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Why a GRC Framework Is Essential for Your Organization
April 6, 2023
Increasing regulatory demands pose difficulties in managing and mitigating risks and ensuring compliance. That’s where a governance, risk and compliance (GRC) framework can help. The authors discuss the benefits of GRC, the obstacles an organization might encounter, best GRC practices and resources for finding GRC tools, templates and training. Here are practices that will aid your organization in achieving its GRC objectives. (1) Build a culture of ethics, transparency and accountability and provide regular GRC training and awareness programs to your employees. (2) Encourage cross-functional collaboration to ensure that GRC activities are aligned with your organization’s objectives. (3) Establish a process for identifying, assessing and monitoring third-party risks. (4) Review GRC practices regularly to ensure continuous improvement and adaptation to organizational environment changes. (5) Leverage data analytics to identify trends and anomalies that could be signs of dangers or problems with compliance. By following these best practices, organizations can maintain ethical standards, prevent legal and reputational risks, and implement effective GRC practices that align with their objectives, values and stakeholder expectations.
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