Friday, December 16, 2022

Initiativesofgrc

10:56 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.

Initiatives of GRC

Initiateglobalinnovationgovernance Our global world is forced to "grow out" of an old paradigm because of constant changes with frequent disruptions in reality. Peoples across the boundaries should refine their knowledge into more unified insight; develop global cognition by learning, experimenting better ways to do things. They not just adapt to a dynamic global environment, but to influence progressive changes constantly. Global leaders articulate strategic visions, navigate directions, set criteria and standards for shaping an advanced global society.

Initiatebodgovernance Uncertainty and frequent change is the new normal; to thrive in the “VUCA” digital era, the challenge of managing change today is tough, business leaders must see possibilities before others; they can tackle great challenges with grand consequences over long time spans.

Initiatevalue Every organization has a purpose, as well as a set of values to reveal its purpose. The value of the firm goes beyond economic value or shareholder value, to include other forms of value such as societal value, employee/customer value, supplier/alliance partner value, managerial value, etc.

Initiativesofriskagility In face of unprecedented opportunity and risk for organizations today, it is nevertheless true that change itself has become unpredictable and evolutionary, business leaders today can’t predict every turn or curve on the journey. There is a great deal of uncertainty and ambiguity involved in the risk management process. There are strategic risks, operational risks, and systemic risks, etc. The efforts on identifying, integrating, measuring and managing risk systematically are critical to build business advantage in the long run.

Innovategrc Enterprise becomes more complex than ever, uncertainties and complexities are a common occurrence in any walk of human progress. GRC are a set of complex processes that, if well executed at the different levels of organizational hierarchy, will lead to decision coherence and business effectiveness.