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.

Initiatives of Governance

Initiativesofgovernance (v) Running a business is complex, governance as an interdependent discipline of management helps to steer business in the right direction. Governance is the structure and process of authority, responsibility, and accountability in an organization.

Initiativesofgovernance (iv)With "VUCA" new normal, running business today is complex, management and governance are interdependent disciplines, a business takes both for success. In some circumstances, the line between management and governance is blurred, Thus, corporate board and management need to work collaboratively to re-imagining management discipline, reinventing governance. Statistically, the organizations with strong governance achieve better profitability and higher performing results than their competitors.

Initiativesofgovernance (iii) Business governance is a collective mindset; and can be used to raise visibility and awareness for what happens at the different levels of the organization. Corporate governance discipline can fulfill its purpose as a high-level business enabler by facilitating dynamic strategic planning, enhancing interdisciplinary knowledge management, and providing a structured communication bridge between varying stakeholders. It is an internal control to monitor the path of iterative management continuum.

InitiativesofGRC (ii) Upon “VUCA '' reality, the intention for proactive change and radical innovation will make governance agiler and interdisciplinary. Organizations have been seeking to improve their ability to define and communicate clear, consistent, enterprise-wide GRC. Holistic GRC plays an important role in running an effective organization with agility, innovativeness, and achieving a high level of organizational maturity.

Initiativesofgovernance Governance is like steer-wheel, to ensure enterprise running in the right direction and well headed to the destination at the premium speed. It’s important to set up strong governance initiatives in an organization for identifying those common risks which various stakeholders in the organization have to deal with and aim to minimize.

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