The healthcare industry is one of the largest industries in the world. The industry has its own share of challenges and problems. The demand for better quality health care and customization is ever increasing. Quick, efficient services have become the norm.

Healthcare systems need to be proactive in improving their systems to cater to these customer needs. Various departments operate independently, in silos, making it difficult to manage. Alongside, the industry is also burdened with increasing regulatory policies imposed upon them. Maintaining Compliance is very expensive but cannot be ignored as the reputation of the organization would be affected.

With the advent of technology, it became imperative for organizations to store patient data to enhance the quality of service provided. But this can also lead to data security issues and involves a huge Risk of breach of privacy.

As the organization size increases maintaining and auditing enormous amounts of data also becomes complex and time-consuming. Apart from this, the industry is also prone to various external and internal risks which have to be identified and mitigated on time. Failure to do so can hamper an organization’s position in the industry. Healthcare organizations spend a large portion of their annual budget and other resources on managing these aforementioned issues.

How can GRC help?
A single point solution to all these problems is an integrated GRC platform. GRC platforms have multiple functionalities bundled in them. The governance feature can help in managing the internal workflow efficiently and reduce redundancy and duplication of efforts. Using risk management and risk intelligence modules, various types of risks can be assessed and mitigated. It provides a tool for vendor 3rd party management.

The platform also provides a unified approach to audit management, using which the entire audit life cycle can be handled in a hassle-free manner. Compliance, which is a major concern among organizations can be easily achieved with this software. This allows users to store various contracts and policies and manage them effectively. Dashboards give a comprehensive view of the data through analysis charts and automated results.

Using these tools also ensures data security, enhanced quality of service and consistent compliance to regulations. This can facilitate in building a strong reputation for the organization.

Benefits of using a GRC platform

• Reduction in cost spent on compliance, audit and risk management
• Enhanced and smooth functioning of audits and internal workflows
• Swift and robust functioning of various departments
• Quick resolution of risks and compliance issues.

Thus, GRC platforms like VComply provide a unified and secured approach towards internal governance, risk, audit and compliance management which reduces efforts, costs and resources deployed.

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