While marketing drives sales and financial growth of an enterprise at the forefront, GRC is the silent driver of the organisation’s economic sustainability. Governance, Risk and Compliance, or GRC, is inarguably the spine of an organisation, embodying a framework of tools that align business goals with operations and proactive risk management while meeting government regulations. Simply put, risk and compliance consulting effectively establishes reliability, eliminates the possibility of indecision and builds legal compliance.
Let’s look at how GRC keeps an organisation on track while ensuring safety.
How GRC Keeps Your Organisation on Track
Governance: Streamlining Operations
In simplest terms, governance is an operational framework. From defining responsibilities of management and directors and channels of information sharing to effective resource management and creating ethical policies for accountability and commitment, it sets the tone for a company’s work culture. If you do not have a robust governance framework, you are essentially opening yourself to fraud risks, leadership instability, and loss of investor confidence. Eventually, without governance, your company will crumble due to inefficient operations and a lack of accountability.
Risk Management: Proactive Protection From Risks
Multi-dimensional risks present themselves in forms such as financial vulnerabilities, legal risks, strategic failures, and cybersecurity threats. They are ubiquitous, and risk management is a proactive solution to predict possible threats, minimise losses and even prevent such occurrences by assessing loopholes and addressing them promptly. Needless to say, without risk management, severe financial losses, reputational damages and operational failures are inevitable.
Compliance: Adherence to Laws and Regulations
Compliance, as the name suggests, entails efforts to meet government regulatory requirements and follow legal rules to ensure a business’ activities remain secure, ethical and sustainable. Companies must understand that compliances are imposed to ensure minimum standards of quality of service and assure market stability in the long run, and thus, they are not legal liabilities but the very foundation of a business.
Every Company Needs Governance Risk and Compliance Services
Every company needs to safeguard its data and privacy, especially in complex third-party business relationships. Moreover, changing employee expectations, stakeholder demands and advancing digital technology have created new challenges that hinder revenue growth, threaten security and endanger reputation. GRC is the most strategic solution in such a volatile landscape.
GRC creates a risk-aware environment and brings order to an enterprise. With structured policies in place, stakeholders remain committed to a single vision that speeds up decision-making and also enhances investor trust. It also ensures fair practices that keep employee morale up.
Driving GRC Implementation
Cross-functional collaboration between key stakeholders is the first step towards GRC. It establishes synergies across business departments from HR to legal teams to executives. The responsibility of implementing a GRC framework falls on the shoulders of C-suite executives and founders who establish the values and culture of a company and align the strategies and objectives with each other for sustained growth. Security information and event management, regular auditing and risk assessment, data management and creating standard operating procedures to drive ethical practices and clear communication are some of the essential processes that require teamwork.
How Can TRC Help With GRC
At TRC, we believe in a customer-first approach to provide value-added governance, meaning your goals and aspirations are foundational to our governance risk and compliance services. You get end-to-end solutions like comprehensive internal audits, implementation of IFC/ICFR and SOX compliances, concurrent audits, enterprise risk management consulting, CSR Audits & Impact Assessment, Cyber-Security, Fraud Risk Management, SOP designing and much more to address regulatory challenges and enhance your risk frameworks while embodying sustainable growth in your operations.
