Our work could seek to deliver a full and functioning GRC framework or we can provide assistance to improve any elements you already have in place.
Governance is the process by which directors and executive management set overall business objectives and oversee progress toward those objectives
Risk is the extent of uncertainty around the achievement of business objectives. Risk Management is the process of identifying, measuring, mitigating and monitoring risk with the primary objectives
Compliance is the process that ensures the entity is adhering to its internal policies and that its policies and procedures are established to comply with applicable laws and regulations, and that they are performing as intended.
The has become a serious risk factor in itself.
Organisations worldwide are therefore coping with a proliferation of new regulations and standards and are challenged to do so in a way that supports performance objectives, upholds and demonstrates stakeholder expectations, sustains value and protects the organisation’s brand.
The earlier part of the decade (the so-called “Enron era”) demonstrated that the pursuit of profit without a commitment to good-faith business principles and responsible business behaviour comes at a high cost to shareholders.
The latter part of the decade (the financial crisis and the Covid pandemic) demonstrate that pursuit of profit without consideration of your people, strategic business risks, the impact of risk taking and ignoring underlying market conditions can have a catastrophic ripple effect across all industries and geographies.
Complying with each individual regulation is always complicated, lengthy and costly. Managing the burden of complying with multiple and overlapping regulations is becoming increasingly difficult and expensive. The need for an integrated GRC (Governance, Risk Management and Compliance) in today's business environment is growing fast.
Despite the hype around this topic, only a few organisations have succeeded in implementing a truly integrated GRC platform due to the complexity of the GRC environment.
This does not simply centralise the GRC functions but seeks to integrate all relevant policies, processes, procedures and controls. Specifically, this approach is designed to identify and standardise common processes, procedures and controls ensuring that they are consistently rolled out throughout the organisation and in order to address the following, common, organisational realities:
A disconnect between governance, risk management and compliance functions within organisations and their interaction between their relevant organisational ‘silos’.
Inefficiencies or duplication of corporate effort with multiple approaches to managing the same or similar risks and controls;
Inconsistency within the governance, risk and compliance frameworks themselves.
Lack of transparency and uniformity in approach across the frameworks and organisation.
An increased risk of unidentified gaps in these frameworks and controls.
Organisational culture and internal scepticism (another ‘fad’).
An integrated GRC framework is almost a reversal of this traditional situation.
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anthony.taylor@resolvegroup.co.uk