Friday, January 13, 2023

Innovationgrc

10:52 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.

Innovation GRC

Innovationgrc Governance is to ensure business running smoothly by improving business effectiveness and risk intelligence. Due to hyperconnectivity and interdependence of the business, governance is neither linear nor single dimensional nowadays, overly rigid governance might stifle innovation. it should be understood via multidimensional lenses such as innovation, people, and multidimensional value perspectives, and enforced holistically.

Innovationgovernance As businesses get more cut-throat in an ever-changing environment, innovation is the light all forward-looking organizations are pursuing. However, innovation management has a considerably low percentage of success rate. As there are learning curves and various barriers on the way.

Innovationrisks nnovation in its basic nature is a high risk area; more often you are doing something that hasn't been done before, so innovation has a very low success rate statistically. Innovation risk management would need to be flexible and applicable to a dynamic situation, where innovation strategies are changing frequently.

Initiateinnovationgovernance The digital era upon us is about innovation, choice and people. Innovation is high-risky because more often you are doing something that hasn't been done before. Governance is critical for meaningful innovation as it provides monitoring and enforcement mechanisms to corporate management.

Innovationrisk Innovation is a systematic way of applying creativity in real-life and it takes disciplines to manage both opportunities and risks but what are the characteristics of an innovation risk management framework?