Governance, Risk & Compliance (GRC) - Creetion

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Governance, Risk & Compliance (GRC)

Creetion helps SAP customers improve their GRC effectiveness using the three lines of defense model:

  1. Focused on business management
  2. Risk Management, GRC Security and Legal Center
  3. Help clients manage internal audits

GRC is more than a catchy acronym used by technology suppliers and consultants to market their solutions – it’s a business philosophy. This philosophy permeates the organization: its supervision, its processes, its culture. GRC is ultimately about the integrity of the organization:

GRC’s challenge is that each individual term – governance, risk and compliance – has different meanings within the organization. There is corporate governance, IT governance, financial risk, strategic risk, operational risk, IT risk, business compliance, Sarbanes-Oxley (SOX) compliance, labor / labor compliance, privacy compliance … the list of mandates and initiatives goes on and on.

It is easier to define what GRC is NOT. GRC is not about risk and compliance silos that operate independently. GRC is not just about technology – although technology plays a critical role. GRC is not just a label of services that consultants provide. GRC is not only about compliance with Sarbanes-Oxley. GRC is no other enterprise risk management (ERM) label, although GRC includes ERM. Moreover, GRC is not about one person who determines all aspects of governance, risk and compliance.

GRC IS a business philosophy. These are individual GRC roles across the organization that work in harmony to provide a complete picture of governance, risk, and compliance. It involves collaboration and sharing of information, assessments, statistics, risks, investigations and losses in these professional roles. The goal is to provide a complete picture of risks and compliance and to identify relationships in today’s complex business environment. GRC is a federation of professional roles – the company secretary, the legal expert, the risk management team, audit, compliance, IT, ethics, finance and others – that work together to create and maintain sustainability, consistency, efficiency and transparency across the organization.

The following definitions are there to define the components of GRC:

Governance is the culture, policy, processes, laws and institutions that determine the structure by which companies are managed and managed.

Risk is the effect of uncertainty on business objectives.

Risk management are the coordinated activities to steer and control an organization. This is to improve business operations and manage negative events.

Compliance is compliance with and demonstration of external laws and regulations as well as company policies and procedures.

GRC consists of three components: governance, risk and compliance are all necessary to effectively manage and manage the organization. In summary – good governance can only be achieved through careful risk and compliance management. In today’s business environment, ignoring GRC results in a lack of overview and control in business processes, relationships with partners, employee actions, IT systems and processes, etc. GRC aligns these to be more efficient and manageable as an organization . Inefficiencies, errors and potential risks can be identified, averted or mitigated, reducing the exposure of the organization and ultimately creating better business performance.