The collaboration leverages NAVEX’s governance, risk and compliance (GRC) platform, NAVEX One, and BDO’s client services to improve efficiency and reduce risk. It aims to address the GRC requirements of businesses in the public and private sectors.
NAVEX’s aim is to bring its suite of risk management and compliance solutions to customers and companies so they can focus aspects that lead to growth and long-term value. BDO entered this partnership with the mission to support businesses to bring together people, processes and technology that will manage ethics and compliance risks and comply with relevant legislation.
The two companies share the vision of offering future-oriented tech, modern services and solutions that address compliance and reporting needs, covering aspects of local and international regulations.
A business that lacks a well-established GRC framework can expose itself to financial and legal risks, as well as a damaged reputation. Corporations without a GRC program are vulnerable to fines, legal implications, and loss of trust from customers and stakeholders.
GRC tools enable companies to identify, access, and prioritise financial, operational, cybersecurity, and other risks more efficiently. This helps mitigate potential threats before they turn into critical problems.
In many cases, governance, risk and compliance processes can be time-consuming and disjointed. GRC tools unify these processes, fostering collaboration between teams and business units. A centralised GRC platform enables better communication and task delegation, improving efficiency and workflows.
One important aspect of GRC frameworks is compliance management features that help organisations track changes in regulations and ensure ongoing compliance. Automated compliance checks, documentation, and audit trails make it easier to identify and address compliance gaps before they become problematic.
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