The need for an integrated Governance, Risk, and Compliance (GRC) solution has become an important factor for organizations. As the regulatory environment changes, businesses must prioritize the adoption of an integrated GRC solution.
However, many organizations invest a sizeable budget in GRC solutions and systems that they do not understand. While most organizations have adopted a GRC solution, they did not utilize the system properly by failing to update and use the new system.
Purpose of Integrated GRC
The purpose of an integrated GRC is for an organization to meet all critical objectives for their business. However, some organizations have integrated GRC with an unsteady foundation where some pillars are available, and others are not. To build and implement a steady integrated GRC, your organization must approach it from the top to bottom – covering all areas in your business.
To optimize the use of an integrated GRC, everyone in the organization – from the leader to the operational management team – must understand the true purpose of integrated GRC. In a business, the most important factor to consider is the people. People who do not understand GRC will only act as a roadblock to your organization. Therefore, the people in your organization should understand integrated GRC as an ethical staircase to achieve your business goals.
An integrated GRC helps your company make more risk-aware decisions and ensures the work roles in your company are in harmony. With the GRC, teams need to understand how to collaborate and share information metrics to minimize risks and losses to your organization.
Integrated GRC Gears Companies to Collaborate
Integrated GRC sticks teams together to collaborate and pull information across the entire enterprise. It secures stakeholders to prevent risks, which is done in wide accuracy. This helps streamline the processes and activities in your organization. Integrated GRC fragments are aligned in an ad-hoc manner. All these works together in limited spheres.
Why Should You Choose an Integrated GRC Solution?
Integrated GRC helps leaders of your organization see a clear picture your risks within your network and system. By seeing these risks, organization leaders can also create plans and enact measures to prevent these risks from occurring. One of the most ideal images of integrated GRC is when audit, risk, and compliance activities work together. By working together, the risks in your organizations are quickly identified and resolved while minimizing the impact on your organization. Similarly, GRC solutions provide a centralized risk view. With this, leaders understand the potential risks and can easily develop ways to sort out and manage the risks.
Furthermore, with an integrated GRC solution, individuals within your organization can assess and manage their risks. This will help them fulfill compliance requirements and further increases productivity and efficiency in their teams. Not only will it reduce individual risk, but it also helps organizations take care and sort out key risks.
After analyzing and compiling the organization’s risks, it provides an analysis and report which will help leaders identify problems and risks. From there, an integrated GRC helps create various disciplines that manages your organization’s network. This includes policy management, vendor risk management, data security, and so on.
Advantages of an Integrated GRC Solution
An integrated GRC solution benefits many teams and staff within an organization. This includes business and risk owners, executive oversight teams, audit teams, regulators, process owners, and compliance teams. By helping these teams, the organization can run more smoothly by viewing a holistic picture or risk.
An integrated GRC gives your organization the opportunity to respond to risks proactively. It breaks down risks following the restrictive, functional, and organizational silos. It provides a unified model that takes care of and manages all emerging risks and vulnerabilities. This allows the organization to understand and prioritize stakeholder expectations.
A GRC solution addresses constant changes in regulations, technology, and business. It provides insight on the internal operating environment, which allows employee to fully view the risks and vulnerabilities within your organization. By following the changes in the cybersecurity sphere, a GRC solution helps set business objectives that are consistent with risks and values.
While following the changes in the cybersecurity environment, an integrated GRC solution still works between legal and ethical boundaries. It enables performance measurement to ensure the effectiveness of your organization’s system. While implementing and complying to these laws and regulations, it still achieves your organization’s objectives by considering the risk profile. With all this combined, an integrated GRC solution protects your business values while reducing IT costs.
How to Strengthen Your Integrated GRC Solution
To strengthen your integrated GRC solution, the most important element and step is to clearly define roles and priority at each level in your organization. Keep in mind that while these levels are connected, they each require a separate strategy. Your GRC solution must be flexible while still maintaining consistency.
Furthermore, a GRC solution’s basic elements cannot be neglected. This includes aligning business policies with your integrated GRC solution. The design of your organization’s GRC solution is crucial to achieve success in your organizations. As such, pay attention to the governance within your organization.
One of the most common hurdles to GRC is inadequate governance. If a clear vision is not made, the risk management culture will not be fully shared throughout the organization. Top management must consider the integrated GRC goals and methods for the solution to be effective and efficient. Parameters for GRC must be designed into a clear picture.
How to Optimize Your Integrated GRC Solution
Certain ways can help achieve an integrated and optimized GRC solution. Ensure your organization secures a strong corporate relationship. Also remember to establish a centralized GRC solution team. This will help establish the governance and security culture within your organization.
In addition, develop strategies that will track all points within your organization. Your GRC solution should consider all aspects in your organization to ensure your company’s processes run efficiently. This includes prioritizing projects and creating a risk warning system that helps identify what your organization needs to work on.
Gain a 360-degree view of your network with an integrated GRC solution. Evaluate and improve your efficiency and productivity by obtaining a comprehensive view of your organization’s system. With a complete view of your network, you can determine where your organization needs the most improvement to increase productivity and performance.
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