Friday, March 6, 2020

The Monthly “Digital Master” Book Tuning: Insightful Understanding of GRC Mar. 2020

 The purpose of the GRC is to improve business performance through the creation of value to shareholders and other stakeholders. 

The important characteristics of digitalization are over-complexity, uncertainty, and ambiguity. Hence, GRC (governance, risk management, and compliance) becomes more critical than ever. Here's the context; how should GRC programs be approached? Should technology be a driver? Can you achieve any level of GRC without automation? Can you achieve any level of GRC without people? What is the real driver of GRC?



Insightful Understanding of GRC  


GRC Perceptions and Disciplines Compared to the business world decades ago, today’s organization has become much more dynamic, complex, hyperconnected, and interdependent. The digital environment is constantly changing forcing the business to keep adjusting.

What is the Driver of GRC Culture and awareness are the most critical aspects of GRC, and can only be implemented in humans? The important characteristics of digitalization are over-complexity, uncertainty, and ambiguity. Hence, GRC (governance, risk management, and compliance) becomes more critical than ever. Here's the context; how should GRC programs be approached? Should technology be a driver? Can you achieve any level of GRC without automation?

GRC Methodology vs. Technology Digital technologies bring significant opportunities and risks in today’s businesses. Hence, GRC (governance, risk management, and compliance) plays a more important role in running an effective organization. GRC methodology vs. technology, how to balance them right in improving organizational agility and maturity?

How to Evaluate the Success of GRC The purpose of the GRC is to improve business performance through the creation of value to shareholders and other stakeholders. Usually, the factors considered for evaluating or measuring the successful implementation of technology, either GRC or some other area, are always contextual and subjective, as GRC is more as a state of mind, and it’s multi-dimensional practices.

Brainstorming upon GRC Structure & Practices In many organizations today, Governance, Risk, and Compliance have been separate functions or roles within the company. According to the survey from prestigious consulting firms: Almost two-thirds (63 percent) of survey respondents say that GRC convergence is a priority for their organization, driven by business complexity, a desire to reduce risk exposure and a need to improve corporate performance. In addition: the cost of GRC is significant and rising by the year. Half of those taking part in the survey estimate that governance, risk, and compliance is costing their business around 5 to 10 percent of annual revenue. Therefore, there’s brainstorming on how to optimize GRC structure and enforce GRC practices?

The “Future of CIO” Blog has reached 3 million page views with about 6500+ blog posting in 59+ different categories of leadership, management, strategy, digitalization, change/talent, etc. The content richness is not for its own sake, but to convey the vision and share the wisdom. Blogging is not about writing, but about thinking; it’s not just about WHAT to say, but about WHY to say, and HOW to say it. It reflects the color and shade of your thought patterns, and it indicates the peaks and curves of your thinking waves. Unlike pure entertainment, quality and professional content take time for digesting, contemplation and engaging, and therefore, it takes time to attract the "hungry minds" and the "deep souls" It’s the journey to amplify your voice, deepen your digital footprints, and match your way for human progression.

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