If you are in business, you have probably heard of Governance, Risk, and Compliance (GRC). This is a term used to describe how a company handles the three areas that help it achieve its objectives. When well implemented, GRC solutions can help cut costs, reduce task repetition and increase transparency in an organization. However, when implementing GRC, you have to do it in a way that will have maximum impact on your business and minimal disruptions. Here is a simple guide on how to do that.
Involve Your Team by Communicating the Plan
This is one of the most critical steps that you should not ignore. Everyone in the company needs to be involved. After all, there are elements of GRC that start from the top by going all the way down to your team or units. CEOs do not have all the information on matters regarding risk and compliance. They need to sit down with team managers to discuss these issues in most cases. You will have an easy time implementing GRC if everyone is aware of what is going on.
State Clearly What You Want to Achieve From GRC
Stating your aim from the start will help you implement this solution successfully. How will you get there if you do not know what you want to achieve? Most importantly, you will not even be sure whether that strategy will help you get there. To achieve meaningful change, you have to define your goal. Is your aim to cut company costs? State that. Gather the stakeholders and your staff and explain how GRC can help the organization. Once you do that, develop goals for what you want to achieve.
Choose the Right GRC Technology
You need to find suitable governance risk and compliance software, which is key to implementing this solution. Even if it takes time, the most important thing is to get software that will make the implementation journey effortless. The first thing you will have is to identify technologies that can improve your current business model. Which tasks can you automate? Are there any compliance or security gaps that you need to address? Ideally, a company needs one solution to avoid the hassle of managing many technologies simultaneously.
Define What Success Looks like
How will you tell you that the GRC implementation has been successful? This is important because it will show that your efforts were worthwhile. The GRC implementation can help you cut costs and prevent repetition of tasks. How will you be able to tell that you have successfully managed to cut costs? By defining success looks like from the start.
Allow the GRC Framework to Grow and Evolve
Introducing a GRC framework is just the beginning. Your work will not end once the system is up and running. Understand that GRC solutions are bound to grow and evolve. During the initial implementation stage, you and your team need to note down ideas and enhancements to incorporate in future phases. Business decisions can change. Allowing your GRC framework to evolve will ensure the current needs of the business are met.
Implementing GRC correctly in your business can be a game-changer. It will help improve processes, enhance workforce efficiency and give you the insight needed for better decision making. The tips discussed below can help you out when implementing GRC solutions.