Preparing your organization for updated governance, risk and compliance systems

GRC Implementation is basically an integrated collection of capabilities that help an organization achieve objectives and address uncertainty. It gives us a comprehensive solution for all areas in one single platform. To make a Business successful, it’s important to have an effective GRC system in place. And, owing to the changing regulatory landscape, it’s becoming very important to have a greater level of awareness about GRC for the improvement of business longevity and corporate culture. Talking about having a GRC platform, many organizations find it challenging to decide how a suitable framework can be implemented successfully in the business.

Here are the key steps for integrating GRC into your business practices successfully:

1. Define what GRC means to your organization

It’s extremely important to define the aim to determine if the strategy would help us achieve that or not. For this, one needs to consider their key stakeholders as well as their staff together to understand how GRC could affect their organization. The primary goal at this stage is to establish a common GRC lexicon.

Essentially, the groups need to come to an agreement on what GRC means to the organization as a whole. Taking this initial step will greatly reduce confusion, particularly as compliance and regulatory priorities will be evaluated and thinking through the main goals and objectives, either by reviewing documentation or facilitating workshops that will help us understand the vision of the integrated GRC program.

2. Survey your organization’s regulatory landscape

This is one of the major factors in building a successful business case for a comprehensive GRC program. Conducting a review of the current state maturity of the business functions, which will help us align the stakeholders across the GRC functionalities. The surveying process may help uncover disproportionate investments in certain requirements. Capturing these requirements during the survey process provides a much clearer view of the existing investments in regulatory compliance, and will help the GRC project leader determine areas of potential cost savings or additional investment. This would also help us understand the weaknesses that need to be addressed.

3. Communicate the Benefits

Developing an effective communications plan to allow business stakeholders and end users time to prepare for the change. Implementation of GRC in a small area would help us analyze the benefits well and demonstrate them to the key staff and managers. This would open up the gateway for more ideas including subjects like the impact on staff, the next steps and more. Communicating the changes properly to the staff would help us make the strategy much more effective.

4. Determine how Success will be measured

Defining success is important to demonstrate that the project has been beneficial and effective for the company. Be it a financial target or a policy; picking the most relevant benefits will show how GRC is improving things. Performing these steps would help in gaining a better understanding of GRC and collect information needed for implementation. However, it will always be an ongoing process and continuously learning and updating your strategies will enhance the performance.

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