A well-incorporated GRC framework brings significant benefits for an enterprise, including faster decision-making, optimal IT investments, fewer silos, improved connection among individual departments, and improved security among many others.
Fremont, CA:Governance, risk, and compliance (GRC) refers to the approach that functions as a single framework for overseeing and deriving specific and optimal organizational procedures and rules.
GRC helps enterprises manage the overall governance, compliance with rules, and risk. A key to deriving the desired results through GRC lies in its right implementation.
What Is Vital for Optimal GRC Implementation?
GRC, in itself, fails to be a new technology. Organizations, irrespective of its size, function, location or vision have always faced issues pertaining to risk management, governance or compliance.
What is innovative about GRC today is the way organizations perceive it. Enterprises view GRC as an incorporated set of policies—that when deployed holistically—can impart significant value to the processes along with providing a competitive advantage.
GRC technologies must be incorporated in a manner so as to automate a multitude of organizational tasks that are in sync with an organization's objectives, mission, and vision.
The desired functions or activities through the GRC package can’t be achieved unless the top management of an organization is willing to incorporate and support the alterations to existing strategies while implementing a GRC solution.
Another way to enhance the optimal functioning of GRC is to expand its scope. This means enabling a GRC implementation that goes beyond its traditional purpose of aligning organizational risk, compliance, and governance management to other areas including performance and assurance management.
Further, contrary to the practice of employing GRC across all departments simultaneously, it is advisable to restrict the integration to a single department to see how it works. The outcomes could be analyzed for any improvement or better ideas prior to subsequent implementation in other departments.
Lastly, integration of GRC technologies should be an on-going process. In other words, the implemented GRC strategy may have to be altered due to changes in organizational priorities, incorporation of more technologies, etc. Hence, enterprises should be continually evaluating the incorporated GRC strategies to ensure the desired objectives are achieved.