Tuesday, January 24, 2023

Initiativesofgrc

9:29 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

Initiativesofgovernance The world has become much more complex and smaller all at once due to blurred territories, virtual interactions, intriguing business reality, and global professional mobility. Governance is complex because the management discipline and GRC practices are more interdependent than ever.

Initiativesofgovernance The digital environment is constantly changing, forcing the business to keep adjusting accordingly. In fact, today’s organization has become much more dynamic, informative, hyperconnected, and interdependent. Governance is the structure and process of authority, responsibility, and accountability in an organization to enforce business management.

Initiate Governance Unpredictability, uncertainty, and the probability of surprising emergent properties increase with the complexity of the business systems. Organizations become complex as an evolutionary trend, for responding to dynamic business environments proactively.

Initiativesofgrc Due to frequent disruptions and fierce competitions, organizations today need to constantly improve the business and see change as an opportunity. Governance is the structure and process of authority, responsibility, and accountability in an organization to enforce business management.

Initiativesofgovernance Organizational governance is about steering the company in the right direction; providing monitoring, measuring, and enforcement mechanisms to corporate management. The more complex contemporary organizations become, the broader scope of corporate governance turns out to be. In today's business dynamic, traditional compliance-driven governance perhaps overly focuses on compliance, without paying enough attention to performance. Governance shouldn’t add a heavy layer of control and enforcement which increases bureaucracy. Governance principles need to be assessed, evaluated, and modified to address the latest trend, governance practices and disciplines should be enforced