Governance, risk, and compliance, also referred to as GRC, is a collection of processes and procedures that help companies and organisations meet their business objectives, act with integrity, and address uncertainty. The accelerating pace of risk and compliance in modern times means it is not just good practice but responsibility for businesses to instil GRC practices in their organisation and everyday life.
GRC encompasses many business actions and industries, including enterprise risk management, compliance, internal audit, and third-party risk management. Despite differing industry priorities and modes of doing business, companies are beginning to understand the power of sharing intelligence and data to drive results and build more robust and resilient companies.
What does GRC mean?
GRC consists of three elements:
- Governance – The methods and controls that determine how an organisation is directed. Governance is essential for creating direction, monitoring controls and performance, and analysing and assessing outcomes.
- Risk – A potential event that might harm, create loss, or make achieving objectives challenging. Governance, compliance, and risk management demonstrate that the company can identify, analyse, and control risks that might unhinge strategies instrumental in meeting business goals.
- Compliance – The action that ensures guidelines, procedures, policies, and standards are met and adhered to. Compliance is accountability consistency and guarantees the company is following control measures.
Benefits of GRC
The five benefits of GRC are:
- Stability – Reduces exposure to short and long-term risk while accommodating scalability and agility.
- Transparency – Processes and controls become visible.
- Optimisation – Efficiency and traceability are increased as non-value-adding activities decrease.
- Consistency – Objectives, values, and vision become aligned.
- Reduced costs – Action, testing, and control costs are reduced.
To address GRC, you will need to implement risk management, audit management, document management, reporting, and analytics.
GRC will help businesses like yours, and we can help you transform dynamic business risks into sustainable growth prospects and offer long-term gains. By reconstructing or customising the framework, focus, and capabilities of the compliance risk management processes, we question the traditional methodology of governance, risk, and compliance services.
Want to see exactly how you can benefit from GRC? Contact us today.