The flavor of GRC practices depends on the nature of the business and the level of the organizational maturity.
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? Modern corporate boards play significant roles in guiding businesses in the right direction and achieve expected business results. Here are the multiple perspectives of shaping a strategic boardroom with digital acumen.
Compliance & Performance
Innercompliance Compliance is the management discipline of designing and implementing effective steps to ensure that the organization actually complies with the laws and regulations relating to its operations, In fact, ensuring and overseeing legal compliance is an essential part of senior leadership roles, as a good reputation to be seen as a good corporate citizen is one of the biggest assets of a company and most definitely a value creator.
Innovatecompliance In the digital age, with overwhelming growth of information and fast pace of changes, the knowledge life cycle is significantly shortened. The digital workforce today has to practice real critical thinking, learn and relearn all the time, and then apply those lessons to succeed in new situations.
Interconnectionconformanceperformance The Corporate Board is one of the most important governance bodies to oversee strategy and enforce GRC disciplines. Many directors think that the role of the director is conformance. The underlying question is actually fundamental: What is corporate governance, when is it necessary and how should it work? Conformance vs. Performance, which is more important for the Corporate Board? Is it possible that companies are burdening the boards with so many different tasks that the main task and focus of the board, which is to create long-term profitable companies, will be inundated by all other types of issues?
Improve Organizational Maturity via Business Intelligence The Corporate Board is one of the most important governance bodies to oversee strategy and enforce GRC disciplines. Many directors think that the role of the director is conformance. The underlying question is actually fundamental: What is corporate governance, when is it necessary and how should it work? Conformance vs. Performance, which is more important for the Corporate Board? Is it possible that companies are burdening the boards with so many different tasks that the main task and focus of the board, which is to create long-term profitable companies, will be inundated by all other types of issues?
Should Risk & Compliance Stay under the same Umbrella As part of the effort to run a successful business, organizations have to manage the risks to business operations with an eye on strategic plan. Requirements to ensure compliance are another component of the company’s risks. However, in some businesses, compliance functions say that they never talk to their cousins of Risk Management. What are ideal reporting lines for risk and compliance, should they stay under the same umbrella?
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