Governance, risk management and compliance – the benefits of joined-up thinking 

Sword GRC Blog

Governance, risk management and compliance - the benefits of joined-up thinking 

It’s widely accepted and well documented that taking a collaborative approach to risk management, internal audit and compliance processes brings organizations a whole host of benefits. Jenny Ritson-Smith of Sword GRC explores how integrating these areas as a business practice under the umbrella term of GRC (Governance, Risk, and Compliance) can help businesses to achieve their strategic objectives.

“By synchronizing governance, risk management, and compliance, companies can drive numerous operational efficiencies and cost savings whilst ensuring best practice. I favour Gartner’s definition of GRC: “the simplification, automation and integration of enterprise, operational and risk management processes or data” and for me, the standout word here is ‘integration’. The key aim of a GRC infrastructure surely should be for all departments, business units or risk management, compliance, and governance teams to be on the same page; of the same mindset, and pulling in the same direction when it comes to attaining the organization’s strategic objectives.

“Our customers – located globally and across all industry sectors – attest that taking a collaborative and unified approach to GRC delivers a range of benefits, including greater cost efficiencies, improved performance, improved resource allocation, and better decision-making.

“If risk management, governance, and compliance systems are disparate, or information is held in silos across the organization, it is very difficult to access and share up-to-date information, consistency is compromised and additional work is created. Informed business decision-making demands reliable, consistent, and accessible real-time data. That’s why at Sword GRC we have invested heavily in and continue to innovate in the development of best-in-class solutions that simplify and facilitate GRC best practice through integration; driving performance benefits in risk, compliance, audits, governance, and more.

“Converging GRC and aligning it to business processes and objectives through technology provides business leaders and stakeholders with an expansive view of risks, plus the requisite measures in place to deal with them appropriately. A GRC solution must offer flexibility at all levels throughout the organization. Risk and process owners in business units or departments can assess and manage their respective risk and compliance requirements while managers can access risk and compliance metrics, insights, reporting, and analysis – all vital for effective decision making at the top.”

INTELLIGENT INVESTMENT – HOW INTEGRATED GRC CREATES VALUE

Here we have summarized some of the main benefits of GRC integration:

  • A ‘single source of truth’ – a holistic, enterprise-wide view of risk – made available to employees, auditors, regulatory bodies, and stakeholders 
  • Risk-informed decision-making made possible through accuracy and greater quality in risk and control data 
  • A means of keeping abreast of and up-to-date with changes in governance, compliance, and legislative requirements 
  • A collaborative operating model that supports business agility 
  • Minimizes extraneous spending and helps reduce costs through efficiency gains from less duplication of work and more effective resource allocation 
  • Standardization allows processes to be repeatable, ensuring greater consistency and efficiency 

DISCOVER MORE

Blog:
Read more about the case for joined-up thinking and GRC data integration in our blog post: 5 good reasons for centralizing GRC data

Case Study:
Learn how Yorkshire Building Society benefits from Operating one integrated Governance, Risk, and Compliance system to store, maintain and manage the Society’s risk assessment and assurance data.

Benefit from a ‘single source of truth’ with Sword GRC’s solution set
Sword GRC technology solutions can provide a single source of truth that meets the challenges of GRC data management within your organization.

Learn more