In the ever-evolving landscape of business operations, regulatory compliance is a critical factor for organisations across industries. As a leading Oracle NetSuite Solution Provider, SaasWorx is committed to helping businesses enhance their regulatory maturity and be audit-ready through NetSuite's robust Governance, Risk, and Compliance (GRC) capabilities.
Understanding NetSuite GRC
Oracle NetSuite's GRC functionalities empower organisations to establish and monitor controls that align with risk objectives, providing a comprehensive solution for handling complex regulatory, operational, and compliance challenges. The built-in processes are designed to scale with your company's growth, offering automation for increased efficiency, reduced risk, and enhanced financial integrity.
Challenges NetSuite GRC Solves
- User Access Management: Roles assigned to users control access and tasks, ensuring secure data handling.
- Inconsistent Transaction Approval: Customised workflows enhance auditability by enforcing consistent transaction approvals.
- Security Vulnerabilities: Regular security and vulnerability scans by NetSuite eliminate the need for manual scans.
Key Benefits of NetSuite GRC
- Trust and Accuracy: Stakeholders can rely on accurate and complete financial statements, transaction documentation, and reporting.
- Protected Assets: Data security is enhanced through role-based access, strong encryption, robust password policies, and more.
- Fraud Risk Reduction: Continuous monitoring of key financial controls detects potentially fraudulent activity, supported by robust reporting and role-based dashboards.
- Facilitating Audits: Easy monitoring and validation of controls in NetSuite support the integrity of financial statements, facilitating audits.
- Streamlined E-Invoicing: Netsuite offers E-Invoicing for Indian customers, streamlining invoice creation, delivery, and compliance with GST regulations. Benefits include efficiency, cost savings, accuracy, and improved cash flow, optimizing business operations within the Indian market.
Features of NetSuite GRC
- Automate Controls: Extensible, automated controls with powerful search and reporting capabilities streamline GRC processes.
- Audit Trails: Role-based security, user access management, and always-on audit trails enable quick investigation of activities impacting security, controls, or financial statements.
- Security Monitoring: Overlapping technologies and processes tightly control access to networks and applications, with unauthorised attempts logged and investigated.
- Audit and Compliance Reporting: NetSuite supports electronic audits in various formats, providing an always-on audit trail, built-in analytics, access logs, and workflow management.
- Securing Master Data: Features like roles, permissions, groups, workflows, and multifactor authentication secure master data effectively.
Empower Your Business Growth with SaasWorx
SaasWorx, recognized and awarded as one of the leading Oracle NetSuite Solution Providers by Oracle, is dedicated to empowering your organisation with NetSuite's Capabilities. Strengthen your regulatory maturity, enhance financial integrity, and face audits with confidence by choosing NetSuite through SaasWorx.
Our outcome-driven team of experienced Consultants, Solution Architects, and Developers boasts extensive hands-on experience in implementing Oracle NetSuite ERP. If you are seeking a trusted partner to support your business through all stages of growth, book a free demo today.