Product Overview
GT's GRC practice: Build Risk Control Matrix For PSP Enterprise
- Category : IT Security Advisory services
- Client base: Fintechs, Financial Institutions, Large Enterprises
- Case Study: GRC Practice - Case study of Large PSP building efficient RCM
- Business Benefits: In-Depth GRC Risk posture, improved productivity of GRC and Technology Team
Business Value Created by in-Depth RCM Evolvement
GRC's RCM Risk Control Matrix (RCM)Drafting helps fintechs and financial institutions systematically identify, assess, and manage risks related to their specific business processes. Map various certifications and standards recommended control to common risks and controls.
- Enhanced compliance and governance Financial institutions must adopt stronger GRC structure. An RCM helps document and monitor control procedures to prove compliance to auditors and regulators. For fintechs, this demonstrates a commitment to security and responsible risk management.
- Increased transparency:RCM provides a structured and easily understandable way to communicate risk information to all stakeholders, from employees to senior management and the board. .
- Enhances Internal Audits:The RCM gives internal auditors a clear view of risks and controls, which allows for more focused and efficient testing, and provides clear documentation.
- Increased Efficiency and productivity: Automated RCMs help eliminate the time-consuming and error-prone process of manual spreadsheets. They can also identify outdated or duplicative controls for consolidation or removal.
- Common process Taxonomy: RCM standardizes the risk assessment process with clear controls mapping applicable to various certifications and standards and ensuring a consistent to enterprise risk management approach .