Business Services

GRC and why your business needs it

On the website https://www.thegrcinstitute.org/, you will see a section about the Value of GRC. Based on the visible snippet, you’ll see a reference to the benefits of having a good GRC professional onboard.

 

https://www.thegrcinstitute.org/

 

But what is GRC? Why is it important? Why would your business need it?

GRC or governance, risk and compliance refer to the coordinated strategy of a company designed to efficiently manage various broad issues that a business has to face with regard to regulatory requirements. These include:

  • Enterprise risk management (ERM)
  • Corporate governance
  • Corporate compliance

GRC in detail

Governance refers to how executives and managers handle a company effectively and ethically.

Risk refers to a company’s ability to mitigate risks effectively and cost-efficiently so that they remain competitive in the market.

Compliance is how a company conforms with regulatory requirements for a range of business practices, including daily operations and data retention.

In practice, GRC provides a company with the people processes and technology that will enable them to:

  • Set business objectives that are compatible with a company’s values and risks.
  • Achieve objectives set while protecting business value and optimising risk profile.
  • Operate in a contractual, ethical, internal, legal, and social boundaries.
  • Understand the expectations of stakeholders and prioritise them.
  • Provide appropriate stakeholders with relevant and reliable information in a timely manner.

Most importantly, GRC enables a company to measure the effectiveness and performance of a system set in place. Visit at GRC Institute

Given the many things you can do with a GRC in place, now is the best time to click on View Tools on the website https://www.thegrcinstitute.org/ for more information about the benefits a GRC professional can bring to your company.

You need GRC, just like any organisation, no matter the size (large or small) or whether public or private, that wants to align their operations and activities with their business objectives, to stay compliant, and to manage risk effectively.

What happens with a GRC in place?

  • Management can make more precise decisions quickly.
  • Whatever activities that don’t add value are identified and eliminated, freeing time and energy so they can be used where they matter the most.
  • All value-added activities are identified and then streamlined.
  • GRC activities are directed to the right people and departments.
  • Improved business repuation since a proper GRC serves as the basis to audit a company and provide the necessary certifications. With the right seal of approval, trust and loyalty are established and strengthened.
  • Higher returns and lower costs brought on by effective GRC activities.

So what are you waiting for? Hire a GRC professional or have one or two of your staff get GRCI accredited.

Some of the GRCI Accreditations available are:

Associate of GRCI (AGRCI) – Gives a competitive edge, ensures commitment to best practices, and promotes standards of practice.

Certified Compliance and Risk Professional (CCRP) – Suitable for employees with a working experience of 5 years or more, has experience as a practitioner of compliance and risk, and with leadership and management skills.

Visit https://www.thegrcinstitute.org/ for more details on how a GRC Institute can help your business grow and stay fully compliant.

 

Carlos Coker
Carlos Coker
Extreme introvert. Coffee evangelist. Devoted creator. Typical writer. Social media practitioner.