GRC – Governance, Risk & Compliance: The Power to decide

decisions we make them every day important and unimportant ones right and wrong ones in business making the right decisions is what drives progress but how does a click turn into a product or a signature into a department how do individual decisions determine the future of an entire company in the beginning it's all so easy you simply have to weigh up opportunity against risk if you've got a good head for business you'll go after the opportunities an innovative product a better way of producing it a new way to market it risks are an inherent part of business but can be useful in recognizing new opportunities if you have the power to make decisions you can shape your own success in companies decision making is shared by many this enables many people to explore new opportunities product innovation better manufacturing processes new markets at the same time specialists assess risks so decision-making remains easy and safe for example they ensure compliance with all the applicable regulations deal with contentious issues and work out ways of responding to them they consider internal sources of error and risks within the company's processes monitor external risks and real threats the bigger the company gets the greater the opportunities an IPO for fresh expansion capital more market power through a merger winning the whole world as a marketplace opportunities create growth but so does risk let's take a closer look risk management deals with standard business risks compliance management takes care of legal and ethical considerations an internal control and auditing system ensures reliable processes a coherent system it minimizes risks and creates a stable basis for decision making but often the process of weighing up risks slowly gains the upper hand every decision becomes a potential risk how can we win back our decisiveness by countering complexity with clarity clarity to tackle opportunities and risks clarity for governance risk and compliance management there are three areas crucial for appraising a company's strengths and weakness's assurance the level of security achieved the costs incurred and culture the corporate culture in which everything happens how secure is the company really is the internal control system effective does it still leave enough scope for an entrepreneurial approach our risk and compliance management focusing on the right risks and our all processes properly coordinated to avoid potential gaps in the safety net the second area is costs is the company running up unnecessary costs because several departments are working on the same risks do we know the hidden security costs of operational implementation within the company and are these costs still proportional to the risks and finally the corporate culture sustainable improvement throughout the entire company is only possible with a shared attitude towards governance risk and compliance management is it valued as a business partner throughout the company our senior staff setting a positive example in relation to opportunities and risks only an impartial assessment of assurance costs and corporate culture creates clarity for successful governance risk and compliance management enabling the company to regain its most valuable asset a power to pursue its opportunities

Maurice Vega

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