GRC Can Be Utilized For The Benefit Of Businesses And Organizations
As a business or organization tries to grow and prosper, a number of things are generally taken into consideration to aid this process. Better trained employees and new equipment that streamlines tasks play a part, but an overall plan and vision for the organization play the biggest part in achieving success. This is where implementing a GRC plan and maintaining GRC management can prove to be beneficial. Let’s examine what GRC is and why it is important to an organizations success.
What is GRC?
GRC is an acronym that stands for Governance, Risk and Compliance. These are three aspects that have been a part of the business dynamic for a long time. Before GRC however, these aspects of an organization were operated independently of each other. This often led to departments in these three areas of an organization performing duplicate tasks. A GRC plan solves this because it is an integrated set of capabilities that allow an organization to reasonably reach goals while simultaneously acting with integrity and addressing any uncertainties that may arise.
How to Maximize the Value
Once the decision has been made to implement a GRC plan into an organization, there are a number of things that can be done to maximize its value. The first is to keep the GRC programs designed as flexible as possible. This allows them to adapt to changes and serve multiple goals. Simplifying the processes used in the GRC plan will also bring value. This is due to that fact that simplified processes allow that vast array of functions that occur within an organization, many of which are vastly different, to be aligned and focused on success. Simplified processes also clearly define key responsibilities and identify the person who should address them. Last but not least is the embracing of technology. Companies, such as Mitratech, has developed software to automate GRC and make it easier to manage. Streamlining the GRC plan adds value in both terms of cost and efficiency.
Benefits When Done Right
A GRC plan provides a roadmap for an organization to more readily reach its objectives and goals. When it is done right, GRC provides a number of benefits. These benefits include a reduction in costs and a reduction and possible elimination of duplicated activities. The quality of information will be better as will the efficiency and reduction in time that it takes to gather said information. Finally, a well-implemented GRC plan increases the ability of an organization to repeat processes in a consistent and ongoing manner.
If an organization has been searching for a better means to achieve goals and objectives, then exploring the implementation of a GRC plan should definitely be on the to-do list.