Initiativesofgrc

GRC should sustain the transformative change in business with the right order: People, Process, and Technology.

We can't and won't be able to predict or manage every turn or twist of the business, GRC is about improving the maturity of the entire organization. For an organization embarking on a GRC journey, effective GRC should sustain the transformative change in business via checkup:Does the company have a business plan, fully developed, showing where the checkpoints and balances are? Does the plan describe how to not only implement strategic decisions but also how to monitor success. Establish holistic governance across disciplines spanning the entire value chain, build GRC principles for improving strategy management effectiveness, and accelerate business performance.

GRC is and remains the purview of top organization management: GRC view can be used to raise visibility and awareness for many things that are captured at the different levels of the organization, and bring them in front of top leadership. The problem with governance is that people enforcing governance normally have a frame of reference based on their own experiences, there is often a perception or process gap. To think critically and change progressively perhaps more often than not, business management needs to gain a holistic view about GRC.

GRC is not about a single role or reporting structure, as there are separate functions/roles. Neither is GRC about lumping them together but allowing different roles to work together in harmony. For every corporation which should work and be efficient, you need holisticGRC discipline that helps executives and management get the concept of connectivity. That's why it has usually been put into the overarching GRC (Governance, Risk, Compliance) umbrella, to improve business manageability.

The flavor of GRC practices depends on the nature of the business and the level of the organizational maturity: GRC management and controls provide management the information they need to improve business performance and achieve compliance. Keeping track of GRC activities is surely helpful in being proactive. Install, operate, and utilize GRC functions, whatever its technological enabled business capability is.

If the efficiency quotient of the organization is not impacted to a very high degree, then, GRC implementation would have been futile. In the face of “VUCA” reality, it’s important to establish holistic governance practices across disciplines spanning the entire value chain, and establish good principles for improving business management effectiveness, maturity.

GRC works best as a system: Every system is like three sides of a con, this side, that side and the integrative relationship between them. Philosophy as the abstract wisdom helps to set guidelines for enforcing business GRC discipline. A well set up governance system would have the board involved in developing, setting and monitoring the companies' strategic plan, orchestrating the strategy across the enterprise. With the critical output from an intelligent GRC system, businesses are resilient to known risks which are predicted, improve business resilience and speed.

The important characteristics of digitalization are over-complexity, uncertainty, and ambiguity. Hence, GRC (governance, risk management, and compliance) becomes more critical than ever. GRC program is a journey. GRC should sustain the transformative change in business with the right order: People, Process, and Technology. The soft stuff (value, leadership, culture, communication) is the hard stuff for enforcing GRC discipline and accelerating business performance.

Posted in: GRC,Systems Wisdom