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Thursday, September 07, 2006

GRC Emerges From the Shadow of Compliance

Myriad compliance requirements, over the years, have caused most companies to initially jump through hoops when a new one comes along, with the most visible (and some might also say painful) concern being Sarbanes-Oxley (SOX) compliance. In time, panic was replaced with rational thought and a workable plan of how to meet the legal and regulatory requirements while streamlining business processes and mitigating risk.

With such intense focus on short-term concerns, companies sometimes miss the real long-range objective: a better-managed and optimally performing organization.

Emergence of GRC as discipline and software category

Governance, risk management, and compliance (GRC) as a term has been bandied about for a few years. AMR Research defines each component of GRC as follows:

* Governance is the oversight role and part and parcel of setting strategic objectives.
* Risk management evaluates all relevant business and regulatory risks and controls and monitors mitigation actions in a structured way.
* Compliance is the execution of these objectives, based on risk tolerance.

posted by Brian Moran @ 8:35 AM   0 comments

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