The concept of a GRC strategy is actually an age-old phenomenon referring to a revolutionary strategy built for organizations who want to sustain in the long run. Even though the concept is in existence since ages, not many have been able to approach it in a mature way. Yet, it takes immense self-discipline and support to utilize the potential which lies in those 3 letters.
In an organization which always looks at the long-term growth, GRC is the core functionality. Moreover, it comprises of all the documented policies and procedures which are necessary to achieve efficiency and optimum performance without compromising on the core values of an entity. If done the right way. Thus, GRC doesn’t prove to be burden on the business. Rather, it supports and improves the value chain.
It gives a direction to any action taken by an individual as well as an organization as a whole. One can think of GRC as a structured way to align new age technology with business goals backed by robust risk management platforms to meet necessary compliance requirements.
Following are few of the benefits of a well-planned GRC strategy:
1. Sustainable decision-making capability
2. Well planned IT investments
3. Elimination of silos
4. Reduced fragmentation among divisions and departments
5. Elimination of redundant practices
6. Proactive approach to business etc.
What is GRC?
It is a continuous process where an individual or an entity ensures that relevant activities or actions are in alignment with the business goals. The process ensures transparency and accountability of every entity. It helps the organization to achieve harmony by letting the employees participate in organizational affairs.
One cannot completely eliminate risk. Yet, one can mitigate it. Make sure that any risk (or opportunity) associated with entity is defined, identified and addressed. It should be done in a methodical manner which supports business goals. Thus, having a comprehensive risk management program which is clearly documented and communicated to the employees is essential.
One should follow the laws and regulations specified by authorities as and when required. Those who do not follow the regulations have to bear the brunt of non-compliance cost.
What is key to a successful GRC implementation?
To begin with, the management should support the implementation of GRC in an organization. Next, the employees should be ready to embrace the change in the work culture. Implementation of robust framework will never be successful unless the organization’s culture evolves to support GRC related activities.
What is a GRC tool/solution and what does it do?
An IT GRC solution enables an entity to integrate all the policies and procedures on a single integrated platform. Also, it helps the management to coordinate and monitor the effectiveness of internal controls. One can graphically map them on a dashboard for convenience. 2245+ organizations across 36 countries use VComply as a GRC tool .Also, the platform works on E.V.A.S framework which makes compliance a piece of cake. These solutions introduce automation in a redundant environment, which increases efficiency and reduces complexity.
We have previously discussed the process to select the best GRC management tool in detail. Click here to read more.
Along with the GRC tool, there should be a functional framework in place to back it up successfully. Although, the GRC framework should focus heavily on Information Technology for increasing efficiency, implementing a good strategy involves an entire organization, and requires effort of the employees towards making it a grand success.Add to favorites