GRC Implementation is the acronym for Governance, Risk Management and Compliance. It refers to the integrated collection of capabilities that help an organization in achieving objectives, addressing uncertainty and acting with integrity. GRC as a business practice aims at creating a synchronized approach toward three areas – governance, risk management and compliance. To make a business successful, it’s important to have an effective GRC platform. And, owing to the changing regulatory landscape, it’s becoming more and more important to have a heightened level of awareness about GRC for the improvement of business longevity and corporate culture. Talking about having a GRC platform, many organizations find it challenging to decide what type of platform would be suitable for them and how the suitable framework can be implemented successfully in the business.
Here are the key steps for integrating GRC into your business practices successfully:
- Define Your Aim
Although it sounds like an obvious step, it is often overlooked. It’s extremely important to define your aim to determine if your strategy would help you achieve that or not. For this, you need to consider your key stakeholders as well as staff together to understand how GRC could affect your organization. Based on this you need to define what your priorities are.
2. Analyze Your Current Situation
The next step is to understand and analyze what is currently going on in the arena of governance, risk management and compliance in your organization. Once you have a clear understanding of this, you can decide what are the things that you need to change. Surveying the regulatory activities would be helpful for you to understand how GRC would benefit your organization. This would also help you understand the weaknesses that need to be addressed.
3. Begin with a Small Area
Small companies can start directly by rolling out GRC across all of their business operations. However, for successful implementation, it’s preferable to choose a test subject. Identify and select an area that you think could be benefitted by GRC implementation. Focus your attention and energy on that particular area and learn from the outcomes. This would help you in rolling out GRC gradually for all the fields successfully.
4. Communicate the Benefits
If you begin with implementing GRC in a small area first, you can analyze the benefits well and demonstrate them to the key staff and managers. This would open up the gateway for more ideas including subjects like the impact on staff, next steps and more. Communicating the changes properly to the staff would help you make your strategy more effective.
5. Define Success for Your Organization
This is another crucial step where you need to define what success is for your organization. Defining success is important to demonstrate that your project has been beneficial and effective for your company. Be it a financial target or a policy; pick the most relevant benefits to show how GRC is improving things.
Performing these steps would help you gain a better understanding on GRC and collect information needed for implementation. However, it will always be an ongoing process and you must keep learning and updating your strategies to reap the benefits.