With the critical output from GRC intelligence, businesses are resilient to known risks which are predicted, and deal with them effectively.
At a higher level, GRC intelligence becomes a strategic imperative for business execution. Because without effective GRC discipline, the business will face significant risk for surviving, and opportunities which it creates cannot be properly transferred into multidimensional business value.
GRC process intelligence: The effective analytics-based GRC monitors change, alerts the organization to risk conditions or compliance requirements, enables accountability and collaboration around changes impacting the business. It intends to predict future events and gain foresight upon the potential business risks: What will happen? How to set principles, prevent the risks or what can be done to make business more resilient and well prepared for the possible disruptions. Without an effective GRC discipline, those that see risk defensively and with pessimism are more likely to avoid risk management altogether, but when they do often, risks are overstated and cause paralysis. As a result, it risks being relegated to status to a simple process driven ideology rather than an enabler to address future pressures.
Often risk and opportunity co-exist. Risk should be seen in a much more positive light as it creates many opportunities for those that wish to see beyond a defensive response. Intelligent GRC processes are the processes by which information is converted into intelligence, planning and direction, processing and analytics, dissemination and integration, evaluation and feedback. Those that take a very objective view, data-based analytics, and pragmatic practices of GRC are more often than not the ones who come up with imaginative and innovative ways to turn it to their advantage. The intelligent GRC process needs to have dynamic aspects to it. It is rigorous; it can handle ad-hoc and exceptional matters smoothly and it ‘knows’ enough to be able to handle failures effectively.
The goal of GRC intelligence is to optimize decision making: Under strong Enterprise GRC disciplines, companies can look at the things they essentially do not want to happen and make effective decisions to deal with them smoothly. Such as the things that would prevent the execution of the strategy or operational plans from achieving the stated aims or that would even make the strategy and operational plans completely obsolete. The problem is, governance is almost always associated with compliance and control.
Given many organizations don't view governance as "decision-making optimization," their GRC efforts usually devolve into time-consuming, costly, overbearing bureaucratic constructs. There is a very real risk that governance as a discipline will begin to lose focus of its prime purpose if it does not address strategically important emerging issues. "Optimal" decision-making mechanisms ensure decisions occur as fast as they possibly can to adapt to the “VUCA” new normal, with the speed being in perfect balance with cost and risk for the given decision situation.
The goal for GRC measurement is to build a solid understanding of decision support and manage risks effectively: A measurement system is a necessary foundation for improving GRC discipline and making continuous improvement. It's partly the 'what gets measured gets managed' conundrum. In essence, the goal for GRC metrics and measures is to build understanding on decision support. A KPI must last while the GRC process it is measuring lasts. It must be constantly reviewed and improved, of course, so is the process.
The greatest risk for organizations today will be a real business/reputation issue that is not being properly identified or managed. but by mapping and measuring complex interactions in real-time can gain early warning or have anticipatory awareness of possible/plausible negative impact. The data-oriented metrics-wise engagement is leading the organization to become much more proactive and intelligent in problem-solving, proposing, as opposed to responding to ideas, The bottom line of return on investment (ROI) should be achieved and can be measured if there is a marked improvement in optimizing processes, and managing risks to an acceptable level and grasp growth opportunities to achieve tangible business results.
We can't and won't be able to predict or manage every turn or twist of the business, GRC needs to be people centric, including engagement and motivation because a focus on control and enforcement has the tendency to damage an enterprise's capacity to grow the business. With the critical output from GRC intelligence, businesses are resilient to known risks which are predicted, but still there is an element of uncertainty with respect to unknown risks. To mitigate such elements, it needs to take continuous monitoring without manual interventions. A solid GRC approach enables the organization to optimize business operation management capacity with a keen eye to grasp growth opportunities, manage risks, and achieve performance excellence.
GRC process intelligence: The effective analytics-based GRC monitors change, alerts the organization to risk conditions or compliance requirements, enables accountability and collaboration around changes impacting the business. It intends to predict future events and gain foresight upon the potential business risks: What will happen? How to set principles, prevent the risks or what can be done to make business more resilient and well prepared for the possible disruptions. Without an effective GRC discipline, those that see risk defensively and with pessimism are more likely to avoid risk management altogether, but when they do often, risks are overstated and cause paralysis. As a result, it risks being relegated to status to a simple process driven ideology rather than an enabler to address future pressures.
Often risk and opportunity co-exist. Risk should be seen in a much more positive light as it creates many opportunities for those that wish to see beyond a defensive response. Intelligent GRC processes are the processes by which information is converted into intelligence, planning and direction, processing and analytics, dissemination and integration, evaluation and feedback. Those that take a very objective view, data-based analytics, and pragmatic practices of GRC are more often than not the ones who come up with imaginative and innovative ways to turn it to their advantage. The intelligent GRC process needs to have dynamic aspects to it. It is rigorous; it can handle ad-hoc and exceptional matters smoothly and it ‘knows’ enough to be able to handle failures effectively.
The goal of GRC intelligence is to optimize decision making: Under strong Enterprise GRC disciplines, companies can look at the things they essentially do not want to happen and make effective decisions to deal with them smoothly. Such as the things that would prevent the execution of the strategy or operational plans from achieving the stated aims or that would even make the strategy and operational plans completely obsolete. The problem is, governance is almost always associated with compliance and control.
Given many organizations don't view governance as "decision-making optimization," their GRC efforts usually devolve into time-consuming, costly, overbearing bureaucratic constructs. There is a very real risk that governance as a discipline will begin to lose focus of its prime purpose if it does not address strategically important emerging issues. "Optimal" decision-making mechanisms ensure decisions occur as fast as they possibly can to adapt to the “VUCA” new normal, with the speed being in perfect balance with cost and risk for the given decision situation.
The goal for GRC measurement is to build a solid understanding of decision support and manage risks effectively: A measurement system is a necessary foundation for improving GRC discipline and making continuous improvement. It's partly the 'what gets measured gets managed' conundrum. In essence, the goal for GRC metrics and measures is to build understanding on decision support. A KPI must last while the GRC process it is measuring lasts. It must be constantly reviewed and improved, of course, so is the process.
The greatest risk for organizations today will be a real business/reputation issue that is not being properly identified or managed. but by mapping and measuring complex interactions in real-time can gain early warning or have anticipatory awareness of possible/plausible negative impact. The data-oriented metrics-wise engagement is leading the organization to become much more proactive and intelligent in problem-solving, proposing, as opposed to responding to ideas, The bottom line of return on investment (ROI) should be achieved and can be measured if there is a marked improvement in optimizing processes, and managing risks to an acceptable level and grasp growth opportunities to achieve tangible business results.
We can't and won't be able to predict or manage every turn or twist of the business, GRC needs to be people centric, including engagement and motivation because a focus on control and enforcement has the tendency to damage an enterprise's capacity to grow the business. With the critical output from GRC intelligence, businesses are resilient to known risks which are predicted, but still there is an element of uncertainty with respect to unknown risks. To mitigate such elements, it needs to take continuous monitoring without manual interventions. A solid GRC approach enables the organization to optimize business operation management capacity with a keen eye to grasp growth opportunities, manage risks, and achieve performance excellence.
0 comments:
Post a Comment