Patterns can be found in everything we do. A person is who they are based on the decisions they make. While we do not always make the right decisions, we use our past choices to determine what decision should be made. In other words, our decisions generally follow a pattern based on our own past knowledge. Our brain stores this information so we do not follow the same mistakes.
Applying the above text as a metaphor to GRC software, I imagine a database that is well maintained and organized so that when I need to decide I can easily recall based on past decisions, what the best course of action would be.
The Code of Federal Regulations has regulations that require facilities to maintain documentation of many different processes, incidents, and cases for long time periods, such as 3 years. Looking at these forms as bits of memory or “past decisions” it would be ideal to have a document system that somewhat mimics the human brain.
Though some of the documents saved in the databases only need to be stored and be searchable, there are other documents that could have more beneficial uses. Rather than just storing the information, we can use stored workflows to predict future incidents or stress points based on patterns in the database.
360factors Inc. is an Enterprise Risk and Compliance Management Company and is the winner of GRC 20/20 Award 2014. Its flagship Regulatory Change Management Software Predict360, uses unique mapping and cognitive technologies to provide regulatory insights, predict risks and improve operational excellence, sustainability and margins for banking, finance, oil&gas, EHS, power sector and IT industries.
This thing handles multiple file management systems such as:
- Process Management System
- Risk Management System
- Incident Management System
- Policy and Procedure Management System
It has a comprehensive incident management software that can streamline your Corrective And Preventive Action (CAPA) to make sure you don’t commit the same mistakes again.
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