Policies/procedures and discipline/controls are 2 sides of the GRC coin
GRC policies and procedures that set the standard for sustainable and proper conduct by defining boundaries for the staff and management behavior. When discipline and controls are lacking an organization fails to establish and implement policies, the company rapidly changes into a problem area that no tone-at-the-top can determine.
Therefore, strict adherence to policies and procedures do matter and never to be considered as unimportant controls that create a nuisance for the innovation. Well managed policies and controls give confidence and security to the staff and operational managers to be effective and efficient. The additional time provides ample space for initiatives that generate outstanding innovative ideas.
Social compliance and security across all business relationships
Risk Management in organizations is getting more complex, dynamic, and sometimes even disturbing. Risk is no longer defined by traditional processes as we go along, but developed as strategies and divided in operating or reputational sections, involving multiple relationships across third party; suppliers, vendors, contractors, outsourcers, service providers etc. Critical to managing risk is further extended to labor standards, social compliance and security across all business relationships.
Many companies struggle to determine the value of their investment in GRC management, yet the return as a key value can sometimes be difficult to defend. In these cases, it is virtually impossible to ensure continued funding for GRC programs.
Companies that regard GRC as a journey, where risks matrix and rewards returns, are measured against the proactive in-house GRC activities alongside the reactive arguments, where cost of non-compliance can be significant are normally profitable.
The managers and staff know how to obtain a holistic view of the total cost of compliance and non-compliance. How to allocate the GRC budget and resources effectively, and demonstrate significant risk return and reward element of the GRC activities;
- Learn how your company's approach to use of technologies for managing and auditing GRC compares to others
- Test the GRC maturity of your technology development projects and plans
- Gain information about the deciding factors that affect the choice of GRC technology solutions to the budget plans
