Governance, Risk, and Compliance (GRC) management, organizing entities into Entity Groups enhances efficiency and oversight. These groups facilitate the management of risks, controls, and compliance across entities sharing common characteristics. Importantly, entities can belong to multiple Entity Groups, allowing for nuanced management and reporting. Before diving into the technical steps of creating an Entity Group in BoardX, it’s important to consider several strategic aspects that will guide your setup.
Strategic Considerations for Creating Entity Groups
Before finalizing your new Entity Group, consider these strategic questions to guide your setup:
Are multiple entities subject to a similar risk?
Group entities that face common risks to streamline your risk management strategies.
Are multiple entities monitored by a similar control?
Organize entities under the same controls to simplify compliance enforcement and monitoring.
Does a similar policy govern multiple entities?
Link entities governed by the same policies to ensure uniform policy application and compliance.
These considerations will help you decide which entities to include in the new group, enhancing the overall effectiveness of your GRC system.
Step-by-Step Guide to Adding an Entity Group in BoardX
Log into BoardX, and click on 'GRC List' from the left-hand navigation bar.
Select 'Scoping' and then click 'Entity Groups'. This section is dedicated to managing and creating Entity Groups.
Please look at the list of current groups to ensure the new group you plan to add provides unique value and does not duplicate existing ones. (If you have our Board Workspace, all committees within your Board Workspace will be automatically converted to entity groups. )
Click the 'New' button at the top right of the screen to start creating your Entity Group.
Fill in the Entity Group creation form:
Name: Give your group a clear, descriptive name.
Description: Provide details about the group’s purpose and its role in your GRC framework.
Entity Group Owner: You must select a Regular User to set as an entity group owner.
Click Save at the top right of your screen.
Utilizing Your New Entity Group in BoardX
1. Link Entities to the Group:
Go to the 'Entity Groups' section in the 'GRC List'.
Select your Entity Group
When you are on the entity group page, click on tab "Linked Entities"
Click add to link entities to the group.
2. Assign Policy Attestation Tasks.
3. Assign Compliance Controls.
Conclusion
By placing strategic considerations at the forefront, adding an Entity Group in BoardX is not just a procedural task but a strategic decision that enhances your GRC framework's functionality. This approach promotes a more organized and compliant organizational environment, ensuring that your GRC practices are both effective and efficient.