Monday, April 3, 2023

InitiativesofGRC

11:07 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. 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

Initiativesofgrc 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.

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.

InitiativesofGRC 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.

Initiativesofgrc Governance is about how well an organization is being run and if set up right, it should oversee the achievement of the vision, mission, and objectives. In order to function smoothly, an enterprise has to be linked to the many and varied ‘touchpoints’ between itself and the marketplace environment of which it is a part today. Without governance as a steer wheel, the business will face significant risk for survival, and opportunities which it creates cannot be properly transferred into multidimensional business value.

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.