Where will it all end? We live in a world where we face incessant tsunamis of fresh laws and regulations every year. Even those existing regulations that have yet to be fully embedded, add to the onslaught, with waves of revisions and adaptations, even reassessment and updated interpretations. How on earth are organizations coping with the plethora of regulatory change!
The majority of businesses have struggled to adapt to rapidly changing regulatory challenges within their sectors. Plus most sectors are under ever-increasing scrutiny from customer, government, regulator and stakeholders alike. The threat of reputational risk proliferates.
Businesses now have to be able to demonstrate responsibility, sound ethics, sustainability, and trustworthiness. But the toughest challenges are the actions that must be taken to match these words! As they say “actions speak louder than words”.
In order to rapidly respond to the changing regulatory challenges, businesses have had to rethink their approach to governance frameworks and processes. It has become necessary to implement effective measures for achieving regulatory compliance and meeting a variety of stakeholder demands. One key area is better and effective Governance, Risk management and Compliance (GRC).
What is GRC? In a nutshell, GRC is a framework; an integrated approach in order to manage and develop business responses to the above challenges. GRC initiatives often promoting an integrated enterprise-wide view of risk
and compliance. Others aim for focused approaches, such as domain specific or point solutions (solving a specific weak point). Whatever the approach, it appears that many businesses are hastily attempting the delivery of GRC programmes across their organizations.
With heightened focus on governance and internal controls, it’s not surprising that overcoming the challenges is high on the business agenda. Especially as it may enable those businesses that deliver GRC programmes successfully to exploit (in a positive way) new business opportunities.