Today, business is at the precipice of a dramatic shift in the way corporate governance, business ethics, risk management and compliance are viewed –– a shift from a cost-absorbing function to a value-adding fundamental that is part of an organization’s DNA.
In this White Paper, we examine how organizations are dealing with this new environment and the new expectations that boards, investors, regulators and other key stakeholders have of the organization.
In our view, a multi-faceted approach to this business challenge is required. It includes:
- Governance built on principles of ethics, independence, transparency, integrity and accountability
- Enterprise risk management mechanisms to identify, assess and mitigate risk while seizing business opportunity
- An integrated approach to GRC management that views ethics and compliance as critical business risks and safeguards of reputation — “compliance as an outcome, not as a function”
- A new definition of compliance encompassing internal as well as external compliance requirements rather than external requirements only and
- A GRC operating model that shows a roadmap to an exemplary GRC capability.
We have seen how the marketplace views GRC integration as a value-creating proposition. But we also know that the traditional approach to GRC presents a significant gap or barrier to realizing that value. We believe that this barrier can be crossed, and that by applying the concepts discussed within this White Paper, organizations can better realise their value potential through their own journey toward achieving integrity-driven performance.
