Ever since 2005, when Copenhagen Compliance® started to promote the benefits of combining GRC architecture and design to avoid duplication of efforts, automating the compliance work, streamlining the processes etc., we have monitored the way companies and GRC officers struggle to implement GRC on their own with wide-ranging success
Strong GRC structures are essential to implement flexible and vibrant GRC processes and systems as an important instrument for the GRC officers to avoid noncompliance.
Often the GRC officers suffer the failures and consequences of unscrupulous standards, one size fits all guidance with performance that was much worse than expected.
GRC has a direct bearing on the morale of an organisation.
The efforts start with the engagement, involvement, and support of the board of directors and executive management with enterprise- walking their talk on Governance and Risk Management. By walking their talk, the top administration can earn credibility by combining the GRC efforts.
Regarding the hardware aspect of GRC processes, we must focus on the legislation and the law issue as a reference point for actions.
Ownership and business structure:
Most companies have changed the corporate organisation, ownership and stewardship structures to ensure effective control of the management of GRC issues. The added requirements of efficiency, transparency, accountability, social media and consumer-friendly policies, data protection and the protection of all social groups and the environment have resulted in additional burdens on the CSR/ESG components of corporate governance as well as the reputation, trust, and integrity components of risk management.
Economies of growth and cultural clashes
Place addition focuses on the increased importance of corporate social responsibility as the G part of the GRC. The addition to the ESG components due to the total volume and scale of business activities related to compliance has grown in manifolds. Many takeovers and mergers have taken place to obtain growth economies, resulting in heavy cultural clashes in the business world. Therefore, the GRC elements should be regulated and required to protect the stakeholders’ interests during and after the takeovers and mergers.
The combined GRC focus will give the various scenario of corporate social responsibility and ESG accountability and stewardship so that the business processes can gain from society, social media, customers, employees, shareholders, suppliers, and local communities, for fulfilling all the GRC liabilities.
GRC Business Structure and internal conflicts:
The final element of maximising the combined efforts to implement GRC is the business structures that place hindrances when GRC approvals require many layers of management, executives, and other officers to get the approval. This passing of the buck issue makes it difficult for GRC officers to provide timely, accurate and essential data from the lower levels of GRC processors to the organisation’s top. This delay distorts that data, and many good decisions and policies are erratic. Therefore, with emphasis on the GRC business structures, internal relationships in the organisation (between the board and managers) must be streamlined for the implementation and approval of decisions and policies that affect GRC.