Governance, risk management and compliance (GRC) is a term referring to an organization’s approach to managing issues related to corporate governance, risk and compliance. With growing regulations and added organizational threats (both internal and external), GRC continues to become increasingly important, as it allows organizations to achieve objectives, address uncertainties and operate with integrity.
Though GRC isn’t a new term, it continues to evolve. As such, the scope of GRC has grown beyond traditional financial or legal compliance to include items such as performance management, sustainability, quality assurance, and ethics management. The image on the right provides more context on the various components of GRC and what organizations might have to take into consideration when building their strategies.
In the beginning, many organizations started by managing their GRC through utilizing spreadsheets. However, this time-consuming process often results in ineffective and redundant GRC management, as it typically becomes siloed between departments. As new technology is introduced it is becoming increasingly easier and more popular for organizations to switch to an integrated, online approach for their GRC management.
According to Deloitte in the article The Benefits of Integrating Governance, Risk and Compliance, integrated GRC:
- Provides organizations with high-quality data, which allows management to make informed decisions regarding their GRC strategies.
- Manages organizational risks, which aids in protecting an organization’s brand and reputation.
- Optimizes processes and removes duplication of work, which improves capital allocation and reduces costs.
- Directs GRC activities to appropriate individuals and/or departments throughout an organization, which breaks silos and improves overall effectiveness and efficiency.
Governance, risk management and compliance is an area that is constantly evolving – and so is your business. Integrated GRC technology provides organizations with a centralized platform for GRC management, with the intent that processes become embedded in day-to-day tasks. It also gives organizations the flexibility to easily adapt to changing regulations and requirements.
How ComplyWorks can help
ComplyWorks is a global leader with compliance management solutions that can help you meet your GRC goals. Since 2004, our easy-to-use, scalable and affordable web-based solutions have enabled businesses to streamline their entire compliance lifecycle including contractor, workforce and worksite management. With service in over 80 countries and growing, ComplyWorks provides global capabilities and local deployment.
If your organization is ready to ditch the spreadsheets and digitize its compliance management, contact us today for a free demo.
