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Governance, risk management, and compliance … GRC … too many organizations approach it from a bottom-up exercise instead of a top-down strategic tool to drive what OCEG calls Principled Performance. However, properly understood, GRC is about performance of the organization.
The official definition of GRC, found in the OCEG GRC Capability Model, is that GRC “is a capability to reliably achieve objectives [GOVERNANCE], address uncertainty [RISK MANAGEMENT], and act with integrity [COMPLIANCE].
Using this definition, GRC is an enabler of performance of the organization as it tries to achieve (or exceed) its objectives. This is particularly true for todays banking and finance organization.
The modern financial services firm is in a world of navigating chaos. Continuously evolving regulations and obligations, a dynamic and interconnected external risk environment, and a complex and changing internal business environment (e.g., strategy, processes, operations, employees, technology, and business partners. Financial services organizations need to leverage GRC from a top-down approach to make GRC an enabler of performance in the midst of chaos.
This episode of the GRC Red Flag Series will look at the interconnectedness of risk and objectives on the financial services organization driving the demand for a 360° contextual awareness of GRC in context of performance. Financial services organizations need to see the intricate relationships of objectives and risks.