Passport® GRC is a modular, scalable, and integrated governance, risk, and compliance (GRC) management solution that gives corporations the tools that they need to:
- Track regulatory obligations and prove compliance
- Assess and mitigate regulatory, third-party, and other operational risk
- Manage and audit policies and controls
- Manage incidents and investigations
- Minimize and avoid penalties
Passport GRC is comprised of six integrated components that can also function in a standalone context. This enables companies to address their immediate GRC needs and evolve the system as their needs grow. Passport GRC is built on our patented Passport technology platform, which acts as the “plumbing” to integrate the components with each other, with other ELM Solutions applications, and with external systems in support of an enterprise GRC architecture. The solution connects data silos and enables transparency across GRC functions; drives efficiency and consistency across GRC processes; and simplifies the work of compliance, risk, and audit staff.
In addition, Passport GRC integrates seamlessly with Passport Legal Matter Management and Passport Legal Spend Management, which helps companies drive efficient collaboration between their legal and GRC functions. This close integration of legal and GRC solutions streamlines communication, information-sharing, and cost management (e.g., for compliance issues that become legal matters, for regulatory interpretation, for policy development, third-party contract management, etc.), and creates a closed-loop process that provides visibility into the true cost of compliance versus non-compliance.
Passport GRC Components
Built on our patented Passport technology platform, Passport GRC is a modular, yet integrated solution that allows companies to take a scalable approach to GRC.
Build a GRC program to address unique business requirements.
Facilitate the integration of legal, risk, and compliance.
Improve visibility into risk exposure and compliance.
Respond effectively to compliance incidents and avoid future losses.
Provide a defensible history of compliance.
Passport GRC Components
- Compliance and Policy Management - Proactively and seamlessly manage and monitor updates to global regulations, policies, and controls to ensure compliance and increase competitiveness in existing and new markets.
- Risk Management - Monitor and manage any type of risk across all industries, geographies, and functional domains and streamline the risk management process with a central place to identify and categorize risks, conduct assessments, and manage corrective actions.
- Internal Audit Management - Centrally manage audits and controls assessments, identify potential compliance gaps, and provide a history of compliance.
- Incident and Inquiry Management - Centrally intake and triage incidents, inquiries, issues, and losses, manage investigations, and implement corrective action plans to mitigate future incidents or losses.
Passport GRC Third-Party Risk Management Module
Many companies are increasing their reliance on third parties to facilitate growth and contend with changing economic conditions, globalization, and cost considerations. At the same time, companies are forced to increase their focus on third-party due diligence efforts in order to protect their brand, interests, and reputations due to stringent regulations related to:
- Anti-corruption (e.g., Foreign Corrupt Practices Act and UKBA)
- Conflict minerals
- Social accountability initiatives
- Anti-money laundering (AML)
- Health information privacy (HIPAA)
- Financial services accountability (e.g., Dodd-Frank Act)
Third-Party Risk Management, a module of Passport GRC, helps companies to:
- Identify and assess third-party risks across the business
- Prioritize evaluation and mitigation efforts according to risk
- Monitor and track existing relationships
Passport® Product Collateral
- Passport GRC
- Passport GRC – Policy Management
- Passport GRC – Compliance Management
- Passport GRC – Risk Management
- Passport GRC – Third-Party Risk Management
- Passport GRC – Internal Controls and Audit Management
- Passport GRC – Incident and Inquiry Management
- Passport GRC – FINRA 4530 Module
Experts' Corner Content
- Sample RFPs
Compliance Management | Policy Management | Incident & Inquiry Management | Third-Party Risk Management
- Solution Checklists
Anti-Corruption | Anti-Money Laundering | Third-Party Risk Management | FINRA Rule 4530 Compliance
- Getting Your Arms Around Third-Party Relationships - Best Practices and Essential Technology for Third-Party Risk Management
- Capturing the True Cost of Compliance
- Understanding the Impact of the New LEDES GRC Billing Codes
- Sink or Swim: Recognizing the Critical Role of Legal for an Effective GRC Program
- The Intersection of Legal and GRC
- Building a Foundation for a Comprehensive GRC Program
Podcast | On-demand Webinar