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Avoid risks down the line
As the world today keeps changing, so does the nature of business and regulations.
As a business owner, if you can take a forward-thinking approach to your governance, risk and compliance activities then this can help you take on new opportunities and avoid potential risks down the line.
With changes in regulations, you need to be able to adapt and this is where we can help.
Our expert commercial law team will work with you to protect your business from every angle.
At Spencer Churchill, we always adopt a proactive approach to help your organisation keep ahead of changing regulations and cultures.
What is a governance, risk and compliance strategy?
Governance, risk and compliance (GRC) strategy is a set of procedures that helps businesses achieve their goals and comply with ever-changing rules and regulations.
GRC is broadly covers the following:
Governance
How your business is directed and controlled through internal policy and strategy, especially through managing IT operations.
Risk
Looking for possible events that could be a risk to the business and prevent it from achieving its goals.
Compliance
A business function responsible for making sure that your company’s policies align with internal policies, laws and regulations and that you follow them.
Why should I care?
The early 2000s saw trillions wiped from global economies, largely because organisations were using infective cultures that sliced strategy, management, risk and compliance systems.
With the rise of the digital age, managing private data has never been more important. As data has huge business potential, governments and international organisations look closely at how businesses manage data.
Data can also be subject to cyber attacks and this is why it is so important that your business follows the necessary regulations to reduce the risk of this happening.
The OCEG (Open Compliance and Ethics Group) saw the issue of poor governance systems and developed the GRC model for businesses to follow, with the aim of improving communications, compliance and strategies across every touchpoint in an organisation.
GRC is great for business
GRC has many benefits for businesses:
Improves decision-making
IT investments
Brings divisions and departments closer together
Helps businesses manage risk better
Time to go GRC
Why let GRC model into your business life?
Learn
Understand your organisations, context and culture to create the best strategies and objectives
Align
Align your strategy with objectives through effective decision-making that addresses values, opportunities and threats.
Perform
Promote and reward positive actions, prevent undesirable things and spot a problem quickly
Review
Review the effectiveness of the strategy, including its ability to improve the organisation and meet wider business objectives.
Businesses are increasingly seeking technological solutions to their GRC programme, however any strategy needs to adopt a people-first approach. In short, both technology and people need to be considered integral to the process.
We at Spencer Churchill can help you map and plan your GRC strategy and incorporate important capabilities into that strategy, including:
- Risk management
- Document management
- Audit management
- Reporting and analytics
Why choose Spencer Churchill for your governance, risk and compliance requirements?
We’re an experienced and dynamic law firm offering experienced advice on governance, risk and compliance.
We’re specialists in designing frameworks that improve a businesses efficiencies, policies and, ultimately, their value.
Transparent, open and tailored advice is at the heart of what we do. We’ll help you manage your obligations, audit your contracts and make sure we protect your business every step of the way.
Governance, risk and compliance FAQs
What makes a GRC strategy successful?
Ultimately, the source of any success for a GRC strategy comes from the organisation’s leadership and openness for cultural change from top to bottom.
What are the best GRC tools available?
There are many paid-for and free GRC tools available; which one is best for your organisation depends on your size, needs and budget.
Here are some of the available GRC tools:
- IBM OpenPages
- GRC Platform
- MetricStream
- Enterprise GRC
- OneTrust
- LogicManager
We are able to help advise clients on what tool best suits their needs, budget and organisation.
Why was the OCEG founded?
The OCEG was found after the dot com bubble burst and huge corporations followed. From this, the OCEG’s mission is to improve corporate compliance and ethics across organisations globally.