To be a true GRC expert, an organization must enact a principled performance based program using knowledge as a defense. An organization’s Compliance Officer can protect a company using the GRC Principled Performance approach :
What is Principled Performance?
Principled performance is defined as “reliable achievement of objectives while addressing uncertainty and acting with integrity.” This means that for an organization to succeed, it must find ways of consistently evaluating unknowns. These evaluations must also be supported and documented to be trustworthy. The CCO’s goal is to look to the future and make sure that unknowns are appropriately considered.
Why Principled Performance?
As transparency gains greater social traction, customers seek to know not just what a business does but how it follows through. Customers want proof that a business not only acts ethically but that a business has reviewed all possible interrelated risks that could cause harm.
The first step involves defining objectives and understanding boundaries. Audit focused programs often look at risk-based program management revolving around external standards such as industry standards or regulatory requirements. However, a company’s internal standards, such as policies and processes, are even more important. The integrity portion of the Principled Performance approach means more than simply making promises, it means making sure that the whole organization keeps promises. CCO must ensure all that their Padawans stay on the Light path rather than veering to the Dark Side due to audit result fears or company policy ignorance.
In the past, the lack of sharing within a company created silos. The GRC program can act as an all connecting force for compliance. One missed risk in a single siloed area can lead to an organizational wide butterfly effect. The program can enable integration of all functions.
Why Prove Principled Performance?
Proof requires knowledge and data. The reliability prong of the Principled Performance definition requires having evidence coming from standardized best practices. This is where having a GRC tool can help most. VComply allows users to review evidence and create reports that identify gaps or overlaps in complaince procedures using a single integrated platform. Using a GRC tool can make the CCO efficient than many when it comes to creating a continuously successful program with consistent outcomes.
If you’re a CCO and you’re reading this right now, don’t worry; CCOs are experts in many ways. CCOs must establish internal boundaries.They need to teach and reinforce information security policies and processes. However, CCOs can use tools like VComply to establish efficiency and save the cost of non-compliance to ensure ongoing compliance. Using these tools, CCOs can convince their Senior Management of their methods. If CCOs want to be better than the experts, they need to use a GRC tool. It shall help them to incorporate Principled Performance strategies.Add to favorites