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Risk Management and Compliance Benefits in the Corporate World

By March 30, 2021 No Comments

* By Márcio Borges

GRC is the acronym used for Governance, Risks and Compliance, this set of concepts is used by companies for the unification and transparency of their processes. GRC is fundamental for companies, a strategic business vision, integrating internal controls, laws, corporate policies and regulations, guaranteeing the best results.

Organizations need to be prepared to maintain a Risk Governance and Compliance structure in the face of the current scenario of great challenges, competitiveness, new regulatory standards and increasingly demanding customers.

The methodology can predict results, assess risks and monitor standards, especially when we talk about data privacy since the vast majority of data are conducted and trafficked exponentially, the integrity, confidentiality and reliability of the data must be guaranteed. Dice.

The main benefits of Risk Management and Compliance for organizations are:

  • Prevent costs and add value to the organization: The procedures and controls applied, significantly reduce the costs of the organization, as it prevents fraud and penalties suffered for non-compliance with the operations, in addition to the effectiveness of the processes and efforts focused on the main risks. In the business strategy, it reduces redundant work in the company's internal processes. When applying the GRC procedures in the company, the added value is intensified, guaranteeing a positive image in the business. The values say the concern that senior management addresses about various aspects such as diversity and the environment, thus improving the company's reputation.
  • Greater efficiency and safety in the planning of processes: Policies, regulations and procedures are followed by all levels of the organization, from senior management, managers and leaders, to low-level employees. The strategic alignment in the business ensures that employees experience and participate in order to understand that the conformity of the process depends on their activity and their effort to comply with the procedures. Soon everyone can do the job efficiently.
  • Control and manage the organization's assets: When implementing the method applied to GRC, it has the function of managing a strategic and efficient view of the company's asset management. Responsibilities are defined for the organization's assets and assets, whether virtual or physical. Reducing risks linked to financial, infrastructure or even accounting losses, since all assets in the areas are submitted to the company's financials.
  • Monitor performance indicators: When we analyze performance indicators, we can see the main points of continuous improvement, bringing corrections in the process or greater agility. THE expertise in the follow-up of such indicators, it brings better management of the measured results, increasing organizational performance.
  • Fraud Reduction: A high-precision assessment is carried out periodically, ensuring that the environment is reliable and the prevention of threats and fraud is safe. The organization's policies extend to the organization's internal employees and any third-party employee who may have malicious acts, reducing the possibility of fraudulent actions.

Conclusion

The GRC methodology is a strategic measure that, when used correctly, aims to guarantee the success of the organization. When implemented, we define the governance of the company, responsible for applying the methods, according to the norm or regulatory body, remembering that the strategies are defined from business to business, it is necessary to analyze what best meets the needs of the company, there are a series of requirements according to each industry. The objective is to make the business grow with much more stability, and more and more secure, also aiming at credibility in the market.

Safeway Consultoria offers solutions comprehensive tools gathering the necessary tools for your corporate environment. Our solutions will help you ensure security through policies, internal controls and best practices provided by various regulatory bodies and IT frameworks. We provide consultancy working in risk management and compliance, monitoring and security management with our solution Security Tower and we also have the Diagnostic solution Cybersecurity and Information Security so that you can identify all threats and opportunities for improvement in your environment.

- Márcio Borges is Security Center Analyst at Safeway