Governance, Risk & Compliance Tech Center
More than at any time in history, businesses today are at greater risk of severe liability or other financial consequences. Three relatively recent trends account for this:
- The explosion of data they collect and create.
- Increasing globalization of operations and markets.
- A surge in new privacy and data security laws.
The task of managing a business’s compliance with legal requirements, ensuring protection of sensitive data, and enforcing information governance policies often falls to the legal department, in collaboration with other essential departments.
Legal technology products that assist in managing these critical tasks fall into four categories:
Information Governance. Information governance software assists businesses in managing the use, security, transfer, retention and disposition of business information, in order to reduce risk and ensure compliance.
Compliance and Risk Management. Compliance and Risk Management tools automate processes for implementing and tracking compliance and identifying and minimizing risks associated with one or more areas of law, such as onboarding new vendors and customers in compliance with anti-bribery laws.
Privacy and Data Security. Privacy and Data Security applications facilitate compliance with privacy and data protection laws.
Entity Management and Corporate Governance. Entity Management and Corporate Governance applications manage documentation, workflows and compliance related to corporate ownership, board and shareholder actions and entity registration and filing requirements.
Categories of software used in Governance, Risk & Compliance
Entity Management and Corporate Governance
Compliance and Risk Management
Privacy and Data Security
- Compliance and risk management software combines technologies, data, and manual and automated processes to implement and track legal and regulatory compliance and identify and minimize the risks associated with regulated business activities, such as complying with anti-bribery laws while onboarding new vendors.
Information governance software assists businesses in managing the use, security, transfer, retention and disposition of business information, in order to reduce risk and ensure compliance.
Information governance (IG) software addresses aspects of a multi-disciplinary framework to ensure normative behavior in identifying and valuing business information. IG software aims to help organizations use their data according to business policies and goals while reducing risk and ensuring compliance with laws, regulations, and industry standards.
- Privacy and data security software helps organizations comply with data privacy and protection laws, such as the European Union General Data Protection Regulation (GDPR), California Consumer Protection Act (CCPA), and the China Personal Information Protection Law (PIPL). Software in this category may also discover, classify, and map privacy data to apply policy controls to protect it from unauthorized access and provide data loss prevention schemes and processes to respond to data breaches and other security incidents.