Governance, risk management, and compliance (GRC)
Today's business environment is marked by increased competition and the need for quicker and better information for decisions. In addition, the complexity of systems and the anonymity of the Internet present barriers to growth. Businesses and their customers need assurance that their decisions are based on information which is reliable. To take these decisions, Enterprises need to follow a Risk management process to address various security related issues. Enterprise Security and Risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the entity's reputation and associated consequences.
Governance, Risk Management, and Compliance or GRC is the umbrella term covering an organization's approach across these three areas. GRC typically encompasses activities such as
corporate governance, enterprise risk management (ERM) and corporate compliance with applicable laws and regulations.
Governance describes the overall management approach through which senior executives direct and control the entire organization. Governance activities ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate management decision making.
Risk management is the set of processes through which management identifies, analyses and where necessary responds appropriately to risks that might adversely affect realization of the organization's business objectives. The response to risks typically depends on their perceived gravity, and involves controlling, avoiding, accepting or transferring them to a third party.
Compliance means conforming with stated requirements (for example laws, regulations, contracts, strategies and policies), assess the state of compliance, assess the risks and potential costs of non-compliance against the projected expenses to achieve compliance, and hence prioritize, fund and initiate any corrective actions deemed necessary.
In today's volatile business environment, organizations face a wide array of complex business risks. These risks come in the form of many issues: regulatory compliance, litigation, competitive market pressures, changing technology, investor demands, corporate governance, business ethics, and accountability.
Kochar Consultants Offerings
The GRC practice includes both business domain and technology experts that deliver a unique combination that is essential for successful GRC program in an organization. Our experience working with the customers and our deep domain knowledge have allowed us to develop solutions that help companies meet regulatory compliance requirements, automate GRC processes, and fully leverage the capability of the GRC technology solution.
The range of compliance advisory and implementation services span across regulations such as Sarbanes-Oxley, PCI-DSS compliance, ISO 27001, COBIT, COSO, ITIL etc. The GRC team has developed a mature framework that has been successfully deployed in various GRC engagements.
The Integrated GRC approach enables organizations to meet the following objectives:
- Governance: Breakdown organizational, functional and process silos. Ensuring that sound governance structure is in place so that the right information is available with right people at right time
- Risk: Integrate risk management with strategic planning and maintain a 360 degree view of organizational risks and effectively allocate resources to address them
- Ethics and Compliance: Establish practices and a culture to prevent misconduct inspire desired conduct, detect problems and improve outcomes
- Finance: Reduce cost and optimize how the capital allocation to GRC is done so that it is better aligned to the business
- Audit: Go beyond financial processes and assess the design and operation of controls for GRC and ethics efforts throughout the enterprise
- Core Processes: Embed sound GRC practice in all lines of business and core processes so that business owners and operators are accountable for GRC success
