GRC Programs: Building the Business Case for Value

Email     |     Share  
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12
Next GRC Programs: Building the Business Case for Value-9 Next

Assessing Stakeholder Needs and Readiness

To build out detailed priorities and goals for the GRC program, you will need to engage in and lead conversations that will help to develop and drive a sustainable, cross-functional set of initiatives. As an example, the board and senior management will require a clear and conformed view of risk across the organization, critical to defining and achieving strategic objectives. Dialogue will be required around defining risk appetite and institutionalizing a risk culture across the organization, including ways to enable individuals to act within boundaries to reduce the risk of noncompliance and adverse outcomes. Risk leaders will need to drive collaboration with other key functional executives and professionals in the execution of an integrated strategy supported by a high-value distributed program. In particular, the team will need to not only identify downside risks, but also continuously identify opportunities for the organization to execute on its strategic and operational objectives.

A table is available for free download that outlines the top needs of each stakeholder group that can help guide your conversations on priorities and needs for the GRC program.

Governance, risk and compliance (GRC) management is becoming increasingly integrated across a wide and expanding set of use cases — moving beyond traditional risk management and into regulatory compliance, audit, third-party management, ethics and compliance, privacy, quality management, environmental health and safety, cybersecurity, business resilience and more. In OCEGs' 2015 GRC Maturity Survey, over 50 percent of organizations surveyed stated they are executing on an integrated GRC vision and over 80 percent claim that benefits realized have met or exceeded their expectations.

The core promise of a GRC program that integrates needs across all stakeholders is better business performance – a prerequisite for survival in today's highly competitive world. As a result, leaders across the enterprise are asking for help in setting the vision, plotting the course and implementing integrated programs that deliver real value to all organizational units. While many organizations have seen benefits from their GRC investments, building the case for business value is fundamental in getting commitment to put a high-value, sustainable GRC program in place.

Experience shows us that those organizations that manage GRC as an integrated program — involving people, processes and technologies — are more successful in delivering value to their organizations than those that simply focus on deploying technology or processes alone. An effective GRC program helps to accelerate organizational readiness and improve business performance by focusing equally on people, processes and technology. Successful programs effectively address the core elements of strategy, design and implementation — often running key initiatives concurrently in multiple work streams, each at different stages of completion.

In this slideshow, Yo Delmar, MetricStream, provides practical advice that organizations can leverage, whether building a business case for integrated GRC or expanding an existing program into a new domain. The slideshow covers key benefits and considerations when launching a GRC program, conversations that you must have with stakeholders on their GRC needs, how to factor maturity and readiness of use cases into the overall business case, the importance of grounding a business case in a realistic roadmap and finally, putting it all together in a living benefits statement.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
More Slideshows

gig economy How the Gig Economy Is Changing the Tech Industry

The gig economy is clearly disrupting the tech industry, both in positive and negative ways. ...  More >>

Fake news How Can We Fix the Fake News Problem?

Is fake news a security issue? Some say yes, as it can be used as a social engineering tool to spread disinformation and conceivably to get unsuspecting users to click on malicious links. ...  More >>

IT security skills 7 Top Skills for Security Pros

Executives at several top tech firms outline the skills they need now and in the near future, including IaaS and IoT security expertise. Other skills listed may surprise you. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.