While reading the book “Managing the Risk of Fraud and Misconduct: Meeting the Challenges of a Global, Regulated and Digital Environment” (McGraw-Hill, 2011), I came across an official rundown of what an effective governance, risk management and compliance (GRC) framework should accomplish Big Fat Finance, according to co-authors Timothy Hedley and Richard Girgenti:
- Protect and enhance business value by fostering a risk aware culture, support informed decision-making, and address multiple compliance and assurance layers;
- Enhance operational efficiency by rationalizing risk management, controls, and assurance structures and processes, as well as intelligent use of IT and data management structures;
- Provide a proactive and dynamic approach by enabling the organization to more quickly, consistently, and efficiently respond to challenges arising from evolving risk profiles and rapidly changing regulatory requirements; and
- Support a linkage to strategy by enabling the organization to meet compliance objectives while improving performance to be use of an integrated framework and support the strategic objectives.
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