Top Benefits Of Implementing GRC in an Organization
Today’s complex technological environment demands business compliance to assume a new internal role as a value driver that enables business performance to move forward. A synchronized integration of all Governance, Risk, and Compliance (GRC) will translate into bottom-line financial benefits for enterprises. By doing so, professionals can make critical connections between strong compliance processes and tangible business results in areas ranging from reputation, brand protection, asset protection, and more. GRC is a key attribute of an effectively run business, allowing decisions to be based on better information and more reasoned risk than before.
Stability : Establishing GRC gives resolution to immediate and long-term risk exposure while allowing for an agile and scalable control environment.
Optimization : Non-value adding activities are eliminated and value-adding activities are streamlined to reduce time and any undesirable variations. Replace manual preventative controls with automated detective controls, which increase efficiency and traceability.
Transparency : GRC allows the ability to view a more complete picture of the organization and processes, allowing owners to have access and control over necessary content to understand the business unit profile and applicable risks and challenges.
Reduced Costs : Lower costs contribute to the overall ROI gains represented by effective GRC activities. There is also reduced costs in maintaining duplicated controls, tests, issues, actions, and reporting across multiple disciplines.
Consistency : Improved alignment of objectives with mission, vision, and value of the organization, resulting in better decision-making agility and confidence.