“Knowledge constantly makes itself obsolete with the result that today’s advanced knowledge is tomorrow’s ignorance”. One has to be on the learning curve and continuously move up. Business today operates in a highly complex & dynamic world. GRC is a discipline that brings together focus areas across corporate governance, enterprise risk management and corporate compliance. The aim of an effective GRC strategy is to ensure that the right efficiencies are brought in and more effective information sharing & reporting mechanisms are enabled.
Adoption of The GRC Regime in the Past, Present & Future
GRC in the Past, Present & Future
GRC as an acronym denotes GOVERNANCE, RISK, and COMPLIANCE but the full story of GRC is so much more than these three words. Organizations in the past followed a non-integrated process to manage GRC. This non-integrated process led to a cumbersome environment in the organization followed by high costs, duplicity, lack of visibility into risks, inefficiency, greater vulnerability, Inability to address third-party risks, and too many negative surprises.
The core essence of GRC has evolved in response to the need for a standardized and centralized data and process management structure supporting compliance and risk management functions in light of increasing complexity in both activities.
An effective GRC regime is essential in today’s business world but can be challenging to implement. The organization in the present have realized that implementing the GRC system can lead to more efficiency, reliability and is important for sustainability and future development. GRC can altogether transform your business. But, there are certain challenges pertaining to implementing GRC system, the most important is the buy in from stakeholders. It is pertinent that stakeholders should understand the importance of GRC system and benefits it can bring in.
GRC processes not implemented properly can create silos at many companies, creating abundant frameworks and systems which can result in:
- Poor understanding of financial, operational, IT, regulatory, and fraud risks.
- Ineffective risk minimization.
- High GRC costs
- Weak financial statements
Today, however, businesses are investing in GRC implementation and demanding much more from their GRC programs. When businesses accomplish these objectives well, they are positioned to excel in security, reliability, automation, and privacy. But first, they need to integrate GRC with the rest of the business to build a level of digital trust in terms of data accuracy and reliable business processes. Compliance can be overwhelming, but with a tool like VComply, the risk of noncompliance is enormously reduced. VComply is a one-time solution for all mid-size and large size organizations. VComply provides different solutions like Audit management, IT management, risk management, Enterprise GRC management, Performance management and many more.
So What is GRC’s future in the next few years?
Organizations initiating or are already in the middle of their GRC journey should ideally opt for a holistic, integrated and programmatic approach. It is important to understand that responsibility for GRC compliance lies not with just a few individuals, but rather in the combined hands of the entire organization. Regardless of GRC’s past, present, or future, GRC platforms represent the best way to meet the requirements of compliance and risk management. No matter how you define it, the adoption of a GRC platform can be a defining moment at your company.
VComply helps an organization manage compliance, risk, governance using a centralized database. VComply ensures your organization is at the right track by providing a hassle-free environment that your business requires!