An Aide-Memoire to GRC Thought Leadership

I had an invigorating lunch meeting yesterday with a colleague and Enterprise Risk Management thought leaders. We were halfway through lunch when something dawned upon me which was undeniably called forth by the different topics in GRC that we were discussing – an aide-memoire. It was a thought that came in a jolt and brought me memories of my past work experiences in the companies I have worked for.

 

One of the things which dawned on me was how the different divisions in an organization are working on their respective systems without realizing that if you look at it from afar or as a whole, they are systems gearing towards GRC and they are in fact for GRC – Governance, Risk and Compliance. These functions can be easily taken care with state of the art GRC software that is automated and fast.

These management systems, standards, best practices, regulations – be it:

• Information Management System
• SEMS Compliance
• Quality Management System
• Lean Six Sigma
• IT Service Management
• NERC Compliance
• OSHA
• SAS 70
• Corporate Governance
• Internal Audit
• Quality Assurance
• Quality Control
• Business Process Improvement

what have you – we are thriving to work on them for GRC. I have witnessed how some companies give so much focus on compliance only without exercising proper risk management and governance. There are also some companies that give so much attention on governance without realizing the value of risk management and compliance.

I see now where the big disconnect is amongst organizations. I believe that if GRC is approached as a holistic and systematic business strategy by using a cutting edge regulatory compliance software like Predict360, companies will be able to overcome most of the pain points, if not all. Companies should realize the relationship between governance, risk and compliance. Raising awareness will help all the employees in the organization across all levels understand it. The management has to be passionate in driving employees to perform towards a common goal – GRC.