MEGA International today introduced the latest release of its MEGA GRC Suite, Version 3.0, software that automates audit, control, and risk initiatives in organisations. The new software is united by a common technology platform and user interface for easy, focused management of these key functions to achieve effective governance, risk, and compliance (GRC) planning and operations.
The latest MEGA GRC Suite is unique in its recognition of the overlap in audit, risk, and control activities; it offers a common platform through a global repository to centralise and coordinate all data relating to these areas in a single searchable environment that can be shared between departments, divisions, work groups, or committees.
The MEGA GRC Suite now includes three discrete solutions to meet the unique needs of various users, while ensuring integration into the common platform. The three solutions are:
* MEGA GRC Audit: improves the productivity and information sharing capacities of the audit team by enabling a comprehensive view to be taken of annual audit planning, automation of follow-up recommendations, and centralised management of audit working papers.
* MEGA GRC Compliance and Control: helps relevant managers across an enterprise comply with multiple, complex regulations at minimal cost and with maximum assurance that the company is maintaining effective controls and managing action plans for performance improvement.
* MEGA GRC Risk: decreases the threat and cost of managing operational risks by coordinating the identification, evaluation, and control of risks, while integrating the different approaches of each organisation. It provides a reliable, auditable record.
Each user has universal access to resources previously stored in silos, making it easier to avoid duplication of effort, eliminate inconsistent or outdated versions of data, and streamline overview reporting for senior management.
The software is a result of the growing demands of the still-maturing GRC market, which is estimated by AMR Research to be worth $32 billion in 2008.*
"While most companies claim to have GRC practices in place, most are not as protected as they should be and would not meet the most stringent audit requirements if tested," noted Michael Rasmussen, president, Corporate Integrity, a GRC strategy advisory firm. "Many corporate problems are caused by a lack of relevant controls and indicators, and a misunderstanding of how these relate to a company's business strategy and practices."
This software from MEGA International reflects the many changes in GRC organisation and operations that have occurred since the emergence of new regulatory standards, such as Sarbanes-Oxley and Basel II. It recognises the many diverse users (audit managers, compliance officers, internal control specialists, process owners, risk managers, and more) related to the broad corporate functions of internal audit, internal control, and risk management.
"GRC initiatives will only be fully effective if they are part of a strategic, consistent, and manageable solution," explained Lucio de Risi, CEO of MEGA International. "Managers in various functional areas have different perceptions of the same problem, and their responses vary. They will benefit from using a single, unified platform, which also gives them their 'own-world' views of their particular responsibilities."
Some companies still use word processing and spreadsheet packages, or a document management system for audit, control, and risk management. This is time-consuming and unmanageable with large volumes of information. The separate packages lack the necessary level of integration and synchronised data management to let users update information in a cost-effective and timely way, search for information, or provide security management. The MEGA GRC Suite automates these labour-intensive tasks and provides an improved and integrated means for collectively storing and accessing corporate data.
The new software is rich with expanded features to increase ease-of-use and does not require even occasional users to have training to operate the software. It is a highly ergonomic solution, with exceptional graphics and user interface. Based on an open architecture, it supports easy and scalable deployment within all types of organizations.