Improve business performance: transform your
Evolving expectations for governance, risk and compliance (GRC) programs
As growth expectations intensify, regulation increases and more technology innovations enter the market, GRC programs must continually reassess how to effectively and efficiently meet key strategic objectives.
Amid these challenges, most organizations’ GRC functions are still struggling to provide the expected value, both in fulfilling its tasks and realizing savings.
Companies lagging behind the innovation curve increase their vulnerability to proliferating risks.
Opportunities exist to transform your governance, risk and compliance program to realize savings and improve performance. Leading companies have achieved successful results by focusing on:
- Using an integrated risk management approach
The ability to anticipate, respond and continually adapt to risk continues to be critical for an effective GRC program — yet various functions (such as internal audit, internal controls and compliance) are not aligned with strategic risks and business performance measures. Understanding the drivers and impact of risks makes it easier to optimize compliance activities, investment strategies and capital allocations as well as identify and drive process improvement opportunities.
- Simplifying GRC processes
To enhance decision making and avoid unnecessary costs, establishing a comprehensive enterprise-wide risk and control governance model is crucial, ensuring that the corporate risk strategy is balanced and that responsibilities for risk oversight and ownership are properly defined. Companies with successful GRC programs continue the convergence of their GRC functions by aligning their mandates and scope, coordinating infrastructure and people, and leveraging consistent methods and practices.
- Embracing GRC technology
Leading organizations recognize that technology is essential to execute processes effectively and efficiently. GRC technology offers inherent functionality that can help drive optimization and standardization through automation and centralization, which further ensures success of a GRC program.
Our full report shows how focus on these key transformational levers to realize savings and improve business performance. It’s time to act now and position your company for long-term success:
- Do you have a comprehensive risk vision and strategy?
- Have your risk vision and strategy addressed the three main risks: external, strategic and preventable?
- Does your board have confidence that you understand their risk vision and appetite?
- Have you established your risk appetite and tolerance for strategic risk events that could provide upward or downward potential to the business?
- Are you confident that there are no gaps in risk coverage and that they have visibility into how issues roll up and impact the strategic business risks?
- Do you have visibility into the risk coverage of the company?
- Are you confident that risk responses and compliance activities are optimized across the organization?
- Do you effectively leverage GRC technology to support your GRC program?
If the answer to any of these questions is “no,” it is time to take action. Contact us today.