Is integrated GRC an all-or-nothing proposition?
The challenge of integration often relates to cultural boundaries within an organization rather than conceptual or technical issues. GRC processes are unique in relation to operating processes. Changing markets and a continuing stream of new laws and regulations spanning decades have driven an ad hoc and reactionary evolution of new policies and procedures in many organizations. Often, internal and external pressures result in these changes being completed at such a pace that the “new” policies and procedures are added onto the existing structure. Ultimately, this ongoing spiral of change has led to complex accountabilities, the growth of silos, inefficient communications, decreasing organizational transparency and poor data that you can’t trust to make critical decisions – all leading to a higher cost of risk and compliance.
How Integrated GRC Provides Value
Integrating GRC is about bringing people together to manage toward common goals through common processes while sharing resources and coordinating plans. Today’s business environment is too dynamic to reach a static state of integration – as if that is the end game. The goal is to develop a culture that promotes collaboration and communication across multiple functions, people, and views integrated GRC as a continuously improving process – not an end state. Many companies don’t know their total cost of risk and compliance management because the management of risk and compliance is not integrated and there is a lack of transparency when it comes to how the underlying GRC processes are performing.
Ultimately, an integrated GRC platform based on artificial intelligence facilitates a more effective allocation of resources, resulting in improved business performance over the longer term. To achieve these results, it is essential to align risk and compliance practices with strategy-setting and performance management. Yet, the value can be achieved all along the GRC program maturity continuum.
How can we help?
360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates all risk, compliance and operational functions allowing companies of all sizes to manage regulations and requirements, policies and procedures, risks and controls, audit and inspections, and on-line training and qualifications, in a single cloud-based platform. It enables automation through artificial intelligence. 360factors also offers consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.
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