Question

Assume there is an understanding of what GRC is. Also, providing examples is always good to illustrate your application of knowledge.
Why is GRC important to them? What role should they be performing? What do you believe is likely of concern or interest to them in the GRC done at their company, and why? How can they benefit from GRC? What concerns might you have related to the accounting executive and GRC, and why?

Answer 1

IMPORTANCE OF GRC:

To ensure that businesses protect their information, have consistent cohesion departmentally, and follow all governmental regulations, a governance, risk and compliance, (GRC) program is important. Businesses can benefit from a strong GRC program that helps to minimize the threats and risks that companies are exposed to on a daily basis. As GRC guidelines work in conjunction with your business, this increases the safety in your company and it also gives you a safeguard in ensuring your corporate accountability is effectively planned, designed, and implemented across all work platforms.

GRC Challenges

There are many risks in the workplace as it relates to ensuring governance, risk management and compliance. New regulations can be overwhelming if a company doesn’t have a person or team to ensure updates are in place. Additionally, a lack of cohesion in departments can also cause communication problems, as each department has its own rules and guidelines. Departments that run different software packages may not integrate fully and this can cause increased risk. Lastly, a lack of visibility in determining risks in operations can lead to inaccurate reports.

To identify and expose management threats, an effective GRC software program can help to update your current system – if one is in place, or introduce a new one to ensure your business manages activities, controls risk in the workplace and also effectively works to ensure that all staff comply with and adhere to governmental regulations in the workplace.

GRC is defined as:

• Governance: The process of implementing policies and ensuring they are executed.
• Risk Management: The process of reducing risk and uncertainty through the establishment of business objectives and governance mechanisms.
• Compliance: Adhering to business rules, policies and guidelines whether they are internally established or externally implemented.

GRC functional and technical roles. These roles provide access to Governance, Risk, and Compliance (GRC) and can perform all the activities of the roles they contain. ... This is a best practice approach to granting auditors, approvers, and users who manage control tests the technical roles they need to perform their jobs.

The Benefits of an Effective GRC Program

As businesses today work to ensure they are able to make better, well informed decisions, improve efficiency and effectiveness and are compliant across complex operating environments, they must successfully execute the appropriate business strategies to balance revenue with efficient operational objectives. To ensure they are able to do this, an effective GRC program can help streamline risk management with their compliance obligations and governmental policies. Consider implementing a GRC program in your workplace environment, as this technology enabled solution can help to ensure consistent communication, information that’s cohesive and consistent, as well as success in all workplace strategies, across all departments, and on all platforms.

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