Wednesday, September 21, 2022

Illuminategrc

5:59 PM Pearl Zhu No comments

The flavor of GRC practices depends on the nature of the business and the level of the organizational maturity.

Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals. 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.

Illuminate GRC

Illuminategrc For every corporation which should work effectively, strong governance, risk management disciplines help executives and management perform a risk analysis, raise visibility of their core processes, harness corporate connectivity via communication, coordination, and control, and improve organizational agility, maturity.

Illuminateinnovation Innovation can happen anywhere in the organization, it has to occur in every aspect of the organization. How well the organization manages innovation is based on the varying factors, such as the speed of decision-making, attitude toward risk, resource allocation; how efficient the innovation processes or lack thereof, or the overall innovation competency.

Uncoverrisklogic The “VUCA” reality brings both an abundance of business opportunities and numerous potential risks. Any business can be at risk for survival at any minute due to continuous fast-paced changes and continuous digital disruptions. In business, every day is a risk, companies that are stuck with their old ways are exposed to the risk of being rapidly disrupted.

Innerlevelsofgovernance The organizational ecosystem environment is constantly changing, forcing the business to keep adjusting and streamline flow. There are natural frictions between different functions of the organization. In many companies, much of GRC management is reactive in the sense that there is a lot of rushing around trying to fix problems instead of preventing risks. Fundamentally, governance needs to focus on business effectiveness - doing the right thing, it has a direct link to each business and its processes. Not only from the financial results, but also from the involvement and signs being displayed about what guidance, values, and principles governing the company's commercial activities. Here are different levels of governance.

Innovationgovernance Isn’t governance about -accountability, superior management, to ensure organizations moving forward, creating multidimensional value, seamlessly?