Monday, September 5, 2022

Initiativesofgrc

9:55 AM 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.

GRC Initiatives

Initiatives We live in a dynamic environment with information exponentiality and unprecedented uncertainty. Organizations have limited resources and budget, business management needs to take initiatives for driving changes. There are functional initiatives and cross functional initiatives, quick win or long run focused initiatives, etc. It is important to plan comprehensively, keep the “big picture” in mind, set the right priority, and take business initiatives that can differentiate the organization from its major competitors. identifying what generates the most value for the company.

Interwoven GRC Capability & Maturity The capability is the ability to achieve the desired effect under specified performance, standards, and conditions. There are multiple perspectives of organizational capabilities, and there are all sorts of capabilities. High mature capability can only be developed and sustained via strong governance discipline. There are a multitude of distinctions between corporate governance responsibilities and management responsibilities; such as governance structure, governance process, governance mechanisms, governance practices, and governance metrics, etc.

Initiativestoorganizationalconvergence Hyperdiversity and overcomplexity are part of the new normal; organizations need to enhance integral management disciplines such as strategy, change, information technology, process, people management, etc. The digital era upon us means convergence, connectivity, and collaboration.

Initiativesofgovernance Controlling and Enforcement The criteria to evaluate governance processes need to clearly identify the core competencies and focus more on process optimization opportunities. There is a myriad of information, conflicts, and change inertia in the modern business environment. One of the important goals of GRC discipline is to improve the corporate effectiveness and consistency.

Itgovernance Information Technology is the linchpin to run a contemporary organization. IT is an integral part of the business “the business” and “IT” are inextricably linked in the 21st century. IT governance evolves the leadership, organizational structures and processes that ensure the IT organization sustains and extends the enterprise strategies and objectives.