Today businesses from all over the world are investing in GRC platforms to drive business goals and corporate culture for their organization. This transformation can be attributed to the increasingly changing work environment and industry landscape in the past year.
But even though business heads have become highly aware of the importance of GRC for the sake of business growth, longevity and culture, many fail to successfully integrate a profitable GRC platform into their business. This is largely due to the factors riding on a successful GRC integration
From technology investments to a suitable framework, there are many components of GRC that one must consider before the integration. Here are some of the key steps that you should take in for a successful GRC implementation in your business:
1. Define key stakeholders for GRC
The initial step should be to determine the aim of the GRC implementation and what it can achieve for the organization. Business heads need to consider their key stakeholders as well as map out the primary goals and objectives that will establish what GRC will mean to the organization as a whole.
This step is important to reduce confusion and facilitates evaluation of compliance and regulatory priorities during implementation of the GRC program.
2. Review current regulatory landscape
Surveying the current state of business functions and analysing the existing processes plays a key role in building a comprehensive GRC program for your organization. This will also help you discover the setbacks and requirements as well as give you a clear understanding of the changes required in the organization.
Analyzing existing landscape will help you address current weaknesses and draw clear objectives for the new GRC program to benefit the company.
3. Start small with your GRC Implementation
Many businesses believe that GRC should be implemented completely across the organization from the very beginning for it to work. But that is not true. In fact many consultants advice business heads to start small by rolling out GRC across a few business operation and analyze the outcome closely.
By identifying and operating on a few test areas, you can then review the benefits of GRC closely while limiting setbacks to the specified subject. This will help you understand the outcome better and gradually implement GRC successfully across all areas of the business as well.
4. Define set targets for successful implementation
Last but not least, an important step in successful GRC implementation is to define set targets that can be achieved by GRC and is beneficial to the company. From policies, financial targets to security functions, it is crucial for a business to set specific goals, track implementation and operation as well as determine the success and effectiveness of the project through progress monitoring and reports.
To sum it up, 2021 will witness a rise in digitally transformed workspaces by leveraging today’s technologies and trends to better their tomorrow! Business heads are all set on investing in technologies and strategies that will ensure scalability and security; the two most important asset for organisations in this day and age.
To wrap it up, the 4 key steps for your GRC program must be followed closely to successfully implement it in your organization for the long run. You should also keep in mind that successful GRC integration is an ongoing process that includes new strategies and trends that change every year. Keep up with the new trends and build effective strategies that benefit your company.