, add assets and apply the requirements/regulations that apply to those assets and structure compliance. This allows individuals to only view compliance tasks and issues at the site, geo-location, or assets they represent.

Policies are mapped and appear in the requirements knowledge base and can be viewed as you pull up each requirement. The mapping of policies and procedures allows individuals to view which and how many policies get impacted in the event a requirement (standards or regulations) changes. This simplifies the task of regulatory change and policy management for a compliance officer within the organization.

Organizations often have multiple locations with onshore presence in various countries, multiple sites with different types of assets, and multiple functions that are subject to regulatory compliance through multiple jurisdictions, all bearing down on the organization and providing a daunting compliance. 360Factors applicability feature automates this complex process of managing and demonstrating compliance across a variety of jurisdictional regulatory requirements.  The mapping technology allows organizations to predict risks and issues. They have architected their mapping technology in such an intuitive and user friendly way it enables the organization to pull reports and dashboards that can help predict how change in each requirement can impact risks, compliance, controls, sites and assets. This unprecedented mapping and applicability feature creates a compliance matrix that enables organizations to manage complex regulatory, business and standards while providing visibility and control over management of change.

To learn more about the GRC 20/20 2014 GRC Innovation Awards and other recipients, please visit this post: GRC 20/20 Announces 2014 GRC Innovation Award Recipients

 
 
Michael Rasmussen
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