Improving Governance, Risk Management and Compliance (GRC) strategy is an ongoing necessity for organizations looking to remain competitive and resilient. In order to help companies face the challenges and uncertainties in the current and future scenario, we present the 5 essential steps to improve your GRC strategy.
1. Set Goals
The first step is to assess the organization’s capacity, determine and verify that the main objectives are being achieved. If these goals haven’t been set yet, it’s a good idea to do so. If you are already involved in GRC-related activities, assess your strengths and weaknesses, identifying areas that need improvement. Once a clear long-term vision for the GRC strategy is defined, creating a plan to steer the organization in that direction becomes more attainable.
2. Engage the right people
Having the right team can enhance an organization’s GRC strategy. They can identify and assess potential risks, establish rules and protocols to ensure compliance with the law, implement controls and procedures to oversee and manage risks, and devise practical plans that are aligned with business objectives.
3. Adopt Proper Technology
Using the right technology allows you to track and manage risks on an ongoing basis with minimal manual intervention, such as GRC software. Together, they offer numerous advantages, including time and effort savings through automation, systems integration for a holistic view of risk, insights driven by data analytics, and enhanced team collaboration.
4. Continuous Improvement
Typically, GRC projects follow a sequence that includes planning, implementation, testing, implementation, monitoring, review, and improvement. While this serves as a solid project management approach, it’s more effective to break down extensive GRC projects into smaller objectives. We must regularly establish systems and processes in order to gradually expand our goals. It is also prudent to quantify the value achieved in each step before moving on to the next. These achievable and manageable steps ensure a well-organized and efficient implementation process that can be continuously improved.
5. Prepare for Change
The world is constantly changing, and the risk landscape is continuously evolving. Organizations are currently facing challenges such as pandemics, geopolitical conflicts, inflation, economic pressures, and recessions. Recognizing the dynamic nature of risks is crucial, as it is the only way for organizations to move towards agile and adaptable GRC practices.
Improving GRC strategy through these steps is essential to ensure that organizations are prepared for new challenges in the business world. By setting clear goals, engaging the right team, integrating CR software, striving for continuous improvement, and embracing change, companies can strengthen their GRC approach. This proactive and strategic approach is critical to ensuring compliance with regulations, reducing risk, and achieving business objectives effectively. Therefore, by following these steps, organizations will be better positioned to thrive in a dynamic and challenging business environment.
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