Governance, Risk Management and Compliance (GRC) Benefits
An obvious and understandable reaction to the idea of bringing in yet more corporate processes and procedures would be to wonder if this isn’t all just yet more red tape and bureaucracy. However, GRC isn’t about adding to the complexity of already-overstuffed processes, but to help condense and clarify them to enable smooth running. But what are the main benefits of starting to utilize GRC capabilities?
[ + ] Cutting costs – The integrated approach of GRC often brings real financial benefits as unnecessary spending can be cut, while the clearer focus can help boost revenue at the same time. The bigger the business, the more likely it is that there will be plenty of areas where there is crossover and wastage, so a process like this can transform efficiency.
[ + ] Less duplicated work – This is where most of the cost-cutting can be made, but it’s about more than just the money. Having similar processes duplicated across a business is a hugely inefficient way to operate and GRC can free up whole teams to work on other projects.
[ + ] Less negative impact – Having too many procedures, especially ones that aren’t working in a logical manner, can waste a lot of time for staff across a business. Tying everything together in an GRC strategy cuts down on the paperwork and bureaucracy, which will boost your staff’s productivity, not to mention their morale.
[ + ] Greater information quality – A more centralized and consistent approach to governance, risk management and compliance helps to not only speed up the processes for gathering the necessary information, but also improve the quality of what is gathered, helping decisions be made more rapidly and with greater confidence.
[ + ] More ability to repeat processes – Another huge benefit is that processes can be standardized across these areas, allowing for them to be repeated more easily and with greater consistency and efficiency.
[ + ] Reputation security – Risk management and compliance are both essential parts of any attempts to secure your business’s reputation, so it goes without saying that managing these aspects more efficiently provides a more effective method of reputation security.
[ + ] Better allocation of resources – Getting more information and understanding more about areas that are duplicating work can help determine the most effective directions for your business to go in.
[ + ] No more silos – Any large business has numerous issues with staff working in ‘silos’ where information doesn’t flow in or out in a productive manner. GRC won’t completely eradicate these issues, but it will certainly minimize their potential impact on key areas.