Every organisation’s daily operation is governed by three major factors. These are basically governance, risk management, and compliance. Overtime, various strategies, resources, and ideas have been invested in evaluating the best way to initiate and manage these factors that are responsible for the growth of an organisation. We have seen organisations struggling to link strategies with risk management. Policymakers fail to assess and mitigate potential risks and their impact on their organisation’s goals. In the end, we recommended that failing to develop the proper channels and methods of risk management would eventually lead to either an ineffective system or a complete system collapse.
All around the globe, the term GRC, its importance and values are becoming an increasing topic of discussion in every business organisation. A majority of people are concerned about the complexity of the software, while others do not understand the values it brings to the corporate world. So let us understand what GRC is in the simplest terms and why it is important to businesses for effective performance.
According to a publication by Deccan Chronicles in 2021, GRC is the abbreviation used for Governance, Risk, and Compliance. This comprises an organisation’s risk management processes and practices, aligning processes and practices with corporate goals, tracking regulatory change, and assuring compliance.
In general, it builds a culture that requires each department within a business to gather, share, and use information and internal resources more efficiently for the company as a whole. The main purpose of GRC is to minimize costs, risks, and duplication of effort while increasing efficiency.
The Disaster Recovery Journal (DRJ) in 2019 reported that 62% of organisations have experienced a critical risk event in the past three years. Only 18% of organisations have a cyber security incident response plan, and compliance officers rank “continuing regulatory change” as their biggest challenge.
More often than not, businesses manage governance, risk management, and compliance separately. An integrated GRC approach combines all three, thereby making the process more effective and efficient since it reduces or even eliminates duplication and redundancy of work. It saves time, effort, and money.
Apparently, in order for a corporation to guarantee sustainability, integrity, and profitability, it is mandatory that they coordinate and track their GRC activities in a professional manner.
At Mitiget, we support organisations to resolve their GRC challenges. Our approach involves integrating people, processes, and technology to produce a stress-free transition. Our GRC software is a robust system that helps organisations achieve excellent performance. We boast of providing a single, integrated system to manage, coordinate, and track multiple types of GRC activities, enabling a holistic and collaborative approach.