When it comes to governance, risk, and compliance (GRC), SAP is setting the pace with it’s Cloud ERP. This notion is validated by the recent RiskTech100 rankings where SAP was recognized for its stellar contributions in GRC. SAP’s governance, risk, and compliance capabilities stood out, earning the company several awards and commendations in a variety of industry and solution categories.
What is SAP GRC?
SAP Triumphs in Governance, Risk, and Compliance
SAP’s strategy is to help every business run as an intelligent, sustainable enterprise, and this approach clearly pays off. The company received the Corporations award in the industry category, as well as five solution category wins, underpinning the robustness of their GRC approach. The awards came for Asset and Inventory Management, Facility Management and Control, Finance and Accounting – Cross Industry Support, GRC – Supply Chain Risk, and GRC – Vendor and Third-Party Risk.
Harnessing the Power of Cloud ERP
The company’s strong, cross-industry cloud ERP capabilities were also celebrated. The SAP S/4HANA platform uses the power of in-memory computing to process vast amounts of data, supporting advanced technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT). This gives SAP’s customers a comprehensive suite of applications and services, allowing for effective data processing and information flow across organizations. This is not lost on Chartis, with chief researcher Sid Dash stating, “Chartis recognizes SAP’s strong ERP capabilities across the board.”
The Evolution of GRC: An Enterprise-wide Discipline
GRC has transformed into an enterprise-wide, comprehensive, and fully integrated discipline in recent years. It connects all organizational risk and compliance functions, including controls, operational resilience, IT risk management, and asset management. SAP GRC solutions simplify risk management by providing guidance for financial, vendor, and operational risks. They incorporate automation, real-time visibility, and predictive analytics to monitor risks, identities, cyber threats, and compliance more efficiently.
Building Resilience and Fostering Business Continuity
SAP’s innovative approach to GRC is instrumental in embedding these crucial functionalities into their operations and digital transformation. This fosters resilience and sustainable business continuity. SAP’s president and chief product officer for Cloud ERP, Jan Gilg, noted, “Our cloud ERP solutions empower organizations to embed GRC into their operations and digital transformation, enabling continuous monitoring, predictive insights, and resilient business continuity.”
SAP GRC Solutions: A Game-Changer for Risk Management
SAP’s GRC solutions represent a game-changer for risk management, enabling companies to gain early insights into anomalies and potential risks that can inform their operational and planning decisions. This is particularly relevant in risk areas such as third parties, supply chain, IT, cyber, infrastructure, and asset management. Dash concludes, “Chartis believes that SAP is a leader in the market in these respects, and, in some ways, the rest of the industry is playing catch-up.”
SAP is truly paving the way in GRC and cloud ERP capabilities, demonstrating what it means to be an intelligent, sustainable enterprise in the digital age. As businesses become increasingly integrated and reliant on complex systems, the role of comprehensive, integrative, and predictive GRC solutions like those of SAP becomes crucial. SAP’s recognition in the RiskTech100 rankings is a testament to their commitment and leadership in this area.
What are your thoughts on SAP’s recognition and the evolution of GRC in general? Share your insights in the comments below. We’re eager to hear your perspectives on this exciting development in the world of business and technology.
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Source: IBM Newsroom
