Governance, Risk and Compliance

The world of risk management continues to evolve. Current buzz surrounds the idea of integrated governance, risk and compliance, but GRC is a discipline facing significant challenges:

• Risk management, compliance and audit traditionally have been independent from one another, and occasionally in conflict
• A cultural shift reinforcing the importance of these roles is needed to encourage participation and cooperation
• The GRC functions do not bring in revenue directly

GRC is an achievable goal, with great benefit when done successfully.

Develop a risk culture – companies that are successful with their GRC practices have implemented a top-down culture reinforcing the importance of risk throughout the enterprise. A user-friendly tool that incorporates that culture and simplifies the process, like ERA, will help you succeed.

Focus on data consistency – gathering information from disparate functions across the enterprise is a challenge. For that data to be useful, you need to ensure that the quality of the data is high, information is updated regularly and consistent standards of style and granularity are applied.

Don’t be afraid to take it slow – GRC is a large and moving target. If you have strengths in specific areas, focus on those to get some quick wins and apply those lessons to your opportunities for improvement. You can improve your credibility and chances of success by proving it works.

All industries face these challenges – select a solution that offers the flexibility to manage them in the best way for your business, and the ability to integrate these functions seamlessly.