As eDiscovery and Governance, Risk, and Compliance (GRC) requirements converge, you must continue to invest in your people and technology innovation to help your organization identify, prevent, and even predict risk. Your organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events. Conduct a gap analysis for comparison of various systems and develop a risk management plan for your organization.
Your regulatory and risk management indicator is a unique industry metric that combines your leading proprietary regulatory data and analysis with direct input from leading organizations within the financial services industry on their top compliance and risk management concerns. Businesses are increasingly turning to governance to become more efficient and effective in managing their business compliance, risk, and opportunities, developing good governance strategies to reap the wider benefits that it can bring to business management. Using enterprise governance, risk, and compliance has thus become essential simplifying performance enhancement measures.
You work with your organization every day to assist your team in choosing and implementing approaches that best manage the inherent risks, keep them in compliance, help enhance controls for human capital processes, reduce regulatory audit risks, and develop effective human capital governance. This can include overseeing the day-to-day activities related to coordinating insurance coverage, assisting the local claims process, interfacing with outside legal counsel, administering the risk management plan on a day-to-day basis, managing and analyzing risk management data, and directing risk management educational programs.
Effective management of compliance risk requires your enterprises to address numerous complex compliance obligations and your enterprises high volume of transactions. A risk-based compliance monitoring program will assist you in identifying, managing, monitoring, and reducing the compliance risks key to your business and make board and regulatory reporting easier to conduct and maintain with less work.
You can better understand risk management and how risks are identified, evaluated, and managed in support of the strategic, business, operational, and project strategies of your organization by taking a more in-depth look at the roles and responsibilities of key figures in your business, such as the board of directors. Managing risk well is foundational to your purpose and values, and to delivering responsible growth, especially considering the fact that compliance is perhaps one of the greatest risks your organization faces.
Traditionally, corporations and legal organizations have taken a bottom-up approach when implementing risk management strategies. Providing practical advice and suggesting key strategies for managing legal and compliance risk, benchmark governance, risk management, and compliance program maturity can, in part, help you determine the best path to success.
Organizations must establish stringent protocols for screening business partners and third parties, including contracts with provisions that give your organization the right to monitor partner conduct. Governance, risk management, and compliance (GRC) is a comprehensive and integrated organization-wide system for achieving the goals set in each area – namely governance, risk management, and compliance – and meet the regulatory standards and requirements. To summarize, nothing is completely certain, and boards that practice good corporate governance will alleviate many of the risk factors that are inherent within any type of organization.
High data quality standards can benefit businesses looking to improve governance, risk management, and regulatory compliance standards. Integrated compliance, compliance, and process improvement causes contention for scarce resources, creates new silos and, in some cases, parallel management systems.
Want to check how your Risk Management And Compliance Management Processes are performing? You don’t know what you don’t know. Find out with our Risk Management And Compliance Management Self Assessment Toolkit: