The economic crisis that we are experiencing around the globe has certainly proved that majority that businesses need to prepare for any risks that may strike. It has subsequently also shown that businesses need to take a coordinated and strategic approach in managing risks. As a result, organizations are now under greater scrutiny to be more rigorous and proactive on how they will manage these risks and how they can provide assurances to the external and internal stakeholders about the effectiveness of their risk management strategies. For that reason, a comprehensive GRC (Governance, Risk & Compliance) approach is vital.
GRC or governance, risk, and compliance is the term that covers the approach of an organization on three areas, which include governance, risk, and compliance. Through this, organizations are able to avoid conflicts, gaps, and wasteful overlaps. Although each company has various approaches in GRC, most of the activities included are connected to corporate governance, compliance, and risk management with applicable regulations and laws.
Governance revolves around the approach in the overall management in which senior level executives control and direct the whole organization with the use of a combination of management information as well as hierarchical management. The activities involved in governance ensure the complicated management information to be accurate, timely, and complete so that there will be appropriate management decision making in place.
Risk management, on the other hand, is the collection of processes in which the management analyzes and identifies possible problems. This is also the aspect in which a company should respond appropriately to the risks that may affect the operation of the company.
This aspect helps the organization by completing the requirements needed to meet the demands to avoid any conflicts or risks.
McBarron Wood International’s team have been working in this specialist area for more than a decade. Their successes have been in banking, sales, pre-sales, Senior level execs etc. Why not call us to find out more?