Monday, November 2, 2020

The Monthly GRC Summary: Intelligence & Innovation Behind GRC Nov. 2020

The purpose of the GRC (governance, risk management, and compliance) 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?



Intelligence & Innovation Behind GRC  


GRC Intelligence and Maturity With overwhelming growth of information and continuous disruptions, the organizational GRC discipline has changed its shape and matured. There is no doubt it will continue to do so as the winds of change in the corporate world blow across the business community. 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.

Adopting a Social-Technical-Ecological Perspective of Governance Models The business environment becomes hyper-connected, over-complex, uncertain, and ambiguous, digital organizations are emergent at the age of information abundance. When focusing on governance, the organizations may need to consider business architecture in managing a social-technical-ecological business view, and adopt the governance models to embrace such multidimensional perspectives.

From Enterprise Risk Management to Enterprise Opportunity Management We live in an era, full of uncertainty, velocity, complexity, and ambiguity. The result is higher risks of conflict and inertia. Thus, organizations must have solid risk management disciplines, make objective assessments, develop a high-effective management framework, provide backup options, and make the transition from risk mitigation to risk intelligence - the accumulation of enough resources to thrive by capturing opportunities in it and adapting to the uncertainty and changes smoothly.

How should GRC Programs be Approached? The purpose of the GRC (governance, risk management, and compliance) is to improve business performance through the creation of value to shareholders and other stakeholders. Nowadays, businesses have to deal with the unprecedented level of uncertainty and change, hence, GRC becomes more critical than ever. Here's the context; how should GRC programs be approached? Should technology be a driver? What’re the most important GRC strategies?

Five Practices in Digitizing Corporate Governance? Theoretically, almost everything in an organization should have both management and governance components, as governance needs to focus on effectiveness-to ensure business doing the right things, and many times, management is about doing things right. However, in today’s business dynamic, does governance always need to add a heavy layer of control and enforcement which causes discomfort or even bureaucracy? Shall you think of a more innovative way to do governance? What are Agile practices in corporate governance?

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