The value of Governance, Risk and Compliance programs today is no longer some intangible nebulous theory. Organizations can gain real advantages in their market due to effective risk management. For example, we have seen customers streamline new product launch cycles with improved risk management processes that enable them to move faster into new markets. GRCprograms that drive a constant increase of effectiveness in managing risk and compliance strengthen the safety net the business can rely on as it pursues new opportunities. As the risk and compliance functions mature, the program protects more and more of the organization. These two factors – Results and Reach - are what take a GRC program from Compliance to Risk to Opportunity, ultimately bringing great Value to the organization.
To be successful in GRC, you must present a compelling picture to the business to get buy-in. It isn’t rocket science but it is a challenge. GRC programs that get better results and drive broader reach across the organizational boundaries propel the business. To unlock this “Fuel for your Enterprise”, you must focus on some critical Keys to Success:
First, Reduce the Risk of Execution. GRC initiatives involve multiple personas, multiple operating units, multiple processes and multiple data sources. Whether you are just embarking on your drive to GRC, or are a veteran established program, you must always look at ways to reduce risks around implementing GRC processes. This can be accomplished by ensuring transparent communication with your stakeholders, building your strategy based on realistic, manageable chunks and gathering agreement to ease implementations first before plowing ahead.
Secondly, Foster a Culture of Adoption. GRC does take a village and the more stakeholders – or supporters – you have vested in your program the more reach you will get across organizational boundaries. Understanding the business’ and end users pains goes along with towards making the solution personal and giving people the incentive to buy-in to the program.
And finally, Take Command of the Journey. You – as the sponsors and executors of your risk and compliance strategies – are in control of your destiny. As you get better results, and expand your reach, you start walking up those “stairs” and you can have a tremendous impact on your organization. Addressing the pain within the organization when it comes to risk and compliance processes is only half the battle. You must keep the end game in mind – fueling the enterprise.
Every year RSA Archer hosts a series of Roadshows. This year the theme is “Fuel the Enterprise”. Following along with last year’s Summit topic of Risk Intelligence, we will again focus on discussing the value GRC programs can bring to the organization through customer presentations and networking.