Three-Pronged Approach to Successful GRC Transformation

As people transform their lives, organizations are transforming the way they do business largely in answer to the ever-changing regulatory landscape.

Rapidly changing business trends and increasing regulatory demands are calling for organizations to reassess how GRC programs effectively and consistently meet key strategic objectives. The sad truth is that most organizations are still on the lookout for their GRC initiatives to drum up expected value both in terms of achieving its tasks and increased margins.

My experience serving various industries and working with a diverse roster of clients have taught me that this three-pronged approach is critical to transforming GRC initiatives for high performance.

Streamlining GRC processes. Smart organizations recognize the value of streamlining and automating their GRC process to enhance decision-making and avoid unnecessary costs.

Using an integrated risk management approach. Leading organizations have begun to realize the importance of identifying risk in the context of business processes to increase performance, operational excellence and margins. This means that the risks can be associated with specific processes or activities within a business or business unit. Not only does this provide a context for the risk, it also establishes clear ownership of each instance of this risk based on who owns the process. This integrated risk management and business process approach exists at varying levels of maturity within these companies. Hello 360 visibility!

Embrace technology. You’ve heard it before – Get in the cloud. Harness big data. High-performing organizations recognize the importance of technology in carrying out processes effectively and efficiently. Automation and centralization drive optimization, standardization which ensures the success of your GRC program which in turn drives operational excellence and increases margins.

The complex organization – characterized by more people, a dispersed labor force, various regional operations and dealing with more and more regulations – faces increased risks, affecting the company’s abilities to achieve its objectives. The struggle to manage risks across the enterprise becomes real. The risk landscape is being constantly reshaped by changing business trends and technological advancements. Refusing to take the route of innovation increases your vulnerability to risk.

To conclude on my festive theme, we know all too well the enterprise risks of the ‘Past’, are currently getting to grips with the ‘Present’, but have to dramatically change the way we think in order to integrate and automate our efforts for the ‘Yet to Come’.

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