While on the radar for some time, GRC still is a fairly new concept which promotes the integration or convergence of the three functions to increase their efficiency.
For most financial services companies in Europe and North America, their very structure is, in many cases, flawed to begin with. Across the globe, emerging countries seem to be doing a whole lot better when it comes to GRC implementation simply because they do away with siloed structures to begin with. While they might not have the established reputations, brand promise and global reach of their European and North American peers, when it comes to organizational structure, they are far ahead of the curve. An integrated approach to GRC is the complete opposite of the original siloed approach.
The siloed approach in itself is limited. Organizations are all too aware of the consequences of a disconnect between departments. Inefficiencies or duplications of effort not only increase costs and required added resource but can actually expose the company to increased risk.
Furthermore, there can be inconsistencies with performance measurement practices departmentally. Finally, this lack of visibility can be detrimental to the end result.The GRC model integrates and aligns all relevant policies, processes, procedures and controls within a centralized framework. The end goal is to identify and standardize common processes, procedures and controls so that they are consistently implemented and acted upon throughout the organization.
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