GRC

Introduction to GRC

Organizations of all sizes are struggling to manage the complexity of risks. Stakeholders demand not only high performance but also transparency in business operations.

In today’s unpredictable world one small misstep can cause a complete mess, which can ruin your reputation and business.

Organizations know that breaches, business interruptions, or noncompliance could cause significant and long-lasting costs on their businesses. Hence, it is important to maximize the efficiency and effectiveness of teams responsible for GRC operations. An effective Risk Management Process is an integral part of any business without which the organization will stumble in the long run.

Challenges

Ensuring compliance, assessing risk, and handling vendor relationships require managing huge amounts of cross-organizational data, and the cost of staff time to carry out these activities can quickly become untenable. However, even with these high costs, organizations are still finding it challenging to minimize risks to the extent required.

Working with multiple customers across the Middle East we have observed some of the key challenges faced by organizations such as :

Information Siloes

Information siloes leads to disconnected data, building incomplete pictures of risk and lack of context around IT, security and business risks. Employees take weeks to compile reports manually which is immediately outdated leading to Inaccurate Insights into what is actually happening with business risks.

Lack of Ownership

Compliance teams ask the same questions over and over again for each individual compliance initiative while deficiencies from previous audits lack ownership and are unresolved. Lack of Ownership leads to unresolved Issues as no one takes responsibility for risk.

Limited Risk Visibility

Lack of a common risk language and an ability to view risks holistically forces management to take less informed decisions.

Manual Processes

Wastage of time and resources as teams manually collect and process a large amount of data using spreadsheets and emails.

Increasing Complexity of Regulations

Companies are under pressure to identify regulations associated with its business and IT functions, and impose strict compliance and reporting requirements. Many organizations are ill equipped to confidently identify, prioritize and respond to issues with the magnitude and volume of regulatory requirements.

Lack of Oversight on Third Parties

Use of third-party vendors has increased rapidly over the past years and managing third-party risk is becoming a challenge to most of the organizations. These risks can have significant impact, including information security breaches, financial losses, business interruption, and reputational damage.

Our Solutions

Paramount’s GRC Portfolio offers multiple solutions, based on the requirements we help you build a GRC program that’s tailored to your business. With an in-house team of 12+ Certified GRC Consultants locally based in the Middle East, we are proud to say that we are one of the largest such team. We have helped multiple customers with similar problems as yours, some of which are the most respected names in the region. So, no matter what your problems are, we got it all covered.

We focus on multiple solution areas such as:

IT and Security Risk Management

Third Party
Governance

Audit Management

Business Resiliency

Enterprise &
Operational
Risk Management

Regulatory &
Corporate Compliance Management

Why Paramount

Simplifying Governance, Risk & Compliance

Implementation and maintenance of governance, risk, and compliance program can be a complex feat for an organization. The partner that an organization chooses should make the process easier, not more difficult. At Paramount, we have simplified the complex process of implementing a comprehensive GRC program. We aim to establish long-term relationships with our customers while delivering on time and with high quality, providing a unique experience to customers. With our extensive market knowledge working with multiple customers in the region, we have created a program that leverages practicality and best practices, focusing on an approach best suited for your organization.

We help you to create a step by step road map for your complete GRC program. Our primary objective is to make sure that GRC brings the right culture change which is the sole purpose of investing in such a platform. Our advanced solutions provide customers with the visibility, insights, and actions they need to thrive in an uncertain, high-risk world. We help you achieve your objectives of limiting risk while making your GRC efforts much more efficient.

Paramount follows a proven implementation methodology that not only aligns with the current maturity level of the customer but also improves capabilities for an enhanced future state. We help you evolve into integrated approaches rather than siloed spreadsheets and multiple applications.

Paramount’s 4D implementation approach which combines agility and effectiveness, accommodates for changes and updates during system integration. Our team of professionals conduct frequent Proof of Concepts and thorough reviews throughout the project life cycle to capture the changes that follow. This is how we ensure agility in the whole implementation process.

We help you achieve

A single, unified solution to manage risks and compliance
Informed Decision making
Top to bottom Accountability
Integrated best practices to streamline implementation
Increased Efficiency, Agility and Visibility
Allows you to address the most critical areas of your business
Enables cross-functional collaboration and alignment
Reduced costs

GRC