Building a Robust GRC Program

Worldwide, the business landscape is facing countless obstacles to high performance with the certainty being continuous rapid change and organizations need to reposition efficiently and effectively in response to a changing global market environment.  It is critical in today's dynamic market conditions to identify opportunities and threats in advance and defends quickly, realizing that consequences of not doing may endanger the organization.

 

Operating in diverse geographic and legal jurisdictions, new rules and regulations, complexity of business operations, outsourcing, and miscalculated politics increases exposure and dynamics to environmental risks.

 

Security is playing a bigger role in the GRC picture and the dynamism of business results in rapid changes to business processes, relationships, and technologies that firms must continually map to risk and compliance requirements. Increased regulatory pressure and ever-heavier regulatory fines have had a significant impact on the governance, risk and compliance (GRC) sector in recent years. The dramatic increase in compliance requirements cannot be effectively achieved by just having discrete compliance programs and now is essential for companies to move toward an enterprise-wide risk management approach with and integrate risk management.

 

Governance, Risk, and Compliance (GRC) is an emerging topic in the world of business but there is a lack of an integrated approach to GRC. Organizations are realizing that effective GRC management create opportunities and mitigate risks enhancing growth opportunities and increasing competitive advantage.  Companies must carefully examine all components of their governance structure and ensure proper focus and role development to provide shareholders, regulators and customers with sustainable assurance of oversight responsibilities.