Epicor ERP | Governance, Risk, and Compliance

Governance, Risk, and Compliance


Effective Governance, Risk, and Compliance (GRC) initiatives help companies and their employees stay compliant and ensure that employees and partners at all levels of the organization are aware of the associated risks of noncompliance. GRC can touch every person and every function in an organization in some way. Whether GRC becomes an intolerable burden that increases company overhead or an enabler of efficiency and success depends upon its actual, day-to-day impact on the employees’ work and whether that impact is enabling or debilitating.


Corporate Governance 


Organizations are under increased pressure to file accurate financial results in a timely manner. Epicor GRC can help organizations meet these shortened deadlines in a variety of ways—from consolidating financial information, to providing drill-down and drill-across access from financial reports, to transactional detail. Ultimately, when companies adequately report, plan, budget, forecast, and periodically review and update budgets and forecasts, they exhibit a more mature level of internal control. Integrated enterprise software applications go a long way in helping organizations document their internal controls, remove manual processes, and achieve greater visibility to their financial data.

Risk Management 


Enterprise Resource Planning (ERP) systems control the majority of corporate information that could potentially be at risk from piracy, fraud, and sabotage concerns. The only way to truly manage and mitigate risk across the organization is to have a fully integrated, end-to-end solution providing a single, verifiable set of financial and operational metrics. Epicor GRC provides an integrated enterprise solution with built-in, application level risk mitigation tools and Business Process Management (BPM) to audit trails and secure workflow automation—key elements of data integrity and security. It also incorporates the ability to infuse business insight through Epicor Business Intelligence and Analytics, as well as allows organizations to embrace data governance and data protection strategies, help control risk, and handle regulatory compliance.


Security Management


Epicor GRC provides comprehensive user and group security to restrict data and application accessibility as needed. Security can be granted at user and group levels for all security objects including forms, fields, reports, menus, and method calls. There is also an option to use Microsoft® Windows® Authentication to support a Windows single sign-on and password policy. 


Business Process Management 


Epicor BPM in combination with Epicor Service Connect—supports the ability to identify and mitigate risks to your organization through business-defined workflow by identifying and improving processes to make your business more efficient, more disciplined, and better able to adapt to change. Together, they provide a framework for building GRC process-driven integration points that give companies seamless integration capabilities with other applications and businesses. BPM also automates delivery of information to employees in your organization that are responsible for managing and monitoring internal controls.


Global Trade Compliance


In order to conduct business globally, you need enterprise business software that enables compliance with local laws, satisfies international security measures, and meets the myriad local and regional documentation requirements. Epicor Global Trade Compliance applications provide a comprehensive platform for managing these trade compliance necessities/ 


Electronic Compliance Reporting Tool


Reporting legislation is constantly evolving, and many tax authorities around the world are now starting to require comprehensive data submissions on a regular basis. Companies are increasingly expected to provide tax authorities with real-time visibility into all transactions—on top of existing requirements for regular submissions. A growing number of countries either have adopted or are planning to adopt tax reporting—such as Standard Audit File for Tax (SAF-T)—and others are introducing new e-invoicing requirements.


Environmental and Energy Management


As the world continues to analyze energy availability, businesses are also turning their attention to areas of opportunity—reduction of carbon emissions, energy conservation, and supply chain sustainability. Companies will look to IT and software solutions to help them find opportunities to extend the tangible benefits of corporate social responsibility (CSR) through the extended supply chain. Some of the more notable areas that corporations are emphasizing when deciding on a path to good environmental and energy management include strategic sourcing and procurement, logistics, application of lean principles, and virtualization.