Governance, Risk and Compliance (GRC) is a core area of businesses. A GRC system is the key to ensuring that processes are in place and that they are carried out in an automated fashion rather than being done manually. Automation is the operative part of the GRC process, because it makes a lot of sense to automate these processes.
An integrated GRC is a thorough solution to the problems associated with lack of systematic compliance. In the business processes, there are bound to be risks and compliance issues. An integrated GRC platform addresses the problems associated with carrying out fragmented compliance. An integrated GRC helps the organization brings enormous benefits for the organization. First of all, it reduces costs associated with carrying out compliance of different areas separately. It also ensures coordination between the various processes and the departments in which these are done. This leads to fewer incidences of risk, which in turn leads to enhanced controls on risk and improved business bottom lines.
An integrated GRC is a work in progress, and will always remain so
The most important fact that organizations need to bear in mind is that having an integrated GRC is not a destination but a journey. Perhaps no organization can feel that it has reached a stage of complete implementation of an integrated GRC. Why is this so? It is because GRC is continuous and ongoing process. As we have just seen, it is not an end, but a means to an end. This being the case, integrated GRC is something that organizations will need to keep implementing from time to time; with every change and update that takes place in the GRC environment. The organization should take measured steps toward an integrated GRC and should evaluate itself against its goals at every stage.
Factors that need to be analyzed when implementing integrated GRC
Bringing about an integrated GRC system or process is not something that an organization adapts by tapping a few buttons. Having an integrated GRC in place involves making very far reaching and impactful decisions. Before implementing an integrated GRC; an organization could take these factors into consideration: