Organisations require a Governance, Risk and Compliance (GRC) platform to help them manage business risk and to meet compliance obligations, as well as integrate risk management processes within their existing operations.
Simply defined, GRC is a coordinated and integrated strategy for corporate governance, enterprise-wide risk management, and compliance with regulatory and industry requirements. Organisations do this to improve quality processes, assess and manage risk and control activities, and comply with environmental, safety and other industry-specific regulations.
However, these efforts have often suffered from organisational silos, a focus on proximal needs, and a reliance on point solutions. Utilising GRC as a strategy can enable businesses to make informed decisions that fundamentally change the way they manage risk and compliance.
Know how your business operates and what obligations it is beholden to (regulatory, industry, contractual, duty of care, etc.).
Understand the likelihood of potential disruptions and design strategies to minimise impact if/when they happen.
Design a compliance programme that can not only accommodate multiple types of obligations, but and easily incorporate new requirements and adapt to change.
Design efficient ways of collecting information to prepare for internal and external audits.
Strengthen IT processes and defenses to protect your business and data from bad actors, both internally and externally.
Develop a comprehensive view of your third-party ecosystem, including the risks they bring to your business and efficient ways to manage them while driving performance.
Catalog business processes, known risks, existing controls, compliance obligations, business objectives and goals.
Assess all departments, business units, operations and compliance obligations for risk to understand where you are and where you need to be.
Work across departments and business units to design and implement strategies and programmes to close the gap.
Establish risk thresholds, tolerances, and baseline metrics to assess against and monitor everything for change.