Governance Risk & Compliance (GRC)

Firms are becoming increasingly challenged with rethinking their approach to governance frameworks and processes as they struggle to adapt to rapidly changing challenges in their market place.

There is clear evidence of these challenges in the move by FSA away from “Principle Based Regulation to adopting a more hands on approach as set out in the Discussion Paper “A regulatory response to the global banking crisis” published in the first quarter of 2009.

Never before has it been more important for organisations to be able to demonstrate trustworthiness, responsibility, sound ethics and sustainability. Actions must be taken to match words and as most sectors are under greater customer, government / regulator or stakeholder scrutiny it is more critical than ever to manage reputational risk.

GRC is a framework for an integrated approach to managing and developing your business response to these challenges that is particularly relevant in demanding times. Organisations that can demonstrate probity and sound governance and can develop a resilient culture may well be those who retain their customers, and emerge with a sustainable business, ready to make the best of new opportunities when they arise.

Within Resources we have experienced that GRC can help our clients respond better to these recent market challenges to demonstrate trustworthiness and accountability, responsibility, sound ethics and sustainability. Achieving sound GRC as part of the business principles of your organisation necessitates a leadership and value driven, integrated and business accelerating approach. Merely complying with increasing rules and regulatory requirements should not be the key driver to your GRC Framework.  Within our GRC framework, we help clients focus on business principles, getting to the heart of key business drivers; testing organisational connectivity and robustness. Through our approach we seek to embed a joined-up solution to all control and management activity, encompassing corporate governance, internal audit, Sarbanes-Oxley (SOX), enterprise risk management, and regulatory compliance – their inter-relation, coherence and effectiveness.

For all firms subject to this type of challenging experience it is essential that they are well prepared and have a detailed understanding of the process, the FSA’s expectations and desired outcomes. It is key that a firm’s senior management are well prepared for this visit and are able to provide a robust and joined up strategy in handling the visit. 

Within Resources Compliance we have the appropriate experience and resource to help firms develop and implement an effective GRC framework together with associated processes. Specifically we help with:

• Developing and implementing a tailor-made Monitoring and Accountability Framework;
• Facilitating strategic, tactical and operational objective workshops;
• Undertaking annual (or more frequent) risk assessments of the business;
• Carrying out internal reviews and assessments;
• Reviewing corporate governance structures, codes and values statements;
• Assisting Leadership in assigning and demonstrating accountability;
• Selecting GRC Tools;
• Developing Financial and Non-Financial Risk Dashboards;
• Implementing rules and regulations.

If you would like to know more about how we can assist your firm in meeting the GRC challenge, click here to send us your details.