Highlights
We deployed the BarnOwl GRC system in 2023 as part of our digital transformation drive. This system is powerful and fully caters to our combined assurance framework. Although we are still mastering all the system functionalities, this journey has been smooth so far, thanks to the very helpful BarnOwl support team. One thing I like most about the BarnOwl GRC system is that it aligns to best international standards on enterprise risk management, compliance management, and internal audit. The workshop function is another one of our favourites, as it automates the risk assessment process.
Challenges
We needed to acquire a system that integrates the three components of governance, enterprise risk management, and compliance. Essentially, we needed an IT solution that catered to the whole spectrum of the risk management process and encompassed our combined assurance framework cost-effectively. The BarnOwl GRC system provided all the features that we were looking for, from risk assessment, reporting, action plan tracking, risk-based internal audit, incidence management, compliance risk management plans, amongst others.
Benefits
Since we deployed the BarnOwl GRC system, we have done away with the usage of cumbersome manual processes and the use of Excel spreadsheets to manage our risk registers and risk mitigation action plans tracking. We can now generate reports seamlessly for submission to various internal stakeholders. We have also noted timesaving in engaging risk champions to update their action plans, whereby we now send them an email notification to input updates directly into the BarnOwl systems. Another benefit to note is the ability of all our assurance providers (holding a BarnOwl license) to access the same information in the same place at the click of a button. As we master and optimize our usage of this GRC system, we will derive more benefits.