GRC is an approach which combines three pillars of a modern and well-managed business – Governance, Risk and Compliance.
The key pillars on which this approach is based are:
- Consolidation information of external and internal regulations as well as defined risks and implementation of central Risk Analysis.
- Giving all identified risks & processes their “owners” who take responsibility for supervising and servicing them which in turn leads to Accountability.
- Crossing borders between the departments (siloses) and initiating Cooperation to achieve the organization’s goals.
- Implementing mechanisms that allow monitoring targets achievements and ensuring Transparency.
- Improving Effectiveness through automation of repeatable manual operations.
Effective implementation of GRC rules often involves major change in the way an organization is run.
This approach is based on breaking the silo-approach, where each department is interested only in its own affairs, and on building processes crossing boundaries of departments. The process of full implementation of GRC rules in the organization isn’t easy and requires to be planned and is based upon understanding the level of maturity of your organization.